Let's compare my income = RM1,500 (disposable=RM1,327) to buy a Viva 1.0 automatic in these 3 scenarios:
Scenario 1
Current Price = RM37,000
Loan margin = 90% @4%int
Tenure = 9 years
Monthly instalment = RM420
As a bachelor my monthly expenses as follows:
Room rental = RM250 (19%)
Food = RM450 (34%)
Phone bill = RM100 (7%)
Car loan = RM420 (32%)
Petrol (FC=15km/L, distance=1500km, RON95) = RM200 (15%)
Car maintenance (RM100/service every 4 mths) = RM25 (2%)
TOTAL MONTHLY EXPENSES = RM1,445 (109% of my income)
Note: See that I'm having a monthly shortfall of RM118 and I will have 3 months of loan arrear on the 10th month of car ownership
(3-mth arrear=RM420x3=RM1,260, RM1,260/RM118=10.6months).
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Scenario 2
Price without excise duty = RM21,143
Loan margin = 90% @4%int
Tenure = 9 years
Monthly instalment = RM240
As a bachelor my monthly expenses as follows:
Room rental = RM250 (19%)
Food = RM450 (34%)
Phone bill = RM100 (7%)
Car loan = RM240 (18%)
Petrol (FC=15km/L, distance=1500km, RON95) = RM200 (15%)
Car maintenance (RM100/service every 4 mths) = RM25 (2%)
TOTAL MONTHLY EXPENSES = RM1,265 (95% of my income)
SAVINGS = RM62
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Scenario 3
Current Price = RM37,000
Loan margin = 50% @4%int
Tenure = 9 years
Monthly instalment = RM233
As a bachelor my monthly expenses as follows:
Room rental = RM250 (19%)
Food = RM450 (34%)
Phone bill = RM100 (7%)
Car loan = RM233 (18%)
Petrol (FC=15km/L, distance=1500km, RON95) = RM200 (15%)
Car maintenance (RM100/service every 4 mths) = RM25 (2%)
TOTAL MONTHLY EXPENSES = RM1,258 (95% of my income)
SURPLUS = RM69
Note: In this case if I can fork out 50% down payment for the Viva la, of course.
My financial status and life would be better off without a car. Ride a cupchai or a Kawasaki Ninja 150RR with more monthly cash surplus to keep.
Scenario 1
Current Price = RM37,000
Loan margin = 90% @4%int
Tenure = 9 years
Monthly instalment = RM420
As a bachelor my monthly expenses as follows:
Room rental = RM250 (19%)
Food = RM450 (34%)
Phone bill = RM100 (7%)
Car loan = RM420 (32%)
Petrol (FC=15km/L, distance=1500km, RON95) = RM200 (15%)
Car maintenance (RM100/service every 4 mths) = RM25 (2%)
TOTAL MONTHLY EXPENSES = RM1,445 (109% of my income)
Note: See that I'm having a monthly shortfall of RM118 and I will have 3 months of loan arrear on the 10th month of car ownership
(3-mth arrear=RM420x3=RM1,260, RM1,260/RM118=10.6months).
----------------------------------------------------------------------------------------------------
Scenario 2
Price without excise duty = RM21,143
Loan margin = 90% @4%int
Tenure = 9 years
Monthly instalment = RM240
As a bachelor my monthly expenses as follows:
Room rental = RM250 (19%)
Food = RM450 (34%)
Phone bill = RM100 (7%)
Car loan = RM240 (18%)
Petrol (FC=15km/L, distance=1500km, RON95) = RM200 (15%)
Car maintenance (RM100/service every 4 mths) = RM25 (2%)
TOTAL MONTHLY EXPENSES = RM1,265 (95% of my income)
SAVINGS = RM62
---------------------------------------------------------------------------------------------------------------------------
Scenario 3
Current Price = RM37,000
Loan margin = 50% @4%int
Tenure = 9 years
Monthly instalment = RM233
As a bachelor my monthly expenses as follows:
Room rental = RM250 (19%)
Food = RM450 (34%)
Phone bill = RM100 (7%)
Car loan = RM233 (18%)
Petrol (FC=15km/L, distance=1500km, RON95) = RM200 (15%)
Car maintenance (RM100/service every 4 mths) = RM25 (2%)
TOTAL MONTHLY EXPENSES = RM1,258 (95% of my income)
SURPLUS = RM69
Note: In this case if I can fork out 50% down payment for the Viva la, of course.
My financial status and life would be better off without a car. Ride a cupchai or a Kawasaki Ninja 150RR with more monthly cash surplus to keep.
instead...
