A lot of people are willing to pay more for something that better meet their lifestyle and these people feel that driving a luxurious car is important, and they’re willing to carry the burden.
Actually I have planned to buy a new car without using my fixed employment salary. How to achieve that? Using my extra earning from Internet to make monthly payment for a new car. This is my challenge and perhaps next year will be the most suitable time to buy a new car.
Assumed that the car that I plan to buy is MYR40k. Down Payment that im willing to make will be MYR20,000-MYR25000. Lets take MYR20k, and get loan amount MYR20k for 7 years with interest rate 3.8%.
As a smart driver, we are not only know to drive in smarter way but we also need to have smarter financial planning to own a car. We should consider some other factors besides monthly payment + car loan interest amount + fuel cost to be paid. Other factors like insurance fees, maintenance & repair (for if the car not in well operation condition) and sales tax should be taken into account.
As you can see, quite a lot of money went toward interest. This means a total of MYR 2,810 was spent on interest. It is approximately MYR400 per year.