PETALING JAYA: Been eyeing that dream car? Much like having a baby, owning a car is a big responsibility. It’s not just about driving one, it’s also about taking care of it – and that requires money and time.
So, if you’re thinking of buying a car, it’s best to prepare yourself before taking on the financial commitment. Ask yourself: “What’s better for me, new or pre-owned? What can I afford to buy and maintain? What’s the real cost of owning a car?”Cars are expensive in Malaysia , and a survey by CARSOME shows that Malaysia ns – especially middle and lower-income groups, prefer buying a used vehicle as opposed to a new one.
Let’s take a B-segment sedan/hatchback of average price and examine its loan repayment based on the following: a chosen loan tenure; insurance, maintenance costs, fuel cost, and other factors.New cars depreciate in value very fast but they function well, require less maintenance, and last longer than pre-owned cars. Used cars, however, are much more affordable, you may not even require a loan, and probably save you money in the long run.
CARSOME’s co-founder and chief executive officer Eric Cheng expects a short- to medium-term shortage of new car supplies or delays in new car deliveries due to the global shortage of car parts coupled with disruptions to car assembly and manufacturing plants locally. “As such, the used car industry is in a good position for growth as there is no waiting time for car delivery,” he said.
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