Tuesday, June 27, 2006

Wanna Change New Car, ah?

My friend Az is thinking of getting a new car. So off she went to the showroom the other day to a find out more about the intended model and also go for a test drive. She is happy with the car and told the salesman of her intention to trade-in her 4-year old car. However, when told of the trade-in value, Az almost fainted. Az had taken a 90% loan payable over 7 years and if she decides on the new car offer, she still has quite an amount to settle with the finance company. The old car has depreciated soooo much - the trade-in value is lesser than the outstanding loan. Dielah, like that, got to to pay the outstanding amount and also the 10% downpayment for the new car. You see, Az is actually thinking that she can save some money if she buys a smaller new car because the hire purchase interest rate is so much lower(the new car will get something like 3.5% or so) now compared the one she is currently servicing @5.8% and the new car comes with something like 2 years free maintenance. And can save on petrol and road tax too.

Save money with a car? Joking ah? I made a quick calculation on how much I have lost buying cars(3 used models and 2 new registrations)over 15 years and it freaked me out - it's close to RM200K! This figure covers cut-throat finance charges but not maintenance/running costs. I wanna cry! Seriously, I believe I was mad when I signed those order forms. How else can I explain throwing away my hard-earned money this way? Make me wanna kick myself hard. Pull own ears and repeat self-talk - "A car is a liability. No more new cars for me." So PAINFUL and so SAD lah.....

Then I heard a familiar voice say "Hey, that's not a bad thing altogether. It shows that you are doing fine to be able to pay for it." I hear this inner voice every time I write a cheque to our dear Lembaga Hasil Dalam Negeri. Self-consolation. But it will always put a smile back on my face.
posted by nyonyapenang at 7:04 PM, |


  At 10:48 AM Anonymous ah pek said:
yaa.. if you have it, flaunt it!
Flaunt it? I think tak layak lagi.
  At 10:53 PM Blogger AceOne said:
I oso heard that once the salesman hand over the keys and the new car is out of the showroom, immediately that very same car depreciated 20% !!
Kepala pusing oso hor buy new car !!
whether new or old, oso rugi teruk teruk wan.
  At 10:55 PM Blogger Kah Wee said:
new car now getting cheaper but the depreciation on 2nd car lagi teruk leh..

loan interest is shooting high, new car with cheaper price also cut our throat la...
thanks for dropping by, kah wee.
ya, just can beat them - any which way you lose :(