How Much (%) Should The Car Monthly Loan Repayment Of Your Salary?
#1
Posted 16 January 2013 - 08:20 AM
I read some articles before. Some mentioned was 25% and some mentioned was 30%.
However, I think some of us make mistake where they do not consider and deduction of EPF and PCB (some may not need to pay PCB). After deduct the EPF and PCB, these amount of money can afford me to buy a car much better than my current car.
#2
Posted 18 January 2013 - 10:16 AM
I read some articles before. Some mentioned was 25% and some mentioned was 30%.
However, I think some of us make mistake where they do not consider and deduction of EPF and PCB (some may not need to pay PCB). After deduct the EPF and PCB, these amount of money can afford me to buy a car much better than my current car.
It all depends on the individual what they can afford. Some stay with parents no need to buy house so can afford more for car.
Got family, got house installment then can afford less.....
#3
Posted 18 January 2013 - 10:22 AM
Got family, got house installment then can afford less.....
no need to buy house, buy car can sleep in the car? hahahaha
#4
Posted 19 January 2013 - 04:42 PM
Don't give the youngsters new ideas.....ahahahahaha
#5
Posted 25 January 2013 - 02:35 PM
Giving 30% of rm3k ... that's about rm900, which maybe sufficient for 90% loan for 9 years.
How about those earning >10k+ ... 20% of 10k is already rm2k
Personally, I stick to 5 years and paying higher installments every month.
#6
Posted 30 January 2013 - 08:07 AM
applicable in certain situations as bro vr2turbo sez
not for the rest of us salaried stiffs with home loans, card debt, family expenses ...
seems yesteryear requirements were stricter, ie 30% downpayment
nowadays, gimmick after gimmick to kill consumers and taxpayers
very very tunnel vision
spend what you comfortably can
if you don't mind a bit of tightness, by all means get something better
#7
Posted 01 February 2013 - 10:26 AM
applicable in certain situations as bro vr2turbo sez
not for the rest of us salaried stiffs with home loans, card debt, family expenses ...
seems yesteryear requirements were stricter, ie 30% downpayment
nowadays, gimmick after gimmick to kill consumers and taxpayers
very very tunnel vision
spend what you comfortably can
if you don't mind a bit of tightness, by all means get something better
its just a general guide...
#8
Posted 14 February 2013 - 12:04 PM
No need to buy car and house. Stay at parent house and drive parent's car. Parent got many cars and big house right?
Instead spent more on latest gadgets and electronics, clothings, social outings, travellings, hobbies etc. That's what the younger generation in developed countries are doing. Cars are for old men who like to talk about the good ol' days. But if really really need to use car, can always rent.
#9
Posted 16 February 2013 - 11:48 AM
Instead spent more on latest gadgets and electronics, clothings, social outings, travellings, hobbies etc. That's what the younger generation in developed countries are doing. Cars are for old men who like to talk about the good ol' days. But if really really need to use car, can always rent.
and one house enuf to stay dont need many many house...
#10
Posted 20 February 2013 - 10:18 PM
Let me do some simple calculation:
Family monthly income = RM12,000
EPF = -RM1,100
PCB = -RM1,200
Housing loan = -RM3,300
(RM700k for double storey terrace house, 10% DP, 20yrs repayment, BLR-4.2%)
Monthly housing expenses (grocery) = -RM1,200
Monthly petrol, toll, meal = -RM650
Unifi, mobile postpaid = -RM250
Electricity and water = -RM250
For 2 kids (school fees, bus & others) = -RM500
(if they are babies, we need spend much more than RM500 for their milk podwer and pampers)
entertaiment/ shopping - 1 in a month =-RM200
Life insurance (ourselves and kids), average per month = -RM500
Average monthly car maintenance (2 cars) = -RM200
Average monthly car insurance (2 cars) = -RM150
How much left over? Answer is RM2500.
RM2500 is only 20% of RM12000.
Of course, RM2500 is enough to pay installment for 2 cars. But you can not afford to have nice cars.
Do not forget that there is always many unforeseen expenses every month.
Do not forget that we need to save money for emergency for education fund for kids.