“The interest is calculated based on the principal sum and not the remaining balance, that’s crazy!” That was the conversation I had a car company executive who has just been transferred from Europe to Malaysia. The topic of increasingly long loan tenures for auto loans is also becoming a concern in the US but how long is too long for them? 7-year tenure auto loans now make up 20 percent of total US car loans – more than twice as many compared to 10 years ago. To many financial experts in the US
Jul 17, 2020
In 1949, the loan tenure for a VW Beetle was 12 months with an interest rate of 9 % per annum. Things have changed. In Malaysia today, car loan tenures are usually of 5,7, or even 9 years with interest rates hovering around 3% per annum (calculated on principal). Cars are getting more expensive and are almost impossible to purchase without using a loan. But is taking a car loan a bad financial decision? Well, it depends on your financial circumstances (mainly your income), how much you benefit f
Jan 28, 2021
It turns out that it wasn’t just used car sales that saw an increase throughout the past few months, used car dealers in Johor Bahru are reporting an increase in car owners trying to sell their vehicles after the Movement Control Order (MCO) ended in June. One second-hand car shop manager Chang Keng Keong told The Star that there has been a 30 percent increase in the number of people who came to his shop enquiring for information about the disposal of their cars. This was especially apparent in
Nov 25, 2020
Pada tahun 1949, tempoh pinjaman bagi sebuah VW Beetle ialah 12 bulan dengan kadar bunga tahunan 9%. Itu dulu, sekarang dah lain. Kini, di Malaysia, tempoh pinjaman kereta selalunya untuk lima, tujuh atau sembilan tahun dengan kadar bunga tahunan berubah-ubah sekitar 3% (dikira berdasarkan jumlah prinsipal). Kereta-kereta zaman sekarang pun makin mahal dan hampir mustahil bagi kebanyakan orang untuk membelinya secara tunai. Tapi, adakah meminjam untuk membeli kereta satu perkara yang buruk? Perk
Feb 7, 2021
It’s time to sell your car. You’ve already figured out how to get the highest price and how to clean the interior, but how do you sell your car without going through a used car dealer? Assuming that you’ve somehow managed to find for a buyer that’s willing to buy your old car, there are some steps to follow before you can sell off your old car. Also Read: Selling your car soon? Here's how to ensure you get the highest price If it’s a cash sale and there’s no outstanding loan, it’s pretty straigh
Apr 6, 2021
Bank Negara Malaysia have announced a 6-month moratorium for all bank loans except credit card balances, starting 1 April 2020. The moratorium is basically a temporary freeze on loan repayments. However, do remember that the moratorium applies only to loan repayments. Interests will continue to accrue every month as usual. Also, the moratorium applies only to loans that have not been in arrears (all previous payments owed paid in full) for more than 90 days as of 1 April 2020. How does the 6-mon
Mar 25, 2020
The highly-anticipated 2020 Proton X50 is finally here, after several preview sessions held across the country. With prices starting from RM 79,200 for the Proton X50 1.5T Standard, it sure does look like a tempting deal, but is your salary enough to sign that loan? Let’s find out more in this article. How much do I need to make? Starting things off is the entry-level Proton X50 1.5T Standard (RM 79,200, on the road, without insurance), the monthly repayment is roughly RM 800 a month, given a 2.
Oct 27, 2020
The Toyota Yaris nameplate isn’t exactly new in Malaysia, as it was first introduced here back in 2006 before getting discontinued a couple of year later. Fast forward to 2019 and UMW Toyota Motor reintroduced the Toyota Yaris in Malaysia, this time based on the NSP151-generation Toyota Vios. In this article, we will take a closer look and see how much you need to make each month before you can apply for a loan to purchase and maintain a Toyota Yaris. How much do I need to make? Starting things
Oct 24, 2020
The 6-month long loan moratorium is set to expire in September and its expiry could have some negative impact on the Malaysian automotive industry. The loan moratorium went into effect in April as the country entered the Movement Control Order (MCO) period. Malaysian Automotive Association (MAA) president Datuk Aishah Ahmad told The Edge, “People will not have the money to buy new vehicles. But I think it depends on the category of vehicles. I think high-end vehicles will not be impacted; people
Jul 27, 2020
Ever since Honda Malaysia introduced the tenth-generation Honda Civic a few years ago, it proved to be a very popular model. The facelifted Civic was introduced earlier this year, keeping it fresh for a couple more years. It's an aspirational car for a lot of young buyers, attracting many who can barely afford the car. So in this article, we will take a look and see how much you need to earn before you can afford to buy and maintain a Honda Civic. Taking the entry-level Civic 1.8 S (RM 109,326,
Oct 6, 2020
A couple of weeks ago, Honda Malaysia finally launched the all-new 2020 Honda City, replacing the GM6-generation model that was introduced back in 2014. Unlike the aspirational Honda Civic, the Honda City is aimed a more price-conscious crowd. In this article, we will take a look and see how much you need to earn before you can buy and maintain a Honda City. How much do I need to make? Take for example the entry-spec Honda City 1.5 S (RM 74,191, on the road, excluding insurance), the monthly rep
Oct 18, 2020
Mitsubishi Motors Malaysia recently released the prices of the 2020 Mitsubishi Xpander, a model that will compete directly against the Honda BR-V, Perodua Aruz, and Toyota Rush. In this article, we will take a closer look and see how much you need to make each month before you should apply for a loan to purchase the Mitsubishi Xpander. How much do I need to make? The Mitsubishi Xpander has a starting price of RM 91,358 (on the road, without insurance), meaning that the monthly repayment is rough
Nov 20, 2020
Just recently, official prices of the 2021 Toyota Yaris have been released. It is priced from RM 70,940 onwards for the base Yaris 1.5 J, before topping out at RM 84,808 for the Yaris 1.5 G. Currently, the Yaris competes against the Honda Jazz, but it will be replaced with the Honda City Hatchback in 2021. In this article, we will take a closer look and see how much you need to make each month before you should apply for a loan to purchase the Toyota Yaris. How much do I need to make? The Toyota
Dec 16, 2020
Ever since spyshots of the all-new Nissan Almera started surfacing late last year, the hype started building up for ETCM’s newest B-segment sedan. Fast forward to November and ETCM has revealed prices of its highly-anticipated model. In this article, we will take a closer look and see how much you need to make each month before you should apply for a loan to purchase the all-new Nissan Almera. How much do I need to make? The all-new Nissan Almera has a starting price of RM 79,906 (on the road, w
Nov 4, 2020
UMW Toyota Motor has just announced the official prices of the 2021 Toyota Innova facelift in Malaysia. Prices start from RM 111,622 for the entry-level Innova 2.0 E variant and tops out at RM 129,667 for the Innova 2.0 X variant. Although there is a slight increase in prices across the board for the updated Innova, it is justifiable as UMWT has improved the safety and features of its people mover. Now, you might be thinking what’s the minimum salary needed in order to apply for a loan. Well, yo
Jan 10, 2021
UMW Toyota Motor has just released the official prices for the 2021 Toyota Vios facelift and the prices are nothing short of appealing. Starting from RM 74,623 for the base Vios 1.5 J, it is only RM 430 more than the base Honda City 1.5 S. As appealing as the prices are for the Vios facelift, you might be wondering what's the minimum salary needed in order to apply for a loan. Well, you've come to the right place as we will show you how much is the minimum monthly salary required to purchase the
Dec 16, 2020
The Malaysian Trades Union Congress (MTUC) is urging the Ministry of Finance (MoF) and Bank Negara Malaysia to compel banks to extend the deferment of loans for another six months. The current 6-month moratorium was announced back in March when the first stage of the Movement Control Order (MCO) was enforced in an effort to prevent the spread of the pandemic. With all activities and businesses put on pause, many people were either forced to take massive pay cuts, go on unpaid leaves by employers
Jul 7, 2020
Some say that our road tax structure is archaic and demand an emissions-based system. One way to pay less road tax in Malaysia is to opt for a smaller engine, which usually means opting for turbocharged cars or hybrid cars. The road tax of a car can be a deal-breaker to some, and it is one of the reasons we don’t see that many V8 engines around. Used cars with big engines are a big turn off, since the annual road tax is almost half their value. So, just how expensive can the road tax be? Well, h
Jan 5, 2021
Malaysia’s Budget 2021 was tabled today by Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz, under very unusual CMCO circumstances. There’s nothing specific to the automotive industry, but on the topic of loan moratorium, the government has confirmed that there will be no extension. However, Zafrul explained that the government is putting forward a set of targeted assistance packages for the B40 low income earners, as well as small and medium enterprises. Eligible borrowers can choose betwee
Nov 6, 2020
We know that the Perodua Myvi has been a crowd favourite since it was first introduced back in 2005. The little hatchback doesn’t just dominate the new car buying scene but also the used car market as the second-hand car market continues its sales high following the month of July. Previously, it was reported that the used car market has hit an all-time high since the country entered the Recovery Movement Control Order (RMCO) with year-on-year sales spiking over 25 percent in July. The y-o-y grow
Oct 13, 2020
The Movement Control Order (MCO) in place to control the Covid-19 pandemic has put a huge speed bump on the various economic sector. The automotive industry has come to a complete halt as JPJ (Road and Transport Department Malaysia) has yet to resume new private vehicle registration (services related to commercial vehicles are available). It’s only a matter of time before consumers can go out and purchase their next perfect car. But with the soft economy that will prolong for the foreseeable fut
May 24, 2020
SEC approved the settlement agreement regarding both the misstatements of Nissan's director compensation and also the prior case of false annual securities reports. The SEC charged Nissan for omitting more than $140 million from Ghosen’s retirement. As for Carlos Ghosen, the chairman and chief executive of Nissan's French partner Renault, was accused of concealing more than $90 million of compensation. SEC states that Nissan will pay $15 million, while Ghosen to receive a $1 million penalty and
Sep 24, 2019
The following is still a developing news, we will update it when clearer official announcements are made. We were tipped off by our friends at Careta.my that banks might begin imposing interest charges on delayed/outstanding car loan repayments of borrowers who took up the 6-month moratorium. A statement released by Bank Negara Malaysia (BNM) earlier today said “…banking institutions are in the process of formalising agreements which reflect the revised payment terms with borrowers/customers wit
Apr 30, 2020
Images of a white Perodua Myvi sitting on a fish stall has gone viral on social media recently. The fish seller claims to have suffered RM 1,000 worth of damages though nobody was hurt in the incident that happened in Ketereh, Kota Bharu. According to the owner of the fish stall, Zulkifli Ramli, 44, the white Myvi was driven by a 60-year-old woman who had mistakenly stepped on the throttle pedal instead of the brake, causing the car to shoot forward and land on top of the stall’s counter. The ow
Apr 24, 2020
MyTukar Sdn. Bhd. launched the first of their chain of myTukar Retail Centres at major shopping malls in Klang Valley. The Retail Centres is part of the platform’s new used car purchasing experience The newly launched myTukar Retail Experience Centres is one of the many initiatives in the business pipeline to bring a complete car ownership experience to all car buyers. Also read: EON appoints MyTukar as new trade-in partner to improve customer experience The myTukar Retail Centres are located at
Apr 17, 2021
5 dealership bodies have appealed to the Ministry of Finance with a memorandum to help ensure the survival of the automotive industry in light of the country’s fight against the coronavirus. According to our buddies at Careta, the memorandum dated on the 30th of March 2020 was represented by 5 bodies made up of 4 dealer associations of popular car brands in Malaysia and 1 second hand car sales representative. To ensure the continued business prospects of the association and the safety of their e
Apr 6, 2020
Used car sales have been seeing positive growth in Malaysia in the midst of the COVID-19 pandemic. So, Sime Darby Auto Selection has seen another potential in this by launching its own online used car store. The website allows customers to search from a wide range of high-quality used cars which also include nearly-new vehicles. With up to 300 used cars available for viewing, these vehicles aren’t just limited to Sime Darby Motor’s stable like BMW and Hyundai. Sime Darby Auto Selection claims th
Oct 23, 2020
You are not the only one who think that cars are getting a little bit too expensive. Malaysians have long complained about high car prices due to our lopsided tax structure but actually, this is a question asked by consumers from all over the world. Data from USA’s Edmunds.com show that the average transaction price for a new car has gone up from USD 23,900 in year 2008 to almost USD 39,000 in 2019, the last available pre-pandemic level data. This flies against conventional logic. You would thin
Jan 20, 2021
Even though the country is still undergoing a pandemic, used car sales in Malaysia saw steady growth in 2020. This is despite the fact that used car dealers were severely hit from March to May due to the movement control order (MCO). According to the Federation of Motor and Credit Companies Association of Malaysia (FMCCAM) president, Datuk Tony Khor, the used car industry had only about nine months of business this year as a result. In an interview with StarBiz, he said in thanks to the sales ta
Dec 28, 2020
Just recently, Mitsubishi Motors Malaysia (MMM) introduced the new 2021 Mitsubishi Triton Athlete. It is priced at RM 141,500, on-the-road, without insurance. At RM 141,500, the Mitsubishi Triton Athlete is priced right smack in the price range of the Toyota Hilux and Ford Ranger. Question is, what’s the minimum salary you need before you can apply for a loan? Also Read: Priced from RM 141k, the 2021 Mitsubishi Triton Athlete could run rings around the Hilux Rogue How much do I need to make? The
Apr 14, 2021
Honda HR-V
Perodua Alza
Honda City
Honda City Hatchback
Toyota Yaris