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
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
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
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
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
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 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
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
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
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
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
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
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
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
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
Buying brand-new cars without test driving them is common, especially when shopping for an econobox. These days, you can learn more about a brand-new car just by browsing the internet. The COVID-19 pandemic has also pushed brands to enhance their respective virtual showrooms. While shopping for a brand-new car can be safely done without a test drive, the same couldn’t be said about used cars. Test driving a brand-new car is meant to impress you with all the bells & whistles and the “joy of drivi
Sep 4, 2020
The actual cost of owning a car is a lot higher than just your monthly instalments, and we’re not talking about insurance or maintenance, itself already a big chunk of a car’s total ownership cost. Beyond maintenance, depreciation is the biggest ‘cost’ for a car owner. However, very few see it that way because it’s not something that you feel until you have to sell your car. It’s like losing money on stocks; it’s paper loss until you actually sell it, which you have to at some point. Remember th
Sep 12, 2020
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
After a couple years of using your car, the time will eventually come when you will need to sell it off. And when that time comes, how do you ensure that you can sell it off at a higher price? Selling your car? Get the best offer here: Trade in User's Car Form An oil change and servicing would be good First things first, when it comes to selling your old car, it’s crucial to fix it up. Start with giving the car a service, replacing all the necessary oils and fluids. Whether or not you want to se
Mar 30, 2021
When the Proton Saga was first launched in 1985, a fresh graduate who earns a monthly salary of RM 1,000 can expect a reasonably comfortable life, even in the city. A bowl of noodle was just a little over a Ringgit, and a McDonalds burger would have cost just RM 3. A Nissan Sunny 130Y, the default car for middle-class families, retails for RM 19,500. Depending on how far along was one in his/her career, that’s about 1.5 years’ worth a young person’s salary. When the first Proton Saga was introdu
Sep 2, 2019
Malaysia is known for having one of the world’s highest taxes on cars. Sales of new cars and spare parts for motor vehicles are the single largest contributor in import and excise duties collection, eclipsing tobacco and alcohol products. How much taxes do car sales contribute to the Malaysian government? The government doesn’t provide a breakdown of its tax collection by industry, but it is safe to estimate that the automotive sector contributes well over RM 10 billion in taxes every year. So i
Jan 30, 2020
Like modern day smartphones, BMW sees their cars as a digital platform. As such, like a smartphone, BMW plans to roll out features/upgrades remotely, over-the-air style. That means that owners will need to pay to “unlock” features that are already installed on their cars, such as Active Cruise Control (ACC) with Stop & Go feature, High Beam Assistant, BMW Driver Recorder, BMW IconicSounds Sport, and Adaptive M Suspension. Like a trial software (think WinRAR), owners can try the feature out for a
Jul 7, 2020
The Malaysia Automotive Association (MAA) feels that the country does not need a third national car as the existing two are enough. MAA president Datuk Aishah Ahmad told The Edge, “From the industry’s standpoint, we already have two national cars — that’s already too many. To have a third national car? I don’t think we need it.” She also did not comment on Perodua’s intention to be involved in the third national car project as MAA does not have details of the plan. Datuk Aishah also said that ev
Jul 27, 2020
Ask anyone who recently bought a used car and the general consensus is that the experience is far from pleasant. Never mind mileage tampering (it happens more often than you think), rarely you can find a used car dealer that will sell you a used car at the listed price, and we're not talking about insurance cost. Enter Carsome and its newly-launched used car platform, which aims to alleviate the sore experience many used car buyers face. Pricing – What you see is what you pay While the prospect
Aug 31, 2020
BMW Malaysia recently communicated its chat service as a way for customers to reach out to them during this Movement Control Order (MCO) period, by using Facebook’s existing chat function. But owners were not particularly keen about the new chat function – instead, many BMW owners were upset that they are not entitled for the 6-month moratorium by BMW Credit Malaysia. Entertain yourselves with the comments on the video As BMW Credit Malaysia is not a bank, it is not bounded by Bank Negara Malays
Mar 27, 2020
Renault is probably one of the quieter car brands in Malaysia. The French brand has always been on sale in Malaysia for years under TC Euro Cars and while it doesn't appear on consumers' radar as often as a Honda or a Toyota, TC Euro Cars (TCEC) have trippled their sales in five years. Renault sold only 475 cars in 2015, climbing to 599 in the following year. They hit a new high in 2018 with 1,009 cars sold and ended 2019 with 1,218 cars sold. The marketing strategies has paid off through the ye
Apr 3, 2020
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
Can you believe it? It's been 20 years since Shah Alam was declared a city! To celebrate its 20th Anniversary, the Shah Alam Municipal Council (MBSA) is holding a special promotion for compound payments throughout the month of October. Shah Alam Mayor, Datuk Haris Kasim, said that the month-long promotion is MBSA’s efforts to encourage those with compounds to clear their plate before MBSA takes action against them. From 1st to 31st October 2020, residents who pay their compound fines will receiv
Oct 2, 2020
Indonesia is taking its next step into a sustainable future as the country’s Financial Services Authority (OJK) has announced that they want to make getting a loan to purchase an electric vehicle (EV) easier. OJK said in a statement that the new development is the next step in the government’s 2019 regulation aimed at accelerating the development of domestic vehicle industries. This will see the easing of rules on credit assessments and risk calculations for purchase loans of EVs. This means tha
Sep 7, 2020
A car catching on fire is an absolute nightmare because there is usually zero hope of saving the car. The car cremates itself to car Valhalla and no amount of money can bring it back to life. Cars catch on fire for several reasons and most of them are avoidable. To help you avoid this terrible situation, we’ve listed out six reasons that cause cars to catch fire in the first place, and how you could avoid them. 1. Fuel Leaks Gasoline is highly flammable. All it takes to start a fire is a little
Jan 17, 2021
Honda HR-V
Perodua Alza
Honda City
Honda City Hatchback
Toyota Yaris