As a vehicle owner, you must spend at least RM 99 512 after five years. It makes it clear that, even though it’s relatively easy to get a car, it’s a more significant commitment than you might initially think. With that, let’s look at some elements that influence the cost of car ownership in the country today.
#1 – Financing
With a few exceptions, most people usually get a hire purchase loan to get the car of their choice in Malaysia. With this line of action, the procedure is that you pay 10% of the vehicle price upfront and then get the 90% remaining financed.
Remember that the maximum loan term for this type of loan is nine (9) years. And, while getting a longer loan term might make repayment less of a burden, it increases what you have to pay back.
#2 – Cost Of Petrol
It’s a fact that Malaysia has the lowest cost of petrol in the region. But even with this, petrol expenses rank as the second highest cost a vehicle owner incurs. It makes buying a car with a more efficient fuel consumption system all the more critical.
#3 – Toll And Parking
A seemingly negligible expense, you’d be surprised at how high the total of what you pay for parking and toll can get at the end of each month.
#4 – Servicing And Repair Cost
Seeing the cost of maintaining your vehicle as an unnecessary expense is straightforward. But in the end, servicing your car is an excellent way to ensure that it runs properly and serves you well.
#5 – Car Insurance Coverage Costs
Another essential must-have that can quickly contribute to the annual cost of owning a vehicle is auto insurance. Depending on the model, age, and specifics of the car owner, what you pay here can vary significantly.
Bottom Line
While the financial constraints of owning a car can be huge, overall, it’s still more than worth it. It is more the case if you need the vehicle to get to work and for other activities. What matters most is that you think this decision through carefully and prepare yourself for what’s ahead correctly.
