How much do I need to buy a car in Malaysia?

It’s simple maths: The car you can afford to buy is the one with a price that’s equivalent or less than your monthly gross salary x 12 months. Let’s use the average starting salary of a fresh graduate, for example, RM2,500 (in most industries). Their annual gross income would amount to RM30,000.

How much do I need to earn to buy a car in Malaysia?

At a salary of RM900 (minus the cost of living, the remaining amount is RM100) means one can only afford a car with an installment of RM50 a month. In other words, one cannot afford a car.

How much does it cost to buy a car in Malaysia?

This means a car costs RM98,855.70 to own over five years! Though it’s easy to be a car owner in Malaysia, it is a much bigger investment than people expect.

How much would you be paying?

Purchase price RM54,600.00
Loan/financing interest RM8,599.00
Petrol costs RM7,503.00
Maintenance RM3,049.91
Road tax RM450.00
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How much salary do I need to buy a car?

There is a thumb rule of not spending more than half of your annual household salary on the car. An individual earning Rs 10 lakh a year should at best buy a car worth Rs 5 lakh. However, ensure it’s the on-road price of the car and not the show room price.

What salary can afford What car?

Financial experts recommend that your monthly payment should be around 10% to 15% of your monthly take-home pay. Additionally, your total monthly car expenses should be no more than 20% of your monthly income, and this includes your car payment, insurance, maintenance and gas.

How can I buy a car with low income?

Make sure that you strike a balance between your monthly income and expenditure. Your monthly expenses should not exceed 50% of your monthly income. These expenses will include your existing EMIs as well. The lower the expenses, the better are the chances of loan approval for your car.

What car can I afford with my salary Malaysia?

There’s a very simple formulation that can guide you on how much you should spend on a car, and don’t worry, it isn’t going to be a big number. It’s simple maths: The car you can afford to buy is the one with a price that’s equivalent or less than your monthly gross salary x 12 months.

Are cars affordable in Malaysia?

This means it’s almost twice as affordable for an average Singaporean to buy a car than for the average Malaysian in the respective countries.

It’s cheaper to buy a car in Singapore and Brunei than Malaysia.

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Average salary and car price
Thailand THB 228,048 THB 846,451
Malaysia MYR 41,148 MYR 121,688
Singapore SGD 62,568 SGD 107,499
Brunei BND 32,892 BND 27,999

How many Malaysian own a car?

Car ownership among Malaysian respondents in 2019

According to the survey conducted by Rakuten Insight, about 61 percent of the Malaysian respondents stated that they owned a car.

What is the most affordable car in Malaysia?

Which car is the cheapest in Malaysia? Perodua Axia , Proton Saga , Perodua Bezza , Proton Iriz , Proton Persona are affordable cars that have the lowest prices in Malaysia with price starts at RM 23,367.

Can I buy car with 20000 salary?

20,000. With the plethora of financing options available today, your dream of getting yourself a brand new car is easily achievable. …

Can I buy a car with 30k income?

If you have a monthly income of Rs 30,000 and aspire to buy a car, you can get a list of models including Tata Tiago, Tata Indica eV2, Maruti Suzuki Celerio, Hyundai i10 to choose from.

Can I buy a car with 40k salary?

It is advised to customers that they restrict their car loans to not more than 20 percent of their monthly income. For example, if you make Rs. 40,000 per month, your monthly car loan EMI should not exceed Rs. 8,000. But the criteria for getting a loan also depends on the creditworthiness of the customer.

Which car is the best in Malaysia?

As for February 2022, top popular car models include Perodua Myvi, Proton X50, Toyota Vios, Toyota Yaris and Nissan Almera. The top car brands are.

Popular Cars of 2022.

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Model Price List
Proton X50 RM 79,200 – RM 103,300
Toyota Vios RM 74,623 – RM 87,584
Toyota Yaris RM 70,940 – RM 84,808
Nissan Almera RM 65,699 – RM 75,419

How much should I spend on a car if I make $60000?

Whether you’re paying cash, leasing, or financing a car, your upper spending limit really shouldn’t be a penny more than 35% of your gross annual income. That means if you make $36,000 a year, the car price shouldn’t exceed $12,600. Make $60,000, and the car price should fall below $21,000.

How much car can I afford with 50k salary?

Rather than looking at monthly transportation costs, Dave recommends buying cars that cost no more than 50% of your annual income. So if you make $50,000 a year, you should not spend more than $25,000 for a car(s).