That’s what it takes to repay the loan to buy a brand new “Myvi” *10 freaking years to buy an extremely common car. 10 freaking years! Of course the repayment rate is at a “comfortable” level. If you consider 1/4 of your pay comfortable… That is before your EPF & SOCSO contribution. 10 years! are you kidding me? So I would assume a house which costs maybe 5 times more than a car would take 50 years for me to repay it?
I’ll forever be in debt! I’ll only be financially free when I’m 70 that is if I live until 70… Looks like I’m better off with a bicycle. Or maybe I should rely on public transport and take 3 hours to get to a place which probably only takes 45 mins to get to buy car. So let’s say I want to go to point A from my house, it’s approximately 45 mins away by car. I take the bus to the nearest hub, I take another bus from that hub to another hub, I take another bus from that hub to another hub… and maybe another to another hub… and then I take a bus to the destination… Let’s say I leave at 9 am. I reach there at 12pm.. hmmm just in time for lunch. How wonderful. So If I start work at 9am, I leave my house at 6 am? When I finish work at 6pm, I reach home at 9pm? I go to sleep at 10 and wake up at 5am… I wonder if I have anytime to do anything else… **
Sometimes I really wonder how Malaysian can afford so many things… Car prices are through the roof, basic necessities like groceries too, houses I dunno maybe the same, good are like pricier than other countries *weaker ringgit*, but the pay isn’t higher than he others, it’s the same and reports always say that the cost of living in Malaysia is not high. Very perplexing indeed.
Comparison. AUD is approx 3x stronger than MYR. Their groceries are 3x cheaper than ours, their cars are so much more cheaper than ours. Example, Mini Coopers around every corner. Houses maybe the same. Their pay? More than ours / comparable. But then spend less than us! Maybe their rent is more expensive. Which could be the case. In a way, they spend 3 times less than us. So they spend more? Maybe. I don’t know.
10 freaking years to own a Myvi? I give up. I’ll just not drive at all.
10 years man! 10 years!
*approximately, interest rate = 5%.
** Largely exaggerated, won’t be surprised if it happens though.