My only experience in purchasing a car was when I bought my secondhand 2009 Myvi, and that was all in cash, so it was simple and straightforward. This vid is very insightful for a newbie like me to learn about the process of hire purchase vehicle loans and what things I need to look out for before getting a new car. Thanks!
I'm glad this was helpful!! I tried to lay out everything that I've learnt throughout the entire journey because, just like everyone else, I had almost zero clue when it comes to buying this car and dealing with the procedures all by myself😂 It's not rocket science but there are many nuances worth taking note!😊
@@ZietInvests Hi Ziet, a question I forgot to ask for 12:28, when buying car through a showroom agent; - Do all the loan application process handled by the showroom agent and you just need to come to the bank later on for signing the loan agreement? - Do the agent help you choose which bank with the lowest hire purchase interest rate or you need to do your own research and then specify to the agent which bank you wanna choose for the loan?
Thank you so much Kannan! It's been a long journey but I'm glad to have people like you around, it makes it all the hard work worth it!!🥰 You have a great weekend too!
Congratulations on the new car! Been contemplating to get a car since started working but always held back by the costs of owning it. Don't know when my income will allow me to have a car haha
No hurry lah in my opinion, its just another form of expenditure, you can always go for the more budget friendly ones, or make do with public transport until you really need it (i took 2+ years of public transport to work!)
@@ZietInvests Yeah thinking to just get a secondhand or a budget friendly one but when I think about having to drive a car I don’t like for several years I always hold back. Btw just an suggestion for your next video - maybe you can break down the cost of owning a car, including road tax, maintenance cost, toll and parking fee, insurance and fuel. Those hidden costs almost equal to the monthly installment - about RM500 a month if you live in KL or PJ from what I calculated. So total would be 1000 for owning a new car. Might be a good educational video for those who are thinking to get a car.
I've only recently read about car subscription haha, seems kinda interesting but weird at the same time :x Might be some time before I consider covering that!
Heyyyy, i never thought of that actually 😂 Not sure if anyone would bother with my opinion on the car since im not a car review channel though haha! But if there's demand then I'll definitely make that happen!!
If warranty is 5 years, shouldn't the sweet spot for car loans be 3 years, so you could sell your car at a higher resale value due to the car still being under warranty?
You can say so, but 3 years is still a little too early as you are paying the huge upfront depreciation costs without utilising it much, usually 4.5 years vs 5.5 years not much difference because buyer will treat it as habis warranty already
@@ZietInvests Makes sense, thanks. I'm planning on buying a Saga. The heart wants a Mazda 3 2.0L, but realistically I shouldn't go for anything above a Myvi or Persona.
Hi Ziet, congrats for getting the car! Would like to get covered with the insurance topic as well. Which is better, conventional insurance or takaful? Comparison between companies will also be much appreciated!
Hi there, that is a whole topic that I might need more research on, frankly i just went on with the insurance package provided with add on insurance for special perils (like flood damage etc.) and wind-screen RM 1,000 cover. I'll see what I can get!
Hi Ziet I’ve settled a full Loan for my myvi 2019 and mileage has crossed 116600+ for now . My plan is to resale the car and as per checking max resale is 40k+ . Is it ok if I take up a new myvi for a 5 year loan and take up the resale 40K put 10% DP on my new 5 year loan and invest the rest ? What’s ur take up on this 😍
Hi bro, congrats on paying off your Myvi-that's a big milestone! 🎉 As for your plan, it sounds like you've done your homework on the car's resale value. Taking a new Myvi with a 10% DP and investing the rest could be a smart move, as long as the loan's interest rate is manageable and you're confident in your investment strategy's potential returns. Just be sure to consider the total cost of ownership for the new car, including insurance, maintenance, and any loan interest. If those numbers make sense, and your investments are indeed capable of outperforming the interest expense, it could be a savvy financial move. Always good to run the numbers one more time to be sure. Safe driving and smart investing!
They are fixed throughout the tenure, however do note that they are % based off total loan amount, not outstanding loan amount unlike a mortgage, so effective interest rate is actually higher Dont think there's floating interest rate for car loan, at least not that i know of!
@@seanchen9265 haha true also! I would say my purchase lean towards the "want" more (obviously), but the driving experience is just a world of difference compared to my old saga 😂 maybe because of the higher seat and more powerful engine
@@ZietInvests ziet, I do still think it’s a financially sound decision buying a new car. Look - you’re not purchasing a continental car here and that’s an entirely topic we’re talking about, there we can consider used vehicles. I do think a brand new proton is most economical. W purchase, ziet.
@@eutube90 Thank you and I'm glad we have a mutual point of view on this matter. I do agree that used cars may provide better price point for its function (for some) but the value from added safety features (with brand new parts) and the time saved from the additional maintenance work is often underestimated as well!
I like working on my cars. l actually would love to get a used car down there. How are Junkyards there? I know you guys got some GREAT audio companies down there. I'm about to retire as I don't really have anything really keeping me here in the states anymore being prior military. I was kind of wondering how is life in the outskirts of Malaysia ? I heard apartments go for $176 dollars down there. Is this true? Also how is the used car market?
Yes definitely, you can park it as fixed asset under your sole prop and depreciate it accordingly, but note that unless your sole prop has 2-3 years of audited financial statements, it is usually hard to get your loan approved, which is also why i end up buying the car under my personal name
Haha nope! But spot on, I purposely drove there just to make this video / take some photos because the neighbourhood is too serene with lots of greenery!
Haha yes! Some of the Malaysian car youtubers (definitely not me) always advocate to change car at the 5 year mark! Learned lots of great stuffs from them!
yes as usually start from 5 years onwards is when the car parts start to spoil. The most you can use a car without issues is around 7-8 years before major parts need replacement.
Congrats on a new car, Ziet! So happy for you man!
Well deserved💪
Thank you so much Marko! To the moon we go!!🚀🚀🚀
My only experience in purchasing a car was when I bought my secondhand 2009 Myvi, and that was all in cash, so it was simple and straightforward. This vid is very insightful for a newbie like me to learn about the process of hire purchase vehicle loans and what things I need to look out for before getting a new car. Thanks!
I'm glad this was helpful!! I tried to lay out everything that I've learnt throughout the entire journey because, just like everyone else, I had almost zero clue when it comes to buying this car and dealing with the procedures all by myself😂 It's not rocket science but there are many nuances worth taking note!😊
@@ZietInvests Hi Ziet, a question I forgot to ask for 12:28, when buying car through a showroom agent;
- Do all the loan application process handled by the showroom agent and you just need to come to the bank later on for signing the loan agreement?
- Do the agent help you choose which bank with the lowest hire purchase interest rate or you need to do your own research and then specify to the agent which bank you wanna choose for the loan?
Congrats on the new car
Thank you Daniel 😁
Terima kasih kongsi ilmu bro. Terbaik 🫡
Sama-sama!
Woots bro! Congrats you got it! I decided to skip on this round, will probably relook at cars next 2 years (current one still drives well haha!)
Hehe thanks bro! No need to look at Proton lah, your league can go for BMW straight 😝
Very nicely explained alongside the infographs! Truly appreciate this video!
Hehe thank you so much for your comment!
Congrats Ziet. Thanks for sharing very valuable and much needed info. I will defiantly watch this back in near future :). Have a great weekend!
Thank you so much Kannan! It's been a long journey but I'm glad to have people like you around, it makes it all the hard work worth it!!🥰 You have a great weekend too!
An insightful content! Pls make video on buying a house. Thanks
Haha will definitely look forward to do that...maybe in the...near future!
This was helpful! Thanks so much for being so informative 🙏🏼
Hehe glad you found it helpful Christine!
Congratulations on the new car! Been contemplating to get a car since started working but always held back by the costs of owning it. Don't know when my income will allow me to have a car haha
No hurry lah in my opinion, its just another form of expenditure, you can always go for the more budget friendly ones, or make do with public transport until you really need it (i took 2+ years of public transport to work!)
@@ZietInvests Yeah thinking to just get a secondhand or a budget friendly one but when I think about having to drive a car I don’t like for several years I always hold back. Btw just an suggestion for your next video - maybe you can break down the cost of owning a car, including road tax, maintenance cost, toll and parking fee, insurance and fuel. Those hidden costs almost equal to the monthly installment - about RM500 a month if you live in KL or PJ from what I calculated. So total would be 1000 for owning a new car. Might be a good educational video for those who are thinking to get a car.
@@frl-less9282 Oh nice I've never thought about drilling that in detail, let's see what I can come up with! Thank you for your suggestion 😊
Thank you for this vid.. very educational~
Glad you liked it!!
Congratulations man!
Thank you Michael!!🥳
I follow you for lot of financial advice. Can you make video on car subscription vs car buying
I've only recently read about car subscription haha, seems kinda interesting but weird at the same time :x Might be some time before I consider covering that!
Do take note of effective interest rate of car loans!
Ah yes, thank you for the reminder! How can i miss this!
Hi Ziet !!
Would u be coming out with the next video on your review and thoughts after owning x50 after quite some time ?
Heyyyy, i never thought of that actually 😂 Not sure if anyone would bother with my opinion on the car since im not a car review channel though haha! But if there's demand then I'll definitely make that happen!!
If warranty is 5 years, shouldn't the sweet spot for car loans be 3 years, so you could sell your car at a higher resale value due to the car still being under warranty?
You can say so, but 3 years is still a little too early as you are paying the huge upfront depreciation costs without utilising it much, usually 4.5 years vs 5.5 years not much difference because buyer will treat it as habis warranty already
@@ZietInvests Makes sense, thanks. I'm planning on buying a Saga. The heart wants a Mazda 3 2.0L, but realistically I shouldn't go for anything above a Myvi or Persona.
Kinda surprised that your fuel cost doubled when upgrading from saga to X50 since saga fuel economy is around 10 to 13km per liter
“Almost” haha, i usually pump around 30/week for my saga but had to do 45-50 with this car
Hi Ziet, congrats for getting the car! Would like to get covered with the insurance topic as well. Which is better, conventional insurance or takaful? Comparison between companies will also be much appreciated!
Hi there, that is a whole topic that I might need more research on, frankly i just went on with the insurance package provided with add on insurance for special perils (like flood damage etc.) and wind-screen RM 1,000 cover. I'll see what I can get!
Hi Ziet I’ve settled a full
Loan for my myvi 2019 and mileage has crossed 116600+ for now . My plan is to resale the car and as per checking max resale is 40k+ . Is it ok if I take up a new myvi for a 5 year loan and take up the resale 40K put 10% DP on my new 5 year loan and invest the rest ? What’s ur take up on this 😍
Hi bro, congrats on paying off your Myvi-that's a big milestone! 🎉
As for your plan, it sounds like you've done your homework on the car's resale value. Taking a new Myvi with a 10% DP and investing the rest could be a smart move, as long as the loan's interest rate is manageable and you're confident in your investment strategy's potential returns.
Just be sure to consider the total cost of ownership for the new car, including insurance, maintenance, and any loan interest. If those numbers make sense, and your investments are indeed capable of outperforming the interest expense, it could be a savvy financial move.
Always good to run the numbers one more time to be sure. Safe driving and smart investing!
Is the interest rate for car loan fixed or variable? Means does it change with OPR? What's the downside or upside of opting for either of those two?
They are fixed throughout the tenure, however do note that they are % based off total loan amount, not outstanding loan amount unlike a mortgage, so effective interest rate is actually higher
Dont think there's floating interest rate for car loan, at least not that i know of!
I am good with my Axia Advance.
If it works for you, why not!
@@ZietInvests ya, unless planning to have a large family la ho ho ho...
@@seanchen9265 haha true also! I would say my purchase lean towards the "want" more (obviously), but the driving experience is just a world of difference compared to my old saga 😂 maybe because of the higher seat and more powerful engine
Why buy a new car tho, the depreciation is damn high le
then you take personal loan or have that much cash to buy used car? new car is still better for value in terms of maintenance and longevity.
Pls share your thoughts sir..
Mainly for the peace of mind and warranty duration, definitely not the most financially savvy decision but that's the trade-off for a "Want" 😝
@@ZietInvests ziet, I do still think it’s a financially sound decision buying a new car. Look - you’re not purchasing a continental car here and that’s an entirely topic we’re talking about, there we can consider used vehicles. I do think a brand new proton is most economical.
W purchase, ziet.
@@eutube90 Thank you and I'm glad we have a mutual point of view on this matter. I do agree that used cars may provide better price point for its function (for some) but the value from added safety features (with brand new parts) and the time saved from the additional maintenance work is often underestimated as well!
I like working on my cars. l actually would love to get a used car down there. How are Junkyards there? I know you guys got some GREAT audio companies down there.
I'm about to retire as I don't really have anything really keeping me here in the states anymore being prior military. I was kind of wondering how is life in the outskirts of Malaysia ? I heard apartments go for $176 dollars down there. Is this true?
Also how is the used car market?
Used car market is plentiful here, you can get lots of good deal for a used vehicle here!
Nice !!
By the way , how old are you ya Zeit??
Turning 27 this year!
Any different in buying car under personal name or company name, for my case sole proprietor. Any saving in tax ?
Yes definitely, you can park it as fixed asset under your sole prop and depreciate it accordingly, but note that unless your sole prop has 2-3 years of audited financial statements, it is usually hard to get your loan approved, which is also why i end up buying the car under my personal name
Should all in 103k in tesla la bro 😬
Life is more than being a filthy rich millionaire at retirement age 😝
bro you stay in rimbayu area? haha 😁😁
Haha nope! But spot on, I purposely drove there just to make this video / take some photos because the neighbourhood is too serene with lots of greenery!
No wonder people always change car after 4-5 years
Haha yes! Some of the Malaysian car youtubers (definitely not me) always advocate to change car at the 5 year mark! Learned lots of great stuffs from them!
yes as usually start from 5 years onwards is when the car parts start to spoil. The most you can use a car without issues is around 7-8 years before major parts need replacement.
🤝🤝✊🏽
🤘🏻🤘🏻
Puyau shiang chu wo shu ni shang like copycat maaa
ni zai jiang semo gui
@@ZietInvests 🤣🤣🤣puyau puyau
🥳🥳🥳