Malaysian Woman Regrets Buying A RM85,000 Japanese Car On A RM4,300 Monthly Salary
She sought advice from a financial trader regarding her problem.
By Yap Wan Xiang — 13 Dec 2024, 03:03 PM
A 29-year-old woman recently shared her financial woes after purchasing a Honda City, a decision she now considers a big financial mistake
Seeking help, she reached out to financial trader trader Ammar Faris Hasim, who has 14,400 followers on X and often offers financial advice to anonymous queries from his followers.
In her post, the woman explained that her gross salary of RM4,300 is insufficient to cover the costs associated with the car, which has a starting price of RM84,900.
While she is in the process of financial recovery, hidden expenses like fuel, insurance, and maintenance have left her struggling to save even a month's salary.
"My financial situation is terrible. Please give me some advice," she pleaded, adding that the hidden costs were in addition to her loan repayments.
In response, Ammar said that overlooking the overhead costs of car ownership can severely impact one's finances
He explained that beyond the monthly instalments, additional expenses such as fuel, road tax, insurance, parking, regular maintenance, and emergency repairs can quickly drain savings.
He advised his followers to opt for vehicles priced at or below their annual salary to maintain financial security and cover all necessary ownership expenses.
Check out his thread below for some practical financial tips on owning a vehicle:
