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Is the MyVi an affordable car?

Posted on March 2, 2007
Filed Under Cars, Review |

As the MyVi is one of the most popular small capacity car models in Malaysia, i went to a dealer’s showroom yesterday to check it out for myself. For a 1.3cc model that’s priced slsightly under RM50k, this small little upbeat car has plenty to offer. A full spec model has all the perks that’s usually found in higher priced cars. Things like ABS, dual SRS airbags and head impact protection are just a few of them.

I’m more interested in the affordability aspect of the car more than anything else. To make calculations easier, i asked for the minimum downpayment:maximum loan options and here’s what i found out:

Assuming current loan tenure for 3 - 7years is at 4.1% and 8 - 9 years is at 4.3%. The 1.3 EZi full spec model is priced at Rm49,315.80 OTR. Downpayment of 5% is Rm5,015.80. At maximum 90% loan:

Rm44,300.00 at 4.1% for a 5 year term = Rm890/mth repayment

Rm44,300.00 at 4.1% for a 7 year term = Rm679/mth repayment

Rm44.300.00 at 4.3% for a 9 year term = Rm569/mth repayment

Frankly speaking, i must be nuts to opt for a 9 year loan. By the time i finish with my repayment, the car also finished already. Considering this model is still fairly new, a 7 year loan is a more viable option for many. If you are a young executive drawing an average salary of Rm2500, that’s roughly 28% of your salary.

With the rising cost of petrol, do you think you can survive the rest of the month with the remainder of your salary. If you’re still living with your parents, maybe. If not, do bear in mind you still have to factor in food, lodging, maintenance, bills, entertainment, etc? With a higher downpayment, maybe. If not, then consider public transportation or a used car.

For me. i’d say this is a fairly good disposable car. Current manufacturer’s warranty period for this car is 2 years and according to the salesman at the car dealer’s, the bank where they obtain the loan for you will further extend the car’s warranty for the engine and gear box by another 2 years.

If i were to buy this car, i’ll most probably trade it in for a new model every 3 years. Demand for this car is also good, so i dont think i’ll have much problem nor lose much when i sell it next time.

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