News: Getting the most bang-for-your-buck

Ringgitplus.com and savemoney.my show us how we can save on our next vehicle purchase. By Arvind Kumar

Please take a look at the following two scenarios and guess which payment plan will be siphoning more out of your monthly wages. Both these cars are on sale on local classifieds.

Scenario 1: New Car

Perodua Myvi EZi (Auto)

Price: RM 50,000 (And lets also assume we are borrowing the whole sum from the bank)

Loan Tenure: 7 years

Scenario 2: Used Car

2009 Toyota Vios 1.5 (Auto)

Price: RM 50,000 (Again, we are borrowing the whole sum from the bank)

Loan Tenure: 7 years

Now, the cars are there to throw you off as any petrol head worth his or her gasoline will definitely go for the Toyota Vios as it’s bigger and commands greater street-cred. But do so and you’ll be paying a minimum of RM720.24 on monthly instalment. Buy the brand new car replete with non-farted on seats plus warranty and you only shell out RM699.40 every month.

The point of discussion though, is that between interest rates, repayment tenures, insurance clauses and down payments - a large cluster of Malaysian buyers are either misinformed or led to believe that they’re getting the best deal out there.

Those repayment rates by the way are for AmBank’s AmAUTOmate financing plan. A chatty salesman who persuades you to ink your signature on a Maybank EzyAuto financing plan and that figure for the Perodua Myvi will be no less than RM790.24, or in other words - an arm-and-a-leg for a fresh graduate looking for their first vehicle.

So, it would be nice if we had an unbiased advisor to sieve through all the marketing jargon and fancy radio commercials and get to the gist of the matter. Well you’ll be happy to know that solution has been around for a while. Enter Ringgitplus.com and Savemoney.my.

Ringgitplus.com is Malaysia’s leading financial comparison website known as a trustworthy guide for banking products while Savemoney.my is aimed at educating fellow visitors on how to save money in all aspects of personal finances, through detailed journalism and market research.

Combine the two and you would have a one-stop, cut-through-the-crap solution for all your financial advisory needs. And combine they have, to create Saving Plus Sdn. Bhd. By now operating under one roof and bringing together mutually complementary strengths SavingPlus Sdn. Bhd. Is able point you in the best direction for credit cards, home loans, car loans and even insurance plans.

So the next time you plan to purchase a new vehicle, make sure your search on the classifieds is also complimented by a quick search on SavingPlus Sdn. Bhd’s portal. Because the right car loan is just as important as how many wheels there are on the car.

Check out their websites: Savemoney.my and RinggitPlus.com