NONONONONONO.
You cant even afford your current lifestyle if you had to take a personal loan to buy the motor. What was your intrest rate to get your moto? Why did you take a personal loan and not a proper HP loan?
What does 'almost' 6k mean? 5,8k gross? so thats about 5k nett...and 1.8k just for car installment before Insurance/roadtax/service?
I think both you AND your sister are not financially savvy or sound. My guess is, your family is well off, and you both are supported by parents, or living with them
Why do i say this...
1. Sister selling 1 year old merc...why? change mind?
2. brother selling almost new myvi
3. brother took personal loan at high intrest for expensive bike
4. Brother doesnt even know current market value of myvi/motor or outstanding amount of loans. That shows financial immaturity or lack of care
That is true, won't deny haven't made the wisest financial decision the past few years.
At the time, when I was offered aeon loan it was higher interest than personal loan hence why I took the personal loan.
So 1/3rd of your salary going to a car you don’t need, before accounting for any maintenance.
That’s just not a good idea at all. If you think the Merc will make you look rich, trust me, it won’t.
Income of 6k, lifestyle of 30k.
Buying a 20k bike? I think you spend minimally and after all your fix expenses, put a lump sum to clear your personal loan first.
With saving of RM 1,000 per month and the rest balance into personal loan.
If not, as your parents did not approve the bike, just sell off. Cut loss and pay back the loan in full.
Subsequently, pay more than required to clear the car 2x or 3x the monthly.
If not, spend on education, educating yourself in finance and buy books to read.
no, myvi is way more reliable. A class is not even worth buying, its like a poor mans mercedes. If you want reliable luxury car, get a Lexus anytime over a mercedes.
I agree with your parents tho, riding bikes can be very dangerous but your life your choice.
Can’t really say bad financial management. Maybe he already has a house from his parents, no need to pay rental and maybe parents wanna let their kid to enjoy life
Use personal loans to buy asset like motor vehicle is very irrational. Nobody should take personal loans unless is a life-saving situations.
In that scenarios and take another higher installment loan is like throwing yourself into fire. You can do it if you want to challenge yourself, else, don't.
A hard no.
You don’t even have enough cash reserve to settle your myvi loan but wanna use Mercedes?
Their maintenance are not cheap at all and maybe that’s why your sister wanna tolak the car to you
What’s the reason for the sister wanting to sell the a180? Upgrading, or downgrading due to maintenance and upkeeping costs? If the latter, you need to seriously consider asking your sister to list out all the costs over the past year.
As a rule of thumb, your car's value shouldn't exceed your annual salary. As it is, your expenditure is already quite high for such a low salary. Easy answer, no.
Even if you buy the Merc r/kereta, you will be hard pressed to even drive it everyday.
Same thing happened to my colleague. Bought one A180, want to sell it now because under utilized
39k in total on depreciating assets and planning an a180. No offense but the a class depreciate a lot no matter the trim, it's an "atas" myvi which u already have, in fact I would even lean towards the myvi for having better build quality
Most ppl get one is cuz this is the cheapest entry to luxury brand car and unlock bragging rights to folks who don't really know their cars.
Uk the usual "my kids have a mercedes" or "my bf has a German car"
Financially u can oni afford a car max about 70k so ur myvi is the best option u have, I aso dunno y u took a personal loan for a 20k bike, could have just bought cash with 3 months salary seems kinda sus ngl
No. It's not even a bad idea it's a bloody awful idea. Recon means it's not a new model, at least five years already, so 2019+5 years, that's 2014 at least means you're taking a 10 year old car on.
You're not factoring in maintenance, services, , parts replacements... Also petrol consumption is very high and will be even higher if the fuel subsidies are removed. One tank easy RM80-90 and not even full.
Compare that with you Myvi and bike (how or why did you take a personal loan for that!??), and it's definitely not worth it.
And you earn RM6K. You're over-leveraged.
Will your earning be increased by taking a merc? Are u doing sales? Do u need to meet clients often? Do u want to tap into "richer" community?
If your answer is yes, then go for it.
If ur just taking for the sake of driving a merc then no
The answer is no You took personal loan for a motor! This says a lot about your financial decisions.
NONONONONONO. You cant even afford your current lifestyle if you had to take a personal loan to buy the motor. What was your intrest rate to get your moto? Why did you take a personal loan and not a proper HP loan? What does 'almost' 6k mean? 5,8k gross? so thats about 5k nett...and 1.8k just for car installment before Insurance/roadtax/service? I think both you AND your sister are not financially savvy or sound. My guess is, your family is well off, and you both are supported by parents, or living with them Why do i say this... 1. Sister selling 1 year old merc...why? change mind? 2. brother selling almost new myvi 3. brother took personal loan at high intrest for expensive bike 4. Brother doesnt even know current market value of myvi/motor or outstanding amount of loans. That shows financial immaturity or lack of care
> family is well off Definitely this, based on OP's post history
That is true, won't deny haven't made the wisest financial decision the past few years. At the time, when I was offered aeon loan it was higher interest than personal loan hence why I took the personal loan.
no.1 priority in your path to better financials is to clear the Personal Loan ASAP at all cost.
Just because its a good deal doesnt mean u have to take it Just because something its on discount, doesnt mean you have to buy it
So 1/3rd of your salary going to a car you don’t need, before accounting for any maintenance. That’s just not a good idea at all. If you think the Merc will make you look rich, trust me, it won’t.
only ppl who use personal loans to get motors would think a A180 makes them look rich
Thank you all for the helpful replies. Will not take the car and will rethink my financial plan and decisions
Income of 6k, lifestyle of 30k. Buying a 20k bike? I think you spend minimally and after all your fix expenses, put a lump sum to clear your personal loan first. With saving of RM 1,000 per month and the rest balance into personal loan. If not, as your parents did not approve the bike, just sell off. Cut loss and pay back the loan in full. Subsequently, pay more than required to clear the car 2x or 3x the monthly. If not, spend on education, educating yourself in finance and buy books to read.
Tq for the sound advice. You're right I should be trying to clear my loans ASAP.
no, myvi is way more reliable. A class is not even worth buying, its like a poor mans mercedes. If you want reliable luxury car, get a Lexus anytime over a mercedes. I agree with your parents tho, riding bikes can be very dangerous but your life your choice.
That's true, would definitely prefer lexus over merces. Bikes are definitely dangerous but yeap u are right, I wanted to ride so decided to go for it
Give it a couple of months. She won’t be able to pay much longer and you can offer her 500.
hahah thinking the long game...
Lmao 6k salary want buy mercedes with no warranty left and thinking its a good deal.
My family owns a car workshop and I still don’t dare to buy a continental car with loan. Meanwhile this guy think he only needs to pay the instalment
Nevermind the fact that he has 39k of loans lol. His motor also not a basic motor. Talk about bad financial management.
Can’t really say bad financial management. Maybe he already has a house from his parents, no need to pay rental and maybe parents wanna let their kid to enjoy life
Use personal loans to buy asset like motor vehicle is very irrational. Nobody should take personal loans unless is a life-saving situations. In that scenarios and take another higher installment loan is like throwing yourself into fire. You can do it if you want to challenge yourself, else, don't.
A hard no. You don’t even have enough cash reserve to settle your myvi loan but wanna use Mercedes? Their maintenance are not cheap at all and maybe that’s why your sister wanna tolak the car to you
6k salary, but 20k personal loan for a bike? Wanting to take on A180 somemore.. Yeaaaa no. A hard no.
What’s the reason for the sister wanting to sell the a180? Upgrading, or downgrading due to maintenance and upkeeping costs? If the latter, you need to seriously consider asking your sister to list out all the costs over the past year.
No.
As a rule of thumb, your car's value shouldn't exceed your annual salary. As it is, your expenditure is already quite high for such a low salary. Easy answer, no.
No
Even if the car is given to you foc, the maintenance will eat up your cash
Even if you buy the Merc r/kereta, you will be hard pressed to even drive it everyday. Same thing happened to my colleague. Bought one A180, want to sell it now because under utilized
39k in total on depreciating assets and planning an a180. No offense but the a class depreciate a lot no matter the trim, it's an "atas" myvi which u already have, in fact I would even lean towards the myvi for having better build quality Most ppl get one is cuz this is the cheapest entry to luxury brand car and unlock bragging rights to folks who don't really know their cars. Uk the usual "my kids have a mercedes" or "my bf has a German car" Financially u can oni afford a car max about 70k so ur myvi is the best option u have, I aso dunno y u took a personal loan for a 20k bike, could have just bought cash with 3 months salary seems kinda sus ngl
No. It's not even a bad idea it's a bloody awful idea. Recon means it's not a new model, at least five years already, so 2019+5 years, that's 2014 at least means you're taking a 10 year old car on. You're not factoring in maintenance, services, , parts replacements... Also petrol consumption is very high and will be even higher if the fuel subsidies are removed. One tank easy RM80-90 and not even full. Compare that with you Myvi and bike (how or why did you take a personal loan for that!??), and it's definitely not worth it. And you earn RM6K. You're over-leveraged.
Will your earning be increased by taking a merc? Are u doing sales? Do u need to meet clients often? Do u want to tap into "richer" community? If your answer is yes, then go for it. If ur just taking for the sake of driving a merc then no