Most Malaysians own a private car for travel convenience as well as affordability of local cars. However, aside from the cost of the car itself, many other ownership costs entail. Before you decide to buy a car, you should work out the basic ownership cost for owning and maintaining a car in Malaysia. You should allocate a considerable portion of your income for all of these expenditures during the period of car ownership.
Car ownership cost is defined by two primary categories:
Fixed Costs: The actual price and associated taxes in a purchase such as insurance, road tax and licensing fees.
Variable cost: The costs incurred during the ownership of the car such as fuel, maintenance, parking, toll fees and other road use charges.
Aside from the above costs, depreciation is part of car ownership that is often neglected. Do you know that It is one of the highest costs of owning a car? It defines how well a car holds its value over time. This is particularly important if you keep the car for less than five years as the depreciation rate is always higher in the initial years of ownership. The moment you receive the keys from the car dealer, you have already lost thousands of ringgit, and this crazy phenomenon is known as depreciation.
Factors that can accelerate the depreciation rate of a car are the mileage, brand, and history of reliability, degree of wear and tear, modifications and who you sell your car to (selling your car to a car dealer will lower your selling price further). Looking to sell your car at the highest price possible? Visit www.ezauto.my to learn more on how to sell your car on a trust-worthy online platform at the best prices today!