So, what are the types of cost maintenance that you’ll have to consider?
NOTE: We’ll be using Perodua Myvi 1.5 that costs RM52,697 as an example. Why Myvi, you might ask? Take a look around at the highway, you’ll see many people using Myvi. Sometimes, there could be more than 5 Myvi at a glance!
Image Source: Perodua
1. Monthly instalment payments
Have you ever heard of someone buying a car with cash? That’s very rare as they might be getting some visits from Lembaga Hasil Dalam Negeri (LHDN) soon. Usually, average joes like us will be getting a new car by applying for a car loan.
For example, Adlin wants to apply for a car loan to buy Perodua Myvi 1.5. With his monthly income of RM2,500, he intends to borrow up to 90% of the car price from the bank. So, he has to pay around RM642.84 to RM722.72 a month for the repayment assistance (we’ll take the small amount).
The cost of monthly instalment payment: RM642.84
The cost he’ll have to pay in a year: RM642.84 x 12 months = RM7,714.08
If you’re currently looking to get the best car loan, click HERE.
2. Cleaning up after the car
It’s recommended to wash your car as often as possible or perhaps at least twice a month. You could either choose to wash your car by yourself (save money) or leave it to the expert at the car wash.
You can pick three choices: manual, waterless (using spray and cloth) or automatic washing. If you’re the type that prefers to DIY, you could opt between the first two options. Or, do you have the car wash tunnel for the third option?
FYI, it’s best to do manual washing as it’s easier and safer. The price is in the range of RM10 to RM30.
The cost for the car wash in a month: RM30
3. Your car insurance and road tax
Whether you like it or not - it’s WAJIB for you to purchase car insurance (Section 90, Road Transport Act 1987). If you don’t have it and got caught, you’re likely to get a summon up to RM1,000 or jail up to 3 months or both.
Not only that, your car licence could also be jeopardised for a year (say bye-bye to driving). If you do have it, that’s good but don’t forget to renew your road tax as well (can also get saman!).
For a Perodua Myvi 1.5, the price for comprehensive insurance and road tax are RM1,680 and RM120 a year respectively. Here’s the calculation if it’s divided into 12 months:
The cost of insurance and road tax in a year: RM1,680 + RM120 = RM1,800
The cost of insurance and road tax in a month: RM150
If you’re feeling some type of kiamsiap, Loanstreet has a special promo this August 2021. When you renew your car insurance and road tax with Loanstreet, you’ll get 5% OFF and RM40 e-vouchers from Vettons. You’ll also have a chance to win Philips 55inch 4K UHD LED Smart TV. Just, don’t forget to use this promo code: MERDEKAW during checkout - renew HERE!
Based on Perodua’s website, Myvi 1.5’s oil tank capacity is 36 litres (36l). Let’s say Adlin use RON95, the price for 1 litre is RM2.05*. For a full tank, Adlin has to pay at least RM73.80.
*The RON95 oil price as of 28 July 2021
If Adlin has to fill up a full tank once a week, here’s the calculation for his RON95 purchases in a month: RM73.80 x 4 weeks = RM295.20
In a year, it could go up to RM3,542.40. One can only hope that the oil price to decrease soon until perhaps below RM1.50… If you guys want to check the latest petrol price, just head over to this article, Latest Petrol Price Update RON95, RON97 & Diesel in Malaysia every Wednesday.
5. Car service
In case you don’t know, it’s essential to service your car especially the tires, batteries, oil engines which are among other things. If it’s possible, do service your car once every 6 months.
From Perodua’s website, you can check the price you’ll have to pay for the service. You just need to put in your car types and mileages. Imagine, you want the workshop to check your oil engines. Here’s the calculation of the cost you’ll have to pay for the service later:
- Perodua Engine Oil Fully Syn 0W-20 4L: RM162.00
- Drain Plug Gasket - Engine Oil: RM3.80
- Engine Oil Filter: RM11.90
With that, the total cost would be RM177.70 (if service twice a year, it would be RM355.40). However, this price is only if you bring it to Perodua’s workshop. It also hasn’t included yet the labour and service charges. The price would be different from one workshop to another.
Image source: Perodua
The cost for the car service in a month: RM177.70 divide 6 months = RM29.61
... the total of your car maintenance cost in a month would be RM1,147.65. That’s 45.9% of Adlin’s monthly income!
Want to save money on your car maintenance? Follow these 7 tips (throwback sikit what we learned in driving classes!)
- Make sure your oil engines & gearbox are at the right level
- Choose the right petrol for your car to consume
- Don’t let the water of the radiator dried out (be careful!)
- Ensure your tire’s pressure and condition at the best one
- Take care of the quality of your pad brake so that it doesn’t cause troubles
- The car lights are functioning properly
- Make sure to heat your car battery now and then
Psst… psst. Worry not, you can just bring your car to the workshop and have them check if you’re not understanding any of these. BUT, wouldn’t it be better if you do it yourself? Not only you’ll become an expert in things related to cars, but you can also save some money (yay!).
As we’re talking about car maintenance, please don’t forget to renew your car insurance and road tax especially if it’s already expired. To make it easy, just renew with Loanstreet. Fast service, easy and road tax delivered straight to your house (self-compliment ok!). You don’t even need to upload any documents.
- 7 Reasons Why Your Car Insurance Is Expensive
- 7 Ways For You to Save Money on Car Insurance
- Want to Transfer Your NCD to New Car/Insurer? Here’s HOW!
*The above article is intended for informational purposes only. Loanstreet accepts no responsibility for loss that may arise from reliance on information contained in the articles.