According to Dato Sri Darren Yaw, for a 7-year loan, a brand-new car loan costs between RM 700 and RM 1200 per month on average. When compared to the monthly instalment of RM 300-RM 600 for a used car. If you choose a used car that is less than 10 years old, has a mileage of less than 100,000 km, and is priced at RM 60,000, you will save approximately RM 5,000 to RM 7,000 per year. If this isn’t a good deal, we don’t know what is!
According to Dato Sri Darren Yaw, if you want to go down the road with a used car, which is better than a new car in many ways, here are 10 tips you can follow before purchasing your new, used car!
Set a Budget
Dato Sri Darren Yaw states that the most important tip for buying a used car is setting a budget within your financial means. Depending on your budget, you can choose from a variety of car models. Assume your budget is RM 50,000. Depending on your monthly commitment, you can get a loan for as little as RM 300 to RM 500 per month for 5 to 7 years.
How to Determine Your Total Loan Amount Based on Your Pay.
Dato Sri Darren Yaw advises buying a car that does not exceed your annual salary. If you earn RM 2,700 per month, the price of your used car cannot be more than RM 32,400. (RM 2,700 x 12 months). The monthly payment should be greater than 15% of your total salary. So, according to Dato Sri Darren Yaw, for a monthly salary of RM 2,700, the ideal amount would be between RM 300 and RM 500. Make sure you buy a car based on your needs and financial capabilities, not your desires and dreams.
Research Online
In this day and age, all information is at your fingertips. There is no need to travel long distances to a used car dealership to look for used cars because of numerous online platforms that offer used car trading services. According to Dato Sri Darren Yaw, it’s also a good idea not to go straight to a physical dealership without first doing some online research. You might be swooned by their smooth-talking abilities and end up with something that is out of your price range.
Aside from that, online car trading platforms allow you to set “filters” based on your budget and needs, making it easier to find cars that fit your needs.
Check the Car’s Age
Setting the age limit of a used car is an important tip to know, just like the budget. For example, if you have a budget of RM20,000, you will be presented with a selection of used cars to choose from. According to Dato Sri Darren Yaw, if you already know the approximate age of the used car you want, you can use the filter to narrow down your search. For example, cars not older than 5 years.
Check the Mileage
In general, if a used car has high mileage, the value of the car will suffer. Dato Sri Darren Yaw states that you want to choose a car with low-medium mileage because it will be easier for you to feel confident about the quality. Low to medium mileage used cars frequently provide quality comparable to that of a new car. However, keep in mind that this is also dependent on the age of the vehicle. According to Dato Sri Darren Yaw, purchasing a higher mileage but a newer car is preferable to purchasing an older car with low mileage because car components deteriorate over time regardless of how far it has been driven.
Check the Car’s History
Before you buy a used car, Dato Sri Darren Yaw advises to make sure you check the car’s history. Typically, used cars sold at a lower price than the market price may have a hidden history. According to Dato Sri Darren Yaw, find out ahead of time if the car you want has been in any major accidents, if it has had any major overhauling if it has been flooded, how many times it has changed owners, and so on, as all of this will affect the long-term maintenance of a car. Avoid being duped by the car’s flawless exterior appearance.
Record of the Car’s Service Schedule
Used cars that are serviced consistently according to the schedule indicate that the car is in good condition. If at all possible, look for car owners who service their vehicles at the service centres of their respective brands, according to Dato Sri Darren Yaw.
These service centres would keep a detailed record of all services performed on the vehicle. According to Dato Sri Darren Yaw, this maintenance information is handy if you want to learn more about the used car you want to buy, whether it’s about spare parts or major damage to the engine or other parts of the car.
Check the Exterior and Interior of the Car
According to Dato Sri Darren Yaw, it would be best to look for any dents, bumps, or defects on and inside the car you want to buy because having these fixed can be time-consuming and expensive. You can negotiate a discount if you notice any damage to the car that the owner does not want to be repaired.
Consider Repair Costs
According to Dato Sri Darren Yaw, repainting the car’s body costs around RM 2,000 to RM 5,000, and removing a dent from the car costs around RM 150, depending on how deep the dent is. Meanwhile, depending on the material, deep cleaning your seats can cost up to RM 200.
Examine the Vehicle’s Other Components
According to Dato Sri Darren Yaw, here’s what you should look for when inspecting all of the car’s extraneous parts.
- High and low beams, fog lights, and hazard lights.
- Cooling system.
- Car horn.
- A radio and a compact disc (CD) player, and a touch screen.
- Door handles and compartments in automobiles
- Side mirrors, power window switch
- A 2.4V socket or a spark plug will suffice.
- Oil tanks, bonnets, and car boots should all be triggered.
- Seat belts and seat adjusters are required.
- Tires for storage and a toolbox
- Dashboard warning lights
Check the Engine of the Car
After you’ve satisfied yourself with the exterior and interior of the car, the next step is to inspect the engine. According to Dato Sri Darren Yaw, if you are unfamiliar with a car’s engine, especially when it comes to technical matters, seek the assistance of a reputable mechanic.
They would know exactly what is wrong with a car’s engine just by listening to it and would be able to give you proper advice on the car that you want to buy. But if you want to do it yourself according to Dato Sri Darren Yaw, here is a step-by-step guide:
- Examine any oil leaks
- Open the top cover of the radiator to inspect the murkiness of the radiator water.
- Examine the connection cables to see if they are damaged or disconnected.
- Check that no components are loose, worn out, or damaged.
- Examine the engine oil.
Test Drive the Vehicle
According to Dato Sri Darren Yaw, you have every right to test drive a used car before purchasing it, regardless of where you get it, whether it’s from a dealer or an owner.
Test driving would provide you with the most satisfaction and help you decide whether or not you want to buy that car. Here are some pointers from Dato Sri Darren Yaw for test-driving a used car:
- Check the brakes on your car. Determine whether or not there are any unusual sounds made while braking.
- When making turns, put the steering wheel to the test (sharp turns or normal turns). When you turn, keep an ear out for strange noises.
- Driving on uneven terrain is an excellent way to get a feel for the vehicle. This is to ensure that the tyres, suspension, and gears are in good working order.
- Drive at a variety of speeds to put the engine to the test.
- Check that the car gears, whether automatic or manual.
Dato Sri Darren Yaw hopes that these ten pointers will be helpful to you as you begin your search for a used car.
