Okay, today I just want to write short entry and it is about my finance. Maybe some of you have or will face the same situation too. I’ve own a car and it is now about 4 years old. Unfortunately, the problem make problem on the engine and it cost more than thousand ringgit. To make worst, after repairing there’s still a problem and I need more than RM6,+++ to replace some of the parts. That cost is huge and I can buy a second hand engine to put in the car half of the cost. So, I’ve being suggested whether to put second hand part, put new second hand engine or sell and buy a new car.
I’m a dilemma now. I love my car but if it continues to make me lose money than it is not worthy to keep that car in my garage. So I need to make budget and this is what I need to paid attention :-
- Budget. It is important to write budget because it could make my decision easily. I must make a proper schedule to know whether I can or can’t buy new car
- Write down monthly expenses. It include salary + house rent + other’s income
- Write down the debt. It include house loan + car loan + educational loan
- Get full settlement of current car loan. If want to buy new car, I must settle the current car loan. It is important because I must sell the car before buy new car. I’m not rich to paid 2 car loan in meantime. And I don’t want to paid balance money to bank so I must sell in at the best price. Or I could trade in to car dealer.
- Get a future loan predicament. I must know how much time and monthly cut I could afford. Don’t just depend on the loan approval. It could affect my finance in the future.
- Predict the cost need to pay in the future such as car insurance, roadtax and maintenance.If I want to buy a car, get a best car and less maintenance in the future. Ensure the car could make me regret in the future.
- Is it worthy if I’m just repairing and not buy new? I need to confirm the car don’t get any big damage in the future. Need to get an expert for this case.
Okay, that’s all for today. Do you have any suggestion whether I need to buy or still repairing my car. Your opinion could help me.