It’s been 1 year since I bought my Toyota Yaris. Many years back, I was sharing a lot on how I wouldn’t sell my old Naza Suria even after 12 years of driving it. The last few months before I decided to sell it, I have spent almost a few thousand on repairing it but the same problem kept recurring until I just couldn’t stand it anymore. That was the moment I knew I need to buy a new car.
1 year has passed & I just renewed my car road tax & insurance recently. With the renewals, I have decided to look into my car’s expenses to see how much I have spent for 1 year.
Petrol: RM3,219.18This is my car petrol expenses over the 12 months period of owning this car. On average, my spending on petrol per month is RM300 minus FMCO month where I rarely drove. Considering the distance that I drive daily, it is actually a petrol-saving car.
Car Road Tax & Insurance: RM1,060.97My NCD for car insurance is at 55% therefore with the Sum Insured of RM74,000, I am paying so much lesser than what I am supposed to. I am paying RM955.97 for Insurance, RM90 for Road Tax & RM15 for Service Charge.
Maintenance: RM834.40This sum is meant for 3 times service which I have done for my car. First 1000km service, 5000km service & 10,000km service. As of writing, I have driven almost 19,000km & it is due for service soon.
Car Coating Maintenance: RM240.00When I bought my car, I have engaged a Car Coating Company where I did full coating to protect my car surface from any possible scratches. This coating package will last me for 5 years & each maintenance will cost me RM120 every 6 months.
My Thoughts On Owning My Car After 1 Year
Honestly, I have no regrets about buying my new car although I was quite reluctant to change it at first but I had no choice due to my old car issue. In terms of petrol consumption & maintenance, I am paying almost the same amount for my old car except for the road tax which I am paying double for my new car. In fact, I would say that my new car saves more petrol since I am using Ron 97 instead of Ron 95 for my old car. My old car also had other hidden expenses such as car repair since it is an old car & the last few months before I sold it, I have spent almost RM3,000 just to repair it.
As for my car loan, the reason why I did not include that is because it is a fixed expense that I have already budgeted in. With the 5 years loan package, I do expect to finish the payment in another 4 years. Honestly, it felt less tiring compared to how I used to pay my old car loan which I took 9 years loan. With the shorter loan term, the only interest that I pay for my new car is RM8,460 for 5 years loan. Hopefully, I am able to drive this car for another 10 years before I change to a new car again.
OSS!
You can also check out my latest YouTube video on Why I Sold My Mutual Fund To Invest With StashAway Instead:
