If I'm not mistaken quote from an article in a leading business magazine in the country, approximately 75% of the Indonesian people buy cars on credit. Either through banks or financial institutions (leasing) more. Of course this is a very lucrative market for the financing / bank on one side and the consumer / buyer to buy a car (especially a new car) by way of setting up their credit with only about 10% -30% down payment can already have a car . But we realize that behind the easy way to have a car loan, it turns out we had to pay a very expensive cost. I will lay out below the full calculations and explanations.
Understanding Consumer Incomplete
Consider, for this if we want to buy a car on credit, and the preparation of our main consideration is only on the ability to pay the mortgage each month. And we also have to take into consideration many other cost components that arise and we have to pay for car ownership in the term, and unfortunately this is the most we forget.
Right now I will discuss about how to simulate a sample of consumers who bought a car with credit below that we took from the site www.oto.co.id September 18, 2007:
Car: Toyota New Avanza 1500 cc
Cash Price: Rp. 131 300 000, -
Down Payment: Rp. 32,825,000, - (25% of the cash price)
Insurance: Rp. 10,635,300, - (All risk 8.10%)
Instalment: Rp. 3,787,500, -
Interest: 12.82%% per year
Duration: 36 months
Administration: Rp. 475.000, -
First Payment Total: Rp. 47,772,800, -
Let's look at the process of settlement to be paid by consumers over the past three years, as we show in the table-mobil.pdf simulation file:
Results summary:
Instalment Total: Rp. 136 350 000
Total Fuel Cost: Rp. 36 million
Total Tax Cost: Rp. 4.5 million
Total Maintenance Cost: Rp. 8.4 million
Total All Costs During the 3-year Credit: Rp. 227 360 300, -
Wow!, Look at the credit when we finished it less than the total costs we should spend for the car to be very large ...! Remember you know that that much money is money lost alias charred. Note, too, the costs of such a purchase gasoline taxes and vehicle maintenance for three years is less of a concern most of us when they want a car loan. Yet we must remember also that the car is a thing that will suffer price depreciation (depreciation) from year to year. If we assume a depreciation of the car is approximately 8% (eight percent) per year, then after the completion of the term of our new car prices will be:
Rp. 131,300,000 x 8% x 3 = Rp. 31,512,000. Means within three years the price of our cars shrink by that number. So the car is now only worth Rp. 99,788,000. Compare this with the total money you pay for 3 years with the condition of our present value of the car! It is very suffocating ...
What If Invested?
Now for example by burning money Rp. 227,360,300 is, if we grow the example to one investment instrument that has a yield return (profit / yield) of 10% per year (flat), and we let stand for 15 years. How much money will we have become? Consult the table in the file you downloaded earlier.
Wow, look at the money you save for 15 years has now reached almost 1 billion dollars ... Well now you choose to stay, would still insist on buying a new car on credit but the consequences "scorch" of money? Or with a smart, keep spending money but not that much to buy a car, it was developed in the form of investment as the above calculations.
Solutions and Conclusions
Indeed, there may be cynical about my calculations above, for example: "... why we are so stingy huh same money, instead it means we become a slave to money ...?" Or also as "... for 3 years that we can smoothly undergo the affairs such as business, etc., so that it can be a lot of money, so not a lot of money spent for three years ... "
To the first comment instead we stingy / a slave of money, but how can we be wise to treat the money. Moreover, in the future, the need for money is certainly going to grow a lot as children's education and retirement. For the second comment on one side of a point, but please be honest with our conscience, what should buy a new car on credit to support daily activities and your business?
In my opinion, if we want to buy a car with a smart and wise is to buy a second car (in excellent condition ok) and purchased in cash. The two main keys used car and cash, it's the principle. Since used cars are still in good condition no less discomfort when we buy new and with excellent facilities. Because we need to remember every car we buy instantly out of the dealer, then automatically the price / value went down. And why should be paid in cash, because of course we have to avoid the burden we must bear the costs (such as interest) we have to pay over the term of the loan.
Hope can help add insight into all of us.
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