The Smart Sequence of Buying a Car and a House - Money Tips #02

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[@AndrewKNI]

Great overview thank you. Your best option is as you say save for an older car, pay cash and run it while continuing to save (for the next one). This would save much in interest payments over the years and minimise depreciation. I wish I had known this years ago as it would have saved me a lot but I do that now.

[@iwin8144]

Thank you...very2 good tips,advice and guidelines how,when and where. Have a good day.

[@oosomunboxings3081]

Thanks, greetings from Colombia

[@fauzankhalis5574]

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[@Cardinals_garden]

How about if I'm an uber driver I want buy a house but at the same time want to buy a new tesla.

[@gunnersforlife7796]

Buy both,buy a rolex and get married at the same time.It will take you places.

[@whatsultra2743]

Lol I want a Tesla for Uber too

[@sebastianvilela1178]

Honestly I think anyone that works full time in a good job can afford a low car payment and a house

[@sebestian1023]

at the moment I already have a car & I will graduate soon. any advice on financial management to buy the first house at a young age?

[@KCLauMoney]

Check out this video: kzbin.info/www/bejne/jKW4dZuYfN2ilZI Done in 2013 - but still useful now.

[@thewolfofswingthat2035]

smarter decision is to rent and only buy house when you can cash buy.

[@gunnersforlife7796]

Good luck .Great idea.You never beat inflation.

[@thewolfofswingthat2035]

@@gunnersforlife7796 no you wont , but trying to beat mortgage interest rate is an even worse uphill battle.

[@thewolfofswingthat2035]

@@gunnersforlife7796 and i retain my freedom in between saving money and completely owning the house ( without worrying about whether i can pay my mortgage next month or get kicked out and lose the whole house, moving anywhere i want, have no downside, no debt, and in full control of my risk appetite.

[@gunnersforlife7796]

@@thewolfofswingthat2035 what the point of low interest rate if house price keep on increasing.Even if the rates go negative,you would lose againts hard asset inflation and increases.Everything that go up must come down and everything that down must go up (rates).Numbers will never lie and tell you the reality.

[@thewolfofswingthat2035]

@@gunnersforlife7796 tell that to those who bought their house at the peak of 2008 financial crisis and still couldnt sell it for a profit now

[@nsanch86]

What if the loan for the car is 7k

[@gunnersforlife7796]

It your money your car.

[@nsanch86]

GUNNERS FOR LIFE but should I. Get the loan or spend the money on getting a house first

[@gunnersforlife7796]

@@nsanch86 Get a house first.Don't listen to real estate youtubers.Once you get a house.,you passed the hurdle of owning the most important asset and necessity of your life and plan your life from there.There always be an another car.You will never beat inflation and house prices increase in future.

[@fazadinrizal9876]

Just a few things I think you should have mentioned: 1. For some people, the car is an essential part of how they earn money. I for example work in the construction industry. A very old car would not be very feasible because of the reliability concern. 2. When buying old and used cars you have to be careful that the car you buy isnt a money drain. Sure you may onlyt pay 5k for it upfront, but if you are sending it to the workshop every month, chances are you would have been better off paying a bit more for a better car. Transport really is an issue here in Malaysia. If the public transport was extensive and reliable enough to use day in and day out, I would ditch a car altogether. With so many additional costs like servicing, tolls, fluctuating gas prices, and inflated import taxes, cars are the biggest money drainers. Thanks for sharing tips, keep it up!

[@CHEA1111]

You have to purchase reliable used car. My trick, purchase from wealthy people especially KLians. They normally have few cars.

[@naytrotv2013]

you can use a motorcycle if you want a cheaper and yet reliable means for transportation

[@CHEA1111]

I am almost 50. I prefer cash saving. I purchased small or used cheap cars before (if used, condition must be good) in cash. No need to think about monthly payment. When you purchase cheap cars, the balance monthly income you can save. Technically, my house too. It is not wrong to take loan, but for me, my mind is more peaceful without loan.

[@gunnersforlife7796]

You never beat inflation.

[@Lizara14]

I use Grab a lot! I think it's so much better than dealing with my old car... fixing it every other month, parking fees and soooo much time saved!!! Now, there's even a cheaper carpooling option :D

[@SathishKumar-fl5wu]

Thank you so much KCLau Sir👉👏❤

[@puifong82]

Thanks for sharing your money tips on house... im about to purchase my 1st property in malaysia after working for about 12yrs now in the corporate world... 10 yrs in malaysia and 2 yrs oversea... btw I am just curious can i still withdraw the 2nd account from EPF to pay for my new 10% downpayment for my 1st property? Pls advice... thank you!

[@KCLauMoney]

I believe you can. Just visit EPF website or branch to check on the required documents. EPF staff are very helpful and efficient too.

[@carlos_fisher]

Thank you

[@family-ahxin]

2nd hand car got lot problem and cost more money yearly to fix it actually, except u using public transport everyday

[@danghuy3035]

no matter how much problem the car gives. It wont justify to the depreciation that it get.

[@anthonynchabeleng2664]

She is taking about reliability not depreciation.

[@gunnersforlife7796]

Buy a third or fourth hand car then.Everything will break down someday and it will cost you.There is no easy way out in life.

[@WoobyHob]

I am a fresh graduate. I have been doing contract work for 1 year. Another new contract coming in for the next year. I work as third party app developer for the company. I am not officially employed. I have no payslips. They just compensate me with milestone payments. How would you advise about me going for a loan to buy a second hand car? Thanks for advice.

[@KCLauMoney]

Banks depend on document to show your income proof. In your case, you need to register you business (a sole proprietorship will do), register your income and file income tax. Income tax filing is the proof that you make money.

[@SunShine-dd4vt]

Hi WHiP! did you manage to get a car? If yes, would you mind sharing how, i'm kinda in a similar problem now, and it is really frustrating....feel so stuck...hope you will reply...thank you !

[@kristylee6712]

KC the car can run or not 😂😂😂 How often do you have to pay for maintenance

[@gunnersforlife7796]

It can fly.

[@NTWS804]

too late to see this... i done it both before my 28 @@ and my hire purchase loan also almost finished

[@MegaCarmen1994]

Wow!! Good for you :)

[@markaj_]

What is your opinion on renting especially when youre unsure of staying in the house for more than 5 years

[@gunnersforlife7796]

Bad idea.It is better to own a house as early as possible.

[@markaj_]

@@gunnersforlife7796 from what i hear that's not always the case

[@gunnersforlife7796]

@@markaj_ come back to comment after 5 years.

[@markaj_]

@@gunnersforlife7796 kzbin.info/www/bejne/hIu1kKmDibGZf80

[@anthonynchabeleng2664]

So you are going to drive that cheap old car for 35 years? I will rather buy a car I like and pay it off in 5 years then, after buy a house I like.