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How Some People Change Cars Every 5 Years

Summary - Some people change new cars every 5 years, how did they do it?

Today I went to the bank with a friend of mine. He is one of the main supplier for the mill and I know him way back when I'm still in Johor.

He is driving a new Hilux (very expensive and new). I remembered only few years back he was driving another branded new car (I'm not sure what the car was but it is definitely quite new)

When I asked him, he said it is his practice to change a new car every 5 years and this will be practised until he died.

According to him, he had fixed a monthly payment of RM800 just for his car. When the car is 5 years of age, he will trade that in when it is still high in value for a newer car. However the monthly payment shouldn't be more than RM800. Meaning, he will pay RM800 every month for the rest of his life.

According to him, this is better than maintaining an old car because -
  • He will be able to drive any car he wanted
  • People will see him as a successful businessman
  • Almost no maintenance cost
  • The money forked out for maintenance for old cars usually just as much as buying new car
  • He does not have to worry a bit about maintenance of the car and its reliability. It's brand new..
  • Some cars come with free bonus such as free roadtax and maintenance for couple of years.
  • Almost everyone suffer from debt through out their life, why not enjoy from it.
These are his reasons, I am totally in disagree with him of course. But the idea is really there and it is quite interesting.

One thing for sure he is a non-muslim. We muslim, were raised to try to avoid or settle all debt at all cost. If for example, we die with some debt unsettled, the debt will be a burden for us in the afterlife.

I am actually not very sure how other religion view debt unsettled, is it accepted?

For us muslim, what do you think of the idea? Agree / Disagree? :)

--------------- Personal Note --------------------------
When will I finish paying all my debt. Sometimes, it feels like it is a never ending juggling. One debt settle, another waiting. After I'm done with my car, I'm hoping to straight away use that allocation of money to buy a house.

Are debt really becoming part of our life already? How do you guys manage your debt?

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Wednesday, August 15, 2007 additional ideas