Buying a car before the age of 30: Money to buy has money, money to “raise” a new car is difficult

How do young people buy cars?

When he was a student, Nguyen Trung Kien, born in 1997 in Hai Phong, once set a goal at the age of 26 buy car, before the age of 30 will buy a house. This year, turning 25 years old, Kien has exceeded his plan when he owns a Kia K3 with an unrolled price of VND 639 million and is expected to receive the car in July.

“I had to work hard for 4 years to have money to buy a car. I even limited my spending or cut back on trips and gatherings to have money to realize my dream. And I did it,” Kien excitedly shared.

This 9x Hai Phong indicates the start of the purchase goal car since 2018. At that time, Kien had dropped out of university and went out to start a business. Deducting all expenses for accommodation, renting a shop selling paintings and souvenirs, Kien saved 8 million VND/month. At the end of that year, Kien had 96 million VND in savings and was given an additional 4 million VND by his mother for a total of 100 million VND.

“In 2020, I broke my leg, so I had to return to Hai Phong for a long time for treatment. Therefore, I closed a shop in Hanoi and returned to my hometown to start a career in portrait painting, wall painting. and execute construction works in neighboring provinces”, Kien said.

When he moved the shop home, Kien didn’t have to pay rent and monthly meals, so he saved 15 million dong each month to buy a car. After 3 years of returning to his hometown, Kien saved VND 540 million, enough to buy a mid-range car.

“Up to now, I feel that the decision to buy a car is the right one because of the nature of my work or having to move across the provinces. If I take a passenger car, riding a motorbike is often inconvenient, especially on a construction day. come back late or it rains heavily and floods”, Kien confided.

However, this guy also revealed, the monthly savings may be less or more than the set number. For example, in January, Kien only left out 10 million dong because the partner had not paid it all, in February when he received the money, he would put into the fund 20 million dong to achieve the goal.

Because the family has small children and the job often has to move a lot, Quoc Dung, born in 1993 in Nam Tu Liem (Hanoi) decided to take a bank loan to buy a car. In 2019, he and his wife bought a Hyundai Elantra with a rolling price of more than 700 million VND, of which 500 million VND is a bank loan. “Twice a month, my wife and I take our children to Nam Dinh to visit our grandparents. Not to mention there are months when I have to go back to my hometown 3-4 times to take care of work because we are the eldest child in the family. Therefore, buying a car with my family is necessary”, Dung said.

He said that his family chose the above car because it is quite economical on gas and has a low maintenance fee. Although he travels a lot, he only spends about 3 million dong on gas every month.

Owning a car, according to Mr. Dung, is not difficult because the bank now has many preferential loans for customers. But then, whether the buyer can withstand the pressure of monthly payments, gas, parking fees, maintenance costs or not is another matter.

“In the countryside, you just need to buy a car, fill up with gas to run, but in big cities like Ho Chi Minh City or Hanoi, parking costs can cost a decent amount of money, from 2-3 million VND/month Therefore, many families need to consider this issue before buying a car”, Dung shared.

Many young people have the goal of buying a car before the age of 30 (Photo: Dan Tri).

After buying a car, I have a headache because of the money to “raise” the car

But not everyone can “raise” a car after buying it, especially if the money used to buy the car is borrowed money.

Buying a car and then selling it again and accepting a loss of nearly 200 million dong is the case of Thuy Mai (Ha Dong, Hanoi) because she couldn’t stand the cost pressure of “raising a car”.

In 2020, Mai and her husband bought an old Ford EcoSport for VND 570 million because their mother’s hometown is in Ha Nam, her husband’s hometown is in Cao Bang and they have small children. But then she had to sell the car. After only 5 months of buying a car, the COVID-19 epidemic broke out, causing her and her husband’s income to decrease. Meanwhile, the monthly car parking fee is up to 2.3 million VND, not including the periodic car maintenance fee. “In general, it’s nice to have a car, but it’s too expensive to raise, especially during a difficult period when my husband and I are having a hard time. Currently, we both have to pay the bank for house rent and also have to take care of the monthly school fees for our two children, so a lot of pressure,” she said.

After discussing, at the beginning of this year, Mai and her husband decided to transfer this car to a colleague for 500 million VND. “Whenever the house is paid off, my wife and I will buy a car again, but we will choose a mid-range car, running on oil instead of gasoline to save costs,” she said.

Having a car but riding a motorbike to work is the case of Nguyen Huy, 28 years old, an office worker in Hanoi. “If gas is cheap, I still use a car to go to work, but with the current high gas price, I choose to ride a motorbike. Because my house is 15 km from the office, it will cost me a lot of money if I use a car. I only go by car when it rains or when I go to a meeting,” he said.

In 2020, he decided to buy a Toyota Vios with a rolling price of nearly 700 million VND. In which, 400 million VND is his savings, his family gives another 200 million VND and 100 million VND is borrowed money. “I often have to move a lot, so I decided to buy a car before I bought a house. At the time when I bought a car, the gas price was not as high as it is today and the business was better than now. Therefore, I feel I think buying a car is completely feasible and necessary,” Huy said.

In the past, when the price of gasoline was cheap, it only cost about 500,000 VND to fill up the tank each time, but now it has to be more than 1 million VND. With level decrease in income For him, “raising” a car is a kind of pressure. “When you own a car, you feel like you are raising a family member. Including gas, wear and tear costs, and sometimes car breakdowns, you lose about 4-5 million dong a month.” Mr. Huy said.

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