Every month save 50% of income, exchange money to be more comfortable

If in the past, a car was considered a real expense, now – more and more young people tend to buy a car at a very young age. For example, Quang Triet (28 years old, Ho Chi Minh City) also chose to buy a “car box” instead of saving more money to buy a house. It is known that the car that Quang Triet bought is a 2009 Toyota Innova for 400 million. Because it is an old car, Triet also took a lot of time to choose, considering new factors to decide “single closing”.

Let’s take a look at the guy’s car buying journey to see if there’s anything special!

Hello Quang Triet,

What is the reason why you decided to lower your money to buy a car? To buy a car, do you have a financial plan or prepare money like?

Actually, before, I lived in Australia, so I have been in contact and driving a car for many years. When I returned to Vietnam, my job required a lot of traveling, riding a motorbike was both hot and dusty, making me not very familiar, so I rekindled the idea of ​​buying a car.

This car is an old car I bought from my own family for 400 million, paying it off once. This money I save for 5 years with the financial formula is to save 50%, spend on necessities 35% and 15% to pay fixed bills, loans on total income.

  The guy spends 400 million to buy a car: Every month, he saves 50% of his income, exchanging money for more comfort - Photo 1.

Quang Triet next to his car

Why does Quang Triet buy a used car when at the same price you can still have other choices?

In the same price range, there may be other cars that are newer, more advanced but don’t match the criteria you are looking for.

When deciding to pay down money for a car, the first thing I care about is the quality of the car’s machinery. The appearance and interior can be modified later, but the machinery, brakes, accelerator, electrical and safety functions must be good because it is the things that directly affect your safety and life. Even though my car is a 2009 car, it is well kept by the previous owner, so the machinery, appearance and interior are still very good, can go for many more years without spending a lot of money to repair. Not to mention Toyota cars are also famous for their fuel economy, so if you buy gasoline like this, it’s too good to buy.

On the other hand, I decided to buy a used car instead of buying a new one to ensure that I own the right car without having to borrow. My personality is very easy to “fall”, borrow money and then borrow more, if you are not careful, you will have a financial collapse like playing, so you should stay away from debt from the beginning.

What should you pay attention to when buying a used car?

Buying used cars in Vietnam is quite difficult because of many problems. Without experience, people will easily be tricked into buying the wrong car that has been serviced, flooded, crashed, but re-slapped. With those cars, the service life is not very guaranteed, sometimes it is cheap to buy but the repair money is sky-high. So if you intend to buy a used car, you should learn carefully about the car’s history, its features and especially do not trust any invitation to buy a car like “pour honey in your ears”.

On the other hand, if you intend to buy a car, you should prepare your finances well in advance. My advice is that when buying a car, you will have to spend a few tens to 100 million for hidden costs such as monthly maintenance and car maintenance. My car maintenance is currently several million/month including: registration fee every 6 months, road usage fee, petrol…

Do you think buying a car is the right form of investment at the moment because cars are said to be a liability and will wear out after a period of use?

I bought the car mainly for hobby, not for investment, so I haven’t seen it burn anywhere.

Used cars will not have the same high price when reselling, but it is a convenient means of transportation to help avoid rain, sun, dust, and traffic jams. While people sweat when they are out of work, looking for shelter because of the erratic rain, I sit cool and listen to music, very happy. Because of those values, it costs a bit, I’m still willing to make a trade-off to be more comfortable.

In the future, maybe I will use the car for work purposes such as going to meet customers, so buying a car can still help me make money, not waste at all.

  The guy who spends 400 million to buy a car outright: Saves 50% of his income every month, exchanging money for more comfort - Photo 2.

According to Quang Triet, owning a car that gives you comfort is totally worth it

Buying a car makes you more mature financially?

Of course.

To buy a car, I have to set small financial goals, divide money and spend it carefully and fully follow the rules. Saving 50% of income is saving enough 50%, it is impossible because this month craves this – wants that, but withdraws less to satisfy himself.

In addition, buying a car is also a memorable milestone to help me have more responsibility and motivation to go to work to save for further goals. After buying a car, I started thinking about buying a house and am saving for it.

Thank you for sharing very interesting. Wishing you more success soon on your upcoming journey!

Photo: NVCC call-call-for-hon-20220605072037235.chn

NE/design: Thanh Dat

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