M'sian purchases luxury car and finds himself unable to pay loan - theSun

The rising cost of living have forced many of us to tighten our belts and most importantly, to live within our means.

Unfortunately, there are some folks who are still spending lavishly and no surprise, getting themselves into unnecessary debt.

Facebook user Suhaimi Pro shared a story of a man who was approached by his debt-stricken friend in Kuala Lumpur.

The friend broke down, confessing that he was six months behind his car loan and needed to borrow RM8,500.

“I was unable to give the RM8,500. It’s not confirmed that you can actually pay me back and it’s not confirmed that the money would settle your problems for the time to come.

“Whether you like it or not, you have to liquidate your assets if you want to save the car, or negotiate with the bank, not hide the car like that,” said the man to his teary-eyed friend.

The man then explained that his friend has a habit of living beyond his means.

ALSO READ: 24-year-old woman borrows RM32k from 16 loan sharks

He would change his iPhone on a yearly basis and insisted on purchasing the Toyota Alphard despite earning a RM5,0000 to RM6,000 salary.

“When I tried to stop you from buying the car, you told me that I was not being encouraging enough. The Toyota Alphard is not a necessity.

“Previously I advised you to drive a Perodua Myvi instead. In fact, I used a Perodua Myvi for three years before purchasing another car. And that too, it was because there was a need and I could actually afford it,” said the man.

He then shared nuggets of advise, urging the younger generation to save as much as possible by taking the public transport and only buying a car if they need to.

“If you really must buy a car, start with a cheap one. Make a house your first asset if possible. To the kids who just started working, don’t suffer for nine years with car loan just because you’re craving for attention on social media.”

Adblock test (Why?)