Should you buy a car in 2023?

Buying a car is no small investment or consideration, especially if you have to take out a loan. You’ll have to consider your upfront deposit and loan repayments and tenure, plus other costs such as insurance premiums and petrol. Plus, variables such as a fledgling economy, a microchip shortage, and rising costs might affect your own spending power and change financial circumstances. So when it comes down to buying a car, it’s not just about your needs anymore. So should you buy a car in 2023? We can’t give you a definite answer, but here are some things to take seriously when it comes down to signing those ownership papers.

End of Sales and Service Tax (SST) exemption

If you haven’t noticed, the end of the SST exemption on new cars means car prices have increased, making new cars a little more expensive than before. So if you are shopping for a new car, you might need to fork out a little bit more than if you bought the car last year. However, the SST does not apply to pre-owned cars, so you won’t be seeing major price spikes for those. Even so, there’s the myth that pre-owned cars do not have the best reputation due to poor industry practices and a lack of transparency. However, myTukar bucks this trend with myTukar Certified and transparently puts all the car’s information on the website. All cars go through a 160-point inspection where all defects are fixed and refurbished. It also comes with a 5-day money back guarantee and a 12-month warranty on the engine and gearbox! Gone are the days where you are unsure if you can trust if the car you are looking at is safe!

Not convinced? You can check out our inventory and see for yourself! For example, the Honda HR-V is an affordable and practical car which is not only stylish but has a compact body that balances cargo and passenger space and fuel consumption. Whether you’re commuting to work, running errands, or going on a road trip, an HR-V is sure to meet your needs. See our selection of affordable HR-Vs, starting from RM58,000.

Health Considerations

Although 84% of the country has been vaccinated, not everyone has caught the virus yet. And for many families, healthcare and safety are paramount and many do not want to take the risk of exposure on public transport. A car is still a major asset and consideration, especially if they have loved ones who are at high risk or immunocompromised.

Delivery delays

As the chip shortage shows no signs of abating, car companies world wide ranging from Volkswagen to Tesla to Toyota are struggling to clear their backlogs from 2022, resulting in incredible delays. While delivery times can vary depending on a number of factors, a 6-month wait is not uncommon for new cars. So when it comes to deciding if you want a new car or not, you’ll have to ask yourself if you’re willing to wait.

But at myTukar, you can sign the papers and drive home a myTukar Certified car that is as good as new on the same day! – just like this Toyota Vios with less than 40,000km in its mileage! For example, you can drive home a Toyota Vios today. The Vios As is one of the most sought after cars because of its great balance of comfort, spaciousness, and affordability, and the wait times are sure to be long! for a new ride. The Vios is one of the most sought after cars because of its great balance of comfort, spaciousness, and affordability, and the wait times are sure to be long! for a new ride. Browse our inventory and drive home your own today!

Inflation

As a result of a variety of factors, including Bank Negara Malaysia (BNM) increasing interest rates, prices of commodities have gone up. But did you know that not only everyday items like food increase in price, but if you are on a flexible loan, interest rates can go up too! If you’re thinking of buying a car, you have to consider not only the increased price, but also the increase in loan interest rates which will make your repayments cost that much more! Or you could look for pre-owned cars, which are an affordable alternative to the pricier new cars.

If you’re looking for a spacious, comfortable and reliable vehicle for daily use or long trips, a Toyota Innova might just be for you. This MPV is not only affordable, starting at RM58,000, but also has a fuel efficient and reliable engine, ensuring that you won’t be burning a hole in your wallet. Check out our catalogue of Toyota Innovas for your dream car!

Opening of new MRT lines

Can you survive with public transport? With 24 new stations of the Phase 2 of the Putrajaya MRT Line opening in March 2023, inhabitants of Kuala Lumpur will have greater access to areas from Kampung Batu to Putrajaya. These new stations improve the public transportation network by connecting to pre-existing MRT, LRT, Monorail, and KTM lines, providing greater flexibility and options for citizens. If a car is still a necessity for weekend and family events, perhaps a more affordable pre-owned car will be more prudent?

Consider our country’s most popular car, the Perodua Myvi. Starting at RM30,000 on myTukar, the Myvi is an excellent choice for someone who is looking for a practical, affordable, and eco-friendly car that can save you money on fuel costs in the long run. It’s small size also allows it to squeeze into the tight corners of the typical Malaysian city. Check out our listings for more cars like these!

Greater freedom

With your own car, you can go anywhere and everywhere as long as you have petrol. This way, you are not restricted to where public transportation is available and can choose to go about your trip however you want. Wanna go on a spontaneous trip to McDonalds? I’ll grab the keys! Wanna make a quick stop on your road trip? Go for it! Cars provide the ultimate flexibility in choosing how you want to travel on the road.

If you are a fan of sedans, you can take a look at the Perodua Bezza which is a budget friendly, fuel efficient, versatile and cost-effective option that can meet your transportation needs. Starting at RM36,000, the Bezza can be the sedan you drive out of the city to visit the beach for a weekend getaway. So if this is exactly what you need, check out our Bezza inventory!

Conclusion

2023 will be a tough year with all sorts of challenges, but it is balanced out by a variety of options opening up to all citizens and residents. This includes buying used cars, which provides all the benefits of a car and allows buyers to save money. So if you’re looking for a new car, look no further! Check out our extensive inventory of myTukar Certified cars!