Malaysian car buyers are rejoicing as the government announces the removal of the 6% GST. Yes, it is good news for car manufacturers who have had a dull few months, however we want to advice car buyers not to rush out and buy a new car just because the 6% GST has been removed.
Buy a new car only if you really need to or you were planning for some months. Do not rush out and buy a new car just because the selling price is now more attractive. Remember this, you will need to pay installments on the new car for the next 7-9 years depending on your loan tenure. Also, your trade-in car (if you have one) will be valued much lower as new car prices drop so will the price of your old car.
The used car market is taking a hit with current stocks that have been sitting in used car lots and some dealers might have to take a loss on some of their vehicles on sale.
First time car buyers are the only people really benefitting from this price drop for now.
