Debt today, regret tomorrow

 

It started one evening at Bestari, the mamak in Publika. I had parked my old Proton Persona 2011 at the valet corner before heading in.

As I walked back later, I noticed three young men, probably in their mid-twenties, standing nearby and chuckling while glancing at my car. Curious, I lit a cigarette and decided to approach them, just to see what was so amusing.

One of them admitted he could not imagine himself driving something so “old”. For him, a Proton was beneath his generation.

I asked what car he drove. He proudly said a Honda Civic Type R. Impressive on the surface, until you hear the numbers.

His car loan alone came to around RM1,600 a month for nine years. Add another RM300 for servicing and RM500 for petrol, and the monthly cost touched RM2,400. This is before even counting food, rent, or anything else.

The others were not much better. One was working at a telco call centre, another as a cinema supervisor, while the third still relied on his parents.

None were married, none owned property, and all were still living at home. Their salaries averaged between RM2,000 and RM2,500.

Yet here they were, laughing at an old Persona, while trapped in debt that ate up nearly all their income.

Financial security is tough, but worth it

I shared my own story. Back in 2011, I bought that Persona for just RM37,000.

I chose a manual model to save costs and keep things simple. My monthly repayment for seven years was about RM600, and even with petrol and servicing, the total rarely went beyond RM1,000.

I did not buy for brand or prestige. I bought it because I needed a reliable car.

At the same time, I managed to secure a townhouse worth RM355,000. With a 10 percent deposit, the monthly repayment was around RM1,500.

My salary then was only RM2,500 as a security manager. The only reason I managed was because I worked hard on the side.

I took maintenance jobs, drove a taxi, and even helped people move house with a rented lorry. By the end of the month, I could bring home around RM4,800 or RM5,000.

It was tough, but it gave me room to save, invest and build a future.

What those young men did not know is that my Persona has long been free of debt. Over the years, I could afford a few luxury cars, but there is a quiet pride in driving something fully paid off.

A car without a loan is not just transport, it is independence. That is something no brand badge can give you.

One bad day away from ruin

The reality is that many young people today are not just stretching themselves thin. They are one missed payment away from financial collapse.

Car loans in the thousands, credit cards swiped for lifestyle expenses, and personal loans taken to cover old debts, it is a cycle that leaves them vulnerable.

One unexpected emergency, one job loss, even a delayed salary, and the domino effect begins. The bank calls, the finance company threatens repossession, and suddenly, what looked like a dream ride becomes a nightmare parked at the auction yard.

Repayment failure is not rare. Look at the classifieds and auction houses. Rows of once-proud vehicles, from compact cars to imported luxury sedans, sit waiting for new owners at half their value because the original buyers could not keep up with instalments.

Behind every car is a story of someone who overestimated their income, underestimated their expenses, and fell into a trap they could not escape.

The lesson is clear. Survival comes from discipline, not pride.

A car is meant to take you from one place to another, not to broadcast your status. A house builds equity. A car builds expenses.

What I saw in those boys was not ambition, but misplaced priorities. Their income went to image, while their future remained unsecured.

The truth is, our youth are not lazy, but many lack financial wisdom. The cost of living is rising, but the bigger trap is living beyond your means just to look successful.

Debt today is a chain tomorrow. If they cannot see this, they will spend their best years working not for freedom, but for banks and finance companies.

In the end, wealth is not measured by the logo on your car, but by the freedom in your life.

Those who chase brands will stay trapped in loans. Those who choose stability, even if it means driving an old Persona, will one day enjoy real freedom. - Mkini

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MAHATHIR MOHD RAIS is a former Federal Territories Bersatu and Perikatan Nasional secretary.

The views expressed here are those of the author/contributor and do not necessarily represent the views of MMKtT.