The young ones are now preferring property over car? Cool fact.

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Are the younger generation more receptive to buying a property versus the older generation? Whether its for own stay or for investment? Yeah, I think so if I look at my younger friends versus my older ones. The older ones who have properties would prefer to invest in something with a shorter tenure instead. As for the older ones who does not yet own a property, they may prefer not to because the banks are unlikely to give them a 30-year term anymore. Perhaps this is one reason why property investing will usually happen earlier in life for working professionals.

Article in thestar.com.my Johor Housing, Communication and Multimedia Committee chairman Dzulkefly Ahmad shared that young people are now buying property as their first major investment instead of buying cars. This is a positive sign and showed their maturity because now the younger people realise property is a sound investment.

He said, “The majority of these youths have just started their career, where they opted to buy a house first compared to other things, such as taking a loan to buy a car. This is a good move by them as banks have no issue in approving housing loans as their income statement is not affected by other loans.” He also said that this trend may continue as property prices are expected to decrease in view of current market trend.

He added that the state government will be announcing incentives to help in reducing the unsold properties in Johor which is currently at 51,000 residential units amounting to RM36.7 billion. He said, “We have carried out a research and identified several incentives that the state government assures will be a win-win situation for both developers and buyers.” Please refer to the full article with more details here: Article in thestar.com.my

Of course I personally hope that what was shared was true for the youths in Johor. Its true that a new car should be secondary while a second-hand car may be a primary target instead for youths who really want to get a car to move around. Of course, if its only for fuel-saving, then buying a 1 litre small car is likely to be much wiser compared to any Japanese model touting huge fuel savings yeah. Theres NO WAY that the fuel saving can ever save enough to cover for the difference in car price even after 10 years…

Need calculation? RM30,000 car vs RM70,000 Segment B car. Even if every km, that expensive car can save 10 sen, thats just RM2,000 if the car travels 20,000 km per year. Thats just RM20,000 over 10 years… By the way, extra saving of 10 sen per km? Even thats very far fetched. So, if you like the RM70,000 car then just say you prefer that RM70,000 car. No one will say anything. Just stop telling people you bought it because of fuel-saving. Happy buying property yeah, over a new car.

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