Malaysia: a car-driven economy - Malaysia-today,
February 16, 2005
[Wisarut points out this article and writes: If you think
Malaysia has used so many mass transit system, please think
twice because the following article has told the truth which
Malaysian government refuse to tell the world even though
many KL people know this fact.]
...It becomes obvious later that the Malaysian economy
is driven by cars fuelled by subsidised cheap petrol
and no-deposit 7 to 9-year financing. Car ownership is at
all time high, so great is the nations love affair with
car that the other alternative public transport, is
stifled and fighting for survival. The evidence is all over
the country Intrakota and Park May, bus companies have
been bleeding losses for a number of years and on the verge
of bankruptcy. A few month ago, a finance company seized Intrakotas
buses for non-payment of loans.
...Financing car is cheap and does not make sense; you can
buy a small compact hatch for no-deposit and monthly repayment
of RM300 or less stretched over 7 to 9 years, using the car
as collateral. So in a few years time, the value of the car
is worth much less than what you owe the finance company.
If you are smart enough to ditch the car (give it back to
the finance company, after all the ownership paper says it
is still theirs), the finance company would face losses...
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