Malaysia: a car-driven economy

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 nation’s 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 Intrakota’s 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...