A new addition to the family

Well...I did it. I bought a Myvi today as our family's third car for Amanda...

After months of 'nagging', 'grumbling' and 'complaining' that she is the most deprived in the family because:

1. She was the oldest in the family to learn driving (hey...how about me? I learn to drive in my 30s...!)
2. She had to use her hard-earned money @ Uniclo to pay for her driving lessons (hey...I thought it was me who paid for the lessons in the end...!)
3. She has to give way to her brother when it comes to using the wira
4. Her father told her that he could afford to buy a 3rd car (hmm...when did I hear that?)
5. She is the only one in her Uni who has to take public transport
6. As she stays in Uni she has to carry many things home for the weekend, thus she is in need of a car
7. She goes out with J during the weekends and they need a car (of course J has his own car too)!

Finally I gave in...sigh...the things mums will do for their children...

I think the clincher was when Tim told me that he would be unable to get comprehensive coverage for insurance for his 20 year old wira because its just too old. Without adequate insurance anyone else driving the car would not be covered if there was an accident. As the wira is driven by my son and he is summons or accident prone(thank God that these days there are no mysterious summons & surprise police notices) Tim felt that it would not be wise for anyone in the family to drive the wira except him.

So I agreed because of all the above....(sounds 'legal'...)

But I think I just wanted to enjoy my car loan benefit for the last time. With 3 more years to go (I am 52) the bank says that I cannot take more than a 2-year loan. Well that's fine with me.

With a RM40k loan, I only pay RM800 extra at the rate of 2.5% p.a with monthly rests. If I take a loan from another bank I would have to pay RM12k more at the rate of 3.3 % p.a. with yearly rest for a loan of 5 years!

Its the years of working as a banker that has taught me that its just not cost effective to borrow. Borrowing actually doubles the loan at the end of the tenure and it is actually not worth it at all.

Everyone is excited about Myvi especially Amanda. She is saying that it is her birthday gift (born 21/9). Now I am not so sure about this though cos Sept 15 is also my wedding anniversary....:)