Buying a Car with a 15,000 baht Income in Thailand

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Is it possible to own a car with just a 15,000 baht income? If so, how do you go about it? Let's find out!

For a 15,000 baht salaryman, many people have ambition or want to buy their own car to drive to work or for a more comfortable journey. However therein lies the question of whether a 15,000 baht salary is enough to own a car.

Actually, there is no fixed answer as to whether you can buy a car or not. There are many factors to consider, especially the assessment of various finance companies on how much they're willing to lend or not. If you're planning to buy a car, you should have a good financial record and have minimal bad debt. It will help you to pass the assessment process easily.

Before thinking about what kind of car to buy, you should know how to prepare and plan your money first due to the limited salary. If you want to pay off your car, you'll need to have a good financial plan to avoid getting it seized later on.

(Photo Credit: Freepik)

Calculate your incomes and expenses

Buying a car is a heavy financial burden. Therefore, a 15,000-baht salaryman must calculate their monthly income and expenses to decide how much they can pay in monthly installments. The sweet spot for monthly installments is about 7,500 baht per month.

Prepare for the down payment

If you want to pay cheaper monthly installments, you have to pay a higher downpayment. Please note that your downpayments should come out of your own pocket. It doesn't make sense to borrow cash for your downpayment because you're just accumulating debt, defeating the purpose of why you're paying a higher downpayment in the first place.

Have some savings

Emergencies can happen at any time. Therefore, it is vital to have emergency cash. Cars need tender loving care which can be costly!

(Photo Credit: Freepik)

Cope with hidden costs

Buying a car doesn't just consist of installment payments and fuel costs alone. There are still potential unseen expenses such as car insurance, car inspection, car parts replacement, car statutory fees, car taxes, etcetera.

Buy a used car or a car that doesn’t exceed 400,000-600,000 baht

For a 15,000-baht salary, your choices should be more limited. We would advise you to choose a car that is priced in the range of 400,000-600,000 baht or less. Your monthly installments won't be too high and it'll be easier to borrow from a finance company. A used car is also a good option, just ensure that it's in good condition and you're buying it from a trustworthy seller!

If you want to sell a used car, no matter how much your income is, you can sell it at Motorist. Easy to sell, get money quickly, no commission fees, and get free car valuation price within 24 hours!

Read More: How to choose your first car?

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