Payment Scheme buying a kart

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Payment Scheme buying a kart

Postby Redz » Fri Nov 28, 2008 1:12 pm

Hi Karters,

As per topic above, we know that this sport is quite expensive to start and even for a hobby. I have read, hear and saw some of people like us who really want to venture to this sport stop thinking about it after they know the cost to buy the equipment to start especially to own a kart.

This scenario might contribute to not many people involvement in this sport. People who have talent but dont have that bulk of money might just have to dream. In order to have this sport grows and bringing more people in it, maybe we need to provide a flexibility or easy payment on purchasing a kart. Maybe like a monthly installment or something like that. More or less like a motorcycle loan.

I think if we can implement this, there are more people involve is this sport, more competitions, more circuits will be build, more people will be joining the race, more competetiveness in a motorsport scene, more portential sponsors will be unleashed, more talent will be produce and at the end of the day maybe we can see a lot of Malaysian will be driving in Europe and especially "THE FORMULA ONE".

Majulah Sukan Utk Negara!!! 8)
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Re: Payment Scheme buying a kart

Postby James Leong » Fri Nov 28, 2008 3:12 pm

You have a great idea. I for one will support it if you are giving the loan out to the customer. I would be most happy to send the customers to you for processing of the loan.

James Leong
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Re: Payment Scheme buying a kart

Postby Alan Dove » Fri Nov 28, 2008 8:04 pm

Well the person still has to pay of the loan at the end of the day. It doesn't cost costs, and merely increases them because of interest. A new person to the sport really shouldn't be buying new equipment anyway.

The actual real solution to cutting costs is to make the karts as simple as possible. Take a look at a class in the UK called Formula TKM. Now I don't know how much you pay for karts in Malaysia but you can get a 2nd hand TKM kart that is race ready for 3338 Ringgits.

Make the karts simple, and cheap and this will solve stage 1 of brining people into karting.
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Re: Payment Scheme buying a kart

Postby James Leong » Sat Nov 29, 2008 2:59 pm

During the early 2000, Mofaz made arrangements with I think it was Bank Bumiputra for hire purchase of karts. The catch was that recourse to the seller if the owner defaulted on his payment. Imagine after paying a few installments and he crashes the kart and totalled it off. He doesnt pay the balance and the seller ends up paying the bank. How to do business like this?

This is the main reason why no one will give credit or loan on racing equipment.

There are many second hand equipment for sale if one cares to look for them. Go to a reputable team and you will be able to get reasonable price karts and engines.

James Leong
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