The price tag of a brand-new car is merely the tip of the iceberg in terms of car-ownership costs—you also have to consider all eventual expenses in the long run. First-time buyers should be well aware of this before they pull the trigger, and here are some of the things that you'd need to shell out for as a car owner.
Also read:
Don’t Get Lost in Translation: The Terms You Need to Know When Buying a Car
For one, you have to pay for preventive maintenance service a.k.a. PMS regularly, and that doesn't exactly come cheap. There's also motor-vehicle registration with the Land Transportation Office as well as insurance. If you're lucky, you won't have to shoulder any major repairs over the first few years of ownership. Emphasis on "if you're lucky."
Here's how much car maintenance and other necessities will cost in the first year of ownership:
We're not here to scare off first-time car buyers. On the contrary, we're here to help by giving you an estimate of how much basic maintenance and other necessities will cost. Of course, we wouldn't really be able to come up with a standard breakdown of expenses that every car owner can refer to, so we're going to be a bit more specific for the purposes of this article.
Top Gear Philippines has chosen to go with the Toyota Vios, the king of subcompact sedans, one of the country's bestselling models, and a top-of-mind pick for a starter car. Our sister site consulted one of a contact from a Toyota dealership and were able to get some ballpark figures on first-year costs. Take note that these include only the usual expenses after the purchase.
Here's what Top Gear Philippines got from their contact: "Usually, kada-PMS, it would range [from] around P3,500 to P5,000 depending on the oil. Within a year siguro, 10,000-kilometer average mileage, so thrice ka magpapa-service: First is 1,000 kilometers, then 5,000 kilometers, then 10,000 kilometers." That means you'd need to spend around P10,500 to P15,000 in the first year just on basic PMS alone.
Additionally, the first comprehensive insurance renewal would cost around P20,000. That means a rough estimate of expenses in the first year would range from P30,500 to P35,000. Just take note that this total could change greatly—for instance, if you get involved in a road mishap and the car requires repairs as a result. And it doesn't even include the usual expenses for fuel (the Vios has a 42-liter tank and averages around 10km/liter in mixed conditions), parking, cleaning, and general upkeep.
In a nutshell, this just means that if you want to buy your own car, you need to have cash on hand that's more than the retail price or the down payment. The costs will be lower or higher as you go from the most basic entry-level daily driver to something more upmarket. Either way, the need for liquidity is bigger than most people might think.
Hey, Spotters! Check us out on Viber to join our Community and subscribe to our Chatbot.
Source: Spot PH
No comments:
Post a Comment