Am I ready to buy a car?

[bastie boys]

Gano po ba dapat kalaki ang kinikita ng isang tao para mapanindigan ang pagbili ng sasakyan?

How do you compute the cost of ownership of a car (including monthly amort if purchased through loan) and what percentage should it be of your net income para may matitira pa sa sueldo mo at hindi ka magigipit?

[Manilablock]

Add mo ung house monthly expenses mo + education + car amortization + car maintenance + gas + parking (kung mag pay parking ka) + (insurance/12) = total monthly expense

i total mo ung available income mo - total monthly expense = savings

ung savings mo dapat kaya i cover ung un-expected expenses tulad ng medical

[CVT]

Plus, kung brand new,- handa ka bang magpalugi (in the form of depreciation) ng approx P100K a year?

18.0K:sailor:

[bastie boys]

Ok. So let's say I earn around 45k a month net and spend around 10k on house payments. My wife also earns but just enough to cover expenses for our newborn plus insurance payments.

Kaya ko na kaya bumili ng Vios or Accent? (~12-13k ma 5yrs on 20%dp)

or Eon GL na lang? (7.5k)

or magtiis muna kami ng family na mag commute dahil wala pa kaming karapatan bumili ng car until mag increase ang income namin?

[_Qwerty_]

maganda mag ipon nang mag ipon.. pag kasya na yung naipon.. buy in cash..

[xninjax]

45 - 10 = 35K - no other expenses?(food,clothing, medical, utility bills???))

If you have no other expenses of the 35K then that is more that enough to pay for the monthly amortization.

Other expenses that comes with owning a car are mentioned by manilablock above: car maintenance + gas + parking + toll + insurance + registration :D

[_Cathy_]

You can always buy second hand? It's so much cheaper then brand new.

If you buy brand new, you'll have to spend on maintainance at the casa during the warranty period + insurance.

I drive an ordinary Japanese sedan and it costs me P10k on maintainance (P5k every 5000 km) and P25k +/- on insurance annually. Yun nga lang I don't worry about repairs, and if there's any, I don't have to spend anything yet because it's covered by warranty.

[slapz]

I suggest, kung first car, eh second hand muna, then ipon ulit ng pang-downpayment, by saving monthly, if you are thinking of getting a 10K/month car, then 12-15K/month ang idiretso mo sa savings/investments, para mafeel mo kung mahihirapan ba kayo sa buhay if ever you'll lose that money per month.

Investments: if your Salary Account is BPI, open an RSP UITF, which will automatically get and invest the money, so at least, di mo gagalawin. ehehe!

I have this same question also about four months ago. And the best one I got: buying a car should improve your life, not the other way around.

[boytsiks]

Only you can tell kung ready ka na or hindi pa. It still boils down on your lifestyle (kung magastos o hindi). Take slapz advise, your cars should make your life better and not the other way around.

Since your wife's salary can cover up your baby's expenses, then you're probably there already.

The best way to check if you're ready is when after all the expenses (car amort, fuel, maintenance, insurance, household utilities, etc), you still have considerable amount of savings. Then i can say you are ready.

Good luck TS

[joemarski]

agree naman ako kay sir slapz... eto naman ang suggestion version ko:
next year ka na lang kaya bumili? para medyo exciting...
ganito na lang muna kaya ang gawin mo: 10K 'kamo per mo. ang car amotization,
tapos add ka ng mga 6K pa para sa mga maintenance, gas, insurance, parking, minor
repairs, etc. eh di 16K na lahat per month 'di ba?
mag pasok ka muna sa bangko ng 16K per month for the next 12 months.
walang palya, pagka- sahod derecho na sa bangko ang 16K at wala ring withdrawals.
humanap ka ng bangkong puedeng magdeposito, hindi puedeng mag withdraw. hehehe.
ngayon, after 1 year eh nakaraos ka at maluwag na maluwag ka pa kahit 20K/mo. pa,
bumili ka na ng bagong sasakyan! good luck!