Can I own a car?

[mrbones]

I've been wanting to have my own car since last year (could've gotten one last year but I didn't look for work after I graduated) Anyway, I've been eyeing on a Lancer EX GLX. Other choices would be Atlis, Elantra, Vios(my Mom's choice but upon seeing the Lancer in the Flesh, she didn't mention anything about the Vios anymore) Focus and Mazda 3 but for some reason or another all had been crossed out. Used cars are also not an option since I don't want the hassle that comes with it.

why I like the Lancer EX 1.6 GLX
- Looks
- MT
- Relatively good FC
- Doesn't have any major issues (thought there is an ABS problem in the 2.0 models, the 1.6 hasn't got one yet too young i guess)
- Not that expensive

So my parents would pay for the (at least) 40% DP, hoping for 50% haha. I will pay for the monthly amortization and I can probably pay around 10k at most. That would give me a monthly payment of around 8K *40% DP 5 years. For the other car expenses, I think we can work things out so my main concern is the monthly amort.

Anyway, do you guys think that it's wise for me to own a car? Is it better to have a 3 year term? The difference of the total interest between a 3 year and 5 year term would be around 50k+ btw


Thanks in advance guys!

[renzo_d10]

If you can shoulder 10k/month for the car's monthly amortization alone without cutting off on basic necessities, then I think you can own a car.

Why emphasize alone? Well, put in mind that the dues you're paying for the car doesn't stop on the monthly amort., it goes on... maintenance every 5000Km, annual insurance fees, gas cost, yearly registration (your problem after 3 years) and possible repairs here & there..

I think you should check out on different banks for better deals. Usually banks give you lower interest rates than getting it from the dealership itself (in-house financing) .. this way, you can save couple of thousands that could be put somewhere else more important.

The Lancer EX GLX is promising, feature-wise : affordability, I think it would make a good first car.

[ghosthunter]

I've been wanting to have my own car since last year (could've gotten one last year but I didn't look for work after I graduated) Anyway, I've been eyeing on a Lancer EX GLX. Other choices would be Atlis, Elantra, Vios(my Mom's choice but upon seeing the Lancer in the Flesh, she didn't mention anything about the Vios anymore) Focus and Mazda 3 but for some reason or another all had been crossed out. Used cars are also not an option since I don't want the hassle that comes with it.

why I like the Lancer EX 1.6 GLX
- Looks
- MT
- Relatively good FC
- Doesn't have any major issues (thought there is an ABS problem in the 2.0 models, the 1.6 hasn't got one yet too young i guess)
- Not that expensive

So my parents would pay for the (at least) 40% DP, hoping for 50% haha. I will pay for the monthly amortization and I can probably pay around 10k at most. That would give me a monthly payment of around 8K *40% DP 5 years. For the other car expenses, I think we can work things out so my main concern is the monthly amort.

Anyway, do you guys think that it's wise for me to own a car? Is it better to have a 3 year term? The difference of the total interest between a 3 year and 5 year term would be around 50k+ btw


Thanks in advance guys!

Only you can answer your question.

1. how much is your monthly income (allowance, salary if you work, etc)
2. how much is your monthly payments for the car.
3. how much will your gas bill (depends on how much you use the car... a full tank a week or two??)
4. other personal expenses? food, celphone load, etc

If your monthly income can offset the monthly payments and your expenses, then you can own your car.

[EVO-V]

Let me see how this goes.

Rough numbers:

P 10,000.00 per month for car payments means that you have around a 50% down payment on an 800,000 car for about 60 months.

You tack on fuel, averaging 10,000 km a year, gives your roughly P 5000 per month.

Add insurance, first year will be at about P25,000.00 progressive going down with depreciation across the years. But for the sake of conversation the first year alone is P 2100.

You're already at P 17,000 with another 5000 for your first 10,000 km's worth of maintenance.

I don't know what your lif style is, but supposing you spend 1500 for your celphone, and 300 pesos a day for your daily expenses, 100 a day for parking, you should well be earning upwards of 45,000 net to be able to own a new car in relative comfort.

Thing is, since this is your first car, why not get a pre-loved unit? Makes more sense given you're out to get utility from this than anything else.

[A121]

If you can afford to buy a new one why not. But perhaps, you might want to take another look at the vios. The 1.3J Limited model won't break the bank and is a good first car. At 50% down, MA is about 7k. (Banks would have better deals) Insurance is around 18k per year. Maintenance would be at most 5k or so.

You might also want to take a look at the Mirage.

[mrbones]

Thanks for the replies! For the cost of owning the car such as insurance and PMS, my parents would probably help me pay for it. Gas money and the monthly are ones that I'll pay for.

[dr. d]

Thanks for the replies! For the cost of owning the car such as insurance and PMS, my parents would probably help me pay for it. Gas money and the monthly are ones that I'll pay for.

it's simple:
how much do you make?
how much is the down and the monthlies? evo upstairs already made some rough computations.
how much will you pay? will your parents pay the remainder?
can you live with the what's left over?

getting a used car instead is a consideration... it may be the practical choice.

[GTi]

It is not a hassle to get a 2nd hand car. Four out of the five cars in our family are bought 2nd hand. They're running very, very well. Besides, given the lower cost of 2nd hand cars, you can probably get the parents to pay for the whole car! When you buy brand new, you stand to lose a lot of money due to depreciation. Not to mention you paid much more than the original SRP since you paid in installment. A 1-2 year old car is basically still a new car, and you slash off a huge chunk from the brand new price.

Take this one for example: Hyundai Elantra AT - 11 | Cars for sale Makati | AyosDito.ph
2011 Hyundai Elantra 6AT for 690k with just 7tkms mileage. Negotiable pa! Bloody fair deal, don't you think?

[dr. d]

so, mrbones, have you decided?