The Annual Cost of Owning a Car in the Philippines, 2015

THE ĂNNUAL COST OF OWNING A CAR in the Philippines The costs of your car don't end when you drive it off the lot. Take a look at the annual expenses involved with owning a car in the Philippines, based on a sedan worth Php 600,000. GAS GAS FUEL Fuel is one of the biggest expenses involved with your car. Currently, diesel prices hover around Php 25/liter, with gasoline at Php 41/liter. This expense will vary on how much you drive and how much fuel you use. P Average Total Cost: GASOLINE PHP 41.50 х 2.8 х 365 LITERS PHP 42,413 PER DAY DAYS PARKING Parking can be trickier. If you're lucky, you've got a spot in the building that you work in. Otherwise, you'lIl have to park in surrounding parking structures, and that can be just as costly. The average parking fee is around Php 150 for a full eight hours. LTO Average Total Cost: x 20 x 12 WORKING MONTHS DAYS PHP 150 PHP 36,000 LTO REGISTRATION If you want to be able to drive your new car around, this is a necessity. Renewal is once a year, and generally doesn't cost so much. Average Total Cost: BANK PHP 950 + PHP 410 + PHP 1,974.06 PHP 3,334.06 СТРL EMISSION CAR REGISTRATION TESTING LOAN INTEREST Being able to afford Php 600,000 for a car from the get go is rare. So if you want a car, you'll have to take out a loan. Assuming a 20% down payment for a 36-month term, you'll be paying at least Php 72,000 in interest throughout the life of your loan, depending on your bank. Average Total Cost: NSURANCE PHP 24,000 INSURANCE Comprehensive coverage premiums will vary between providers, but for a typical sedan, you'll be spending an average of Php 20,000. Of course, you can compare providers on MoneyMax.ph to get the lowest rate with the covers you want. Average Total Cost: PHP 20,000 REPAIRS & MAINTENANCE This may be one of the more variable costs to owning a car. Costs will depend on the usage of the car, its brand, and model. Most cars should undergo an oil change every 5,000 kilometers, and preventive maintenance services at regular intervals. Average Total Cost: PHP 5,000 ANNUAL COST P 130,747.06 The total annual cost of owning a car requires looking into the details, and will vary depending on how you use your vehicle. That doesn't mean that you should cut corners on these, as the money you pay goes a long way to ensuring your safety and the safety of anyone else in the car with you. However, it's possible to save by comparing your options, and you can start with your car insurance. Sources: http://www.moneymax.ph/blog/get-car-insurance-for-your-toyota-vios-for-as-low-as-p17900/ http://www.manilatimes.net/can-you-really-afford-to-own-a-new-car-cost-of-ownership-explained/190089/ http://www.topgear.com.ph/features/tip-sheet/10-things-you-need-to-know-before-you-buy-a-car http://www.ucollectinfographics.com/annual-cost-car-philippines/ MØneyMax.ph We compare, you save III I