A private vehicle may let you move freely and flexibly. So, do you know how to save money to buy a car? A specific plan brings to a goal faster! Discover more!
>> Read more Car for sale in Philippines: https://philkotse.com/cars-for-sale
How To Save Money To Buy A Car
In the Philippines, more than 2,000 vehicles are on offer, ranging from body types such as Sedan, Hatchback, Crossover, SUV/MPV, Coupe, Pickup Truck, Van, and Wagon. They come from many different brands and prices, both used and new. You can refer to the table below for each brand:
Brand
Used Models Price Range (₱)
New Models Price Range (₱)
Ford
298,000 - 4,600,000
1,310,000 - 8,980,000
Honda
175,000 - 1,348,000
650,000 - 3,210,000
Hyundai
123,456 - 2,500,000
790,000 - 3,240,000
KIA
270,000 - 1,038,000
700,000 - 3,235,000
Mercedes-Benz
488,000 - 4,280,000
14,600,000 - 93,000,000
Mitsubishi
170,000 - 2,850,000
697,000 - 1,280,000
Nissan
300,000 - 1,488,000
1,336,000 - 10,580,000
Suzuki
310,000 - 748,000
563,000 - 1,285,000
Toyota
215,000 - 7,998,000
568,000 - 13,500,000
This step is intended to prevent you from losing money and adding pressure after purchasing a car.
If you choose to buy an automobile in installments, usually, you have to pay 20% in advance and then pay monthly. Depending on the term, this amount can range from a few thousand to several hundred thousand pesos.
Next, you need to calculate the estimated cost for the next five years because usually, the value will change the most after this period.
Whether you intend to sell it, you should calculate the depreciated value each year. After the first purchase, the price will reduce by 15% and a further 10% off for each subsequent year. Then, there are the necessary expenses such as insurance, gas, maintenance and repair, and parking.
When you have a specific number, it will be easier to plan and set goals to realize it. Based on your monthly income and expenses, you should determine how much money you have left for this goal. Sometimes you must give up a few unnecessary spending habits to save more.
In addition, you can refer to preferential policies from banks such as credit, installment loans or savings interest rates, etc., for better profitability.
You should make accounts for its purchases separately to avoid overspending. And the selected bank should be convenient for money transfer, good loan interest, or savings, in line with the saving plan you set out.
You often think that only buying a used automobile requires this skill; however, it is necessary at any time.
Although specifying the vehicle value, downpayment, and monthly installment, some dealers still add the "negotiate" line to reduce the financial burden on customers. They also have links with banks that create their installment policies for their customers where you can get reasonable offers.
In addition, you should consult prices and support policies from many agents to easily compare and negotiate wisely.