(Editor's note: This article was written by MoneyMax, the Philippines’ foremost online platform for comparing financial and telecom products and services, for ABS-CBNnews.com. Find out more at MoneyMax.ph)
MANILA, Philippines - Most Filipinos get too excited over getting a car without actually calculating its damage cost against their budget.
Aside from the actual cost of the car, you should also consider some logistics such as your license and driving skills among other preparations. When the car already paid and ready for road adventures, there will come your regular outflow.
For the middle class, owning and maintaining a car is really a burden on budgeting.
The daily car expense could include:
Fuel – it depends upon the fuel economy of your car and also if your car is gasoline or diesel. An average car consumes one liter of oil per around eight kilometers.
Parking – the cost of parking depends on the location. If you’re working in the business districts of Metro Manila, parking fee will cost you an average of PHP 150 for eight hours.
Toll Fee – people living in the outskirts of the Metro and needs to go in for work or business needs to pay a toll fee depending on their location and destination.
There are also expenses that come once in a year like your car insurance and LTO registrations.
Car Insurance costs depend on your car’s year, make and model. The newer the car model, the more expensive it gets. The lowest car insurance quotes 12,000 per year.
LTO renewal and/or car registration is mandatory for you to be able to drive your car. Whether you bought your car new or second-hand, car maintenance should be part of the essentials.
To give you a rough estimate, here’s an infographic: