As we move up in life, we experience different milestones. Markers that tell us that we’re moving in the right direction and making the right decisions. One of those is finally owning your own car.
You’ve arrived at this moment making the appropriate decisions, which is why you’re at the point where you’re contemplating to buy a car. While we don’t always make the right choices, we can always minimize the margin for error by taking a step back to review our options.
Before you go ahead and purchase your first car, here are a few things you should ask yourself:
Do I know the true cost of car ownership?
The spending does not really stop at the actual purchase of the car. Other than the cost of the car itself, there are many other things that you’ll be spending on such as gas, emergency repairs, accessories, routine maintenance, carwash, registration, and insurance.
Planning for these other car-related expenses are essential especially if you want your car to be properly maintained.
Am I managing my personal finances well?
Before purchasing a vehicle, it is ideal that you’ve already figured out how to manage your personal finances.
Since there are many expenses involved in car ownership, you want to make sure that you have the proper budget allocated towards it, so you know you have enough money left to pay for your other bills. You don’t want your electricity cut-off because you blew half your paycheck on those new mags, right?
Do I really need a car?
Getting around Metro Manila can be tough without a car, especially on days when the lines to the MRT are as long as the Great Wall of China. Though for some people, mobility is not much of an issue depending on where they live and where they need to go. Try listing down your reasons for owning a car and see if it’s more of a need, rather than a want. Ideally, you want to have more practical reasons over emotional ones.
Have I done my homework?
Are you sure you’re getting the car you really want or need? Make sure you do enough research on the car you’re looking to buy. It’s best to make a well-informed decision when you’re spending this much money. You want your purchase decision to be based beyond price and how it looks, to the exact specs of the car, and all the bells and whistles of the model you’re getting. One idea is to at least have three different choices for comparison, so you can make a sound decisionabout what’s best for you.
Should I get a brand new or used car?
Do you really want a brand-new car, or are you fine with getting a previously owned one?
The obvious advantage of getting a new one is that you’re certain that it hasn’t gone through the wear and tear that the used car has.
If you go with the used route, remember to thoroughly inspect the car for any signs of damage. If you don’t know much about cars or how to check it, ask help from someone who’s an expert.
Have I gone through the proper training?
Road safety and knowing how to properly maneuver a car are essential before you even think of owning one. Make sure you’ve gone through the proper training. Manila could definitely use more competent drivers.
By going through driving school, you’ll also be able to better judge whether driving is for you or not. After all, we all know that driving in Metro Manila is not for the faint-hearted.
Do I know enough about cars?
Finally, you’d be surprised at how many people own a car and don’t even know how to check the oil. You’re spending a good amount of money on this, so knowing how to properly take care of your car. This is so you can avoid expensive repairs due to neglect. When the time comes, you’ll be able to sell your car at a good price because you took good care of it.
Aldrich Policarpio is the Content Marketing Manager of MoneyMax.ph, the Philippines’ leading comparison website for insurance, credit cards, and loans. You can save money on your car insurance and get the chance to win a brand new Toyota Vios at the same time. For more information, visit https://www.moneymax.ph/learn-more/promotions.