Due to the onset of the pandemic and Ukraine – Russia clash, the economic status of almost every country was gravely affected. The Philippines is currently suffering from a rapid inflation hurting almost every industry. One of which that is greatly being affected is the transport services industry.
With the virus scare, the transport services group was left with no choice but to initially limit their services, if not totally resell their vehicles for their own safety or freedom from car mortgages. When they’re about to go back and accept passengers in full capacity, the fare hike didn’t help much at all with the continuous increase of fuel prices.
A large number of transport operators sold their vehicles and went home to the province to look for alternative source(s) of income. This backfired to the public, especially the daily commuters who depend on public utility vehicles (PUVs) in going to work, in doing business, or plainly dealing with some personal stuff.
People have to wait for hours and face a long line just to grab their seat on a train, bus, or cab/private cars for rent (TNVS). While some companies offered a hybrid or remote work setup, on-site businesses are being transformed to digital, online shopping and home deliveries for food and essentials are being offered, there is still a rising need for acquiring a private vehicle to survive.
Now, if you’re thinking of getting your own car despite the non-stop fuel price hike, there are some things you might want to consider.
Check the list below:
Storage
When you plan to buy something, it’s very important to prepare where you are planning to store it. Even the smallest car will take a huge space so be sure to have enough area for it. If you don’t have a ready garage, look for at least a rented space for your daily parking needs.
New or Used
This is one of the crucial questions that you need to ask yourself: Are you willing to buy an old and used car instead of a brand new one? Will it truly give you a peace of mind and less hassle if you purchase a brand-new car over a resale vehicle?
Most current car owners suggest that you bring a mechanic with you when buying a used car. Figure out if you prefer paying your car mortgages and insurance by getting a new unit over preparing more for monthly maintenance expenses. This does not mean you won’t be cashing out for some if you have a new car, but I think you’ll save some during the first three years at least.
I guess it depends too if how long are you planning to use the car, is it for good or just a temporary back up for your commuting needs? The last question you need to ask yourself will turn you over the next item: budget.
Budget
Yes, your decision will also depend on your budget. Have you saved a lot for your first car or at least a considerable amount for your down payment? Are you looking for just a go-to car for your daily needs or just for emergency use? Would that be the family’s car too or just for your personal use? You might consider getting a vehicle unit that will fit the whole or growing family so you can save on fuel and pay mortgage for just one car instead. A larger vehicle can also provide additional income and even slash your monthly mortgage payment by offering car pool services or renting it out.
The most important thing is you’ll be able to pay for it either in cash or monthly payments so that your previous payments wouldn’t be for nothing.
Manual or Automatic Transmission
Do you know how to drive or will you be a novice driver? Do you have a health condition that you need to consider or a manual type of car will be alright to use? In other countries, particularly in the US, Canada and Japan, most cars being used there are the auto-transmission type. While in France, Italy, Spain and UK, they prefer the manual type of cars.
Management and Maintenance
Will you be driving on your own or will you hire a personal driver? Will you be able to manage and maintain your own car or do you know someone who can help you for instant troubleshooting?
Brand, Model and Engine size
What brand is your dream car? You need to compare the features according to your preference and needs. A smaller engine is more economical but might have less power compared to larger engines.
For long driving or a much powerful haul, I suggest you get that unit with large engines unless you just need a unit for city-driving.
Of course, the latest model can offer more and advance features but it comes with a higher price.
Fuel type: Gas or Diesel
According to some car owners, the diesel-powered type is more environment-friendly than gasoline-powered engines. Diesel is also more fuel efficient compared to gasoline.
Distance & Frequency
Will you be using the car for long travel or just short but frequent travels? You need to consider getting a vehicle that has a bigger fuel tank for a long-distance drive.
Insurance
Research the type of insurance that fits your budget and needs. Most car owners prefer the type of coverage that insures both the car and its passenger(s).
Conclusion
Owning a car now is no longer a luxury. If you can’t rely on the transport services and public utility vehicles alone, you need to weigh if it’s worth to get your own car and save on time, rent and services over commuting during these times.
To help you decide, you might be needing some calculations. You might want to visit carpaymentcalculator.net, the car payment calculator I’ve found online to compute for the monthly payment based on your budget.
Car Payment Calculator
There are plenty of calculators available there but what I particularly like is the online car calculator that provide the exact amount of car that you can purchase based on how much you can pay monthly. Additionally, not only does it compute for the interests and savings you can get via rebates, but it will also help you figure out your monthly monthly operating costs including fuel consumption budget.
Car Payment Calculator features Gas Budget Calculator
The online car payment calculator features current loan rates based on the country’s top nationwide lenders. The depreciation calculator will estimate the value of an automobile along with how much the vehicle depreciated over its age.
You may also find the best cars by using their car search tool to find locally available vehicles in unbelievable prices with high discounts, get free car buying advice section, and read the compilation of resources in handling your personal finances. You can even print the amortization schedules and lists of available vehicles. If you need a break, you may want to play with their online games under the Arcade section. This online calculator is certainly a reliable calculating tool site with its resources, especially for first time car buyers.
Think it over. Do comprehensive research. Compute and decide.
My car is dependable. It’s also not got a lot of go from zero, so there’s always give and take. 🙂 I’ll take dependable, but I miss being able to accelerate quickly.
such great points! Inflation is no joke affecting the car industry. Love all your tips to consider!
I had a call last week from the dealership offering more then I paid for my vehicle. I drive a hybrid. I said only if you can find me a newer hybrid. I am still waiting.
Such a great article, it’s worth reading! Definitely a great reference everybody must know and consider! Thanks for sharing this with us!
Knowing what the price to maintain your car will cost you is key. I never bought a car that’s parts were too expensive.
The inflation on cars is crazy. I had to buy a new car about 6 weeks ago. The van I had was about had it and wasn’t worth dumping thousands of dollars into it. I bought a car that will last me a long time. I do plan on keeping it til it dies.
These are all very good points to consider before purchasing a car, in general, I think!
These are all really great and important things to consider before buying a car. Thanks for sharing this with us
Thanks for sharing these tips. The calculator is really helpful.
You have some great tips. Inflation can make things tricky, that’s for sure. I always try to find the best deals.
We just bought a new car. The dealers have the advantage right now and would not lower prices.