NEW JOB, NEW CAR
Gadgets Philippines|April 2023
How to buy a car while staying financially-responsible
NEW JOB, NEW CAR

Many new graduates are bound to spend the first few years of their professional journey with a typical commuter’s life–early mornings, lining up for tricycles, cramming themselves into buses, hanging onto jeepneys for dear life, or spending a good chunk of money on ride-hailing services. While buying a brand-new car can help alleviate these pains, buying one fresh off the dealership, whether in cash or via financing, is not a sound option for many fresh graduates earning entry-level salaries.

Luckily, purchasing a second-hand car via a loan is a much more viable and realistic option for newly employed workers wanting their own ride while staying financially responsible. But with so many things to consider, it can be an intimidating experience. Below are some practical tips on how you can go from dreamer to driver without breaking the bank.

Figure out your budget

The first step to being financially responsible is knowing just how much car you can afford without compromising your overall quality of life too much. After all, you still need to consider rent, groceries, utilities, and other living costs. A good rule of thumb is that you save up to be able to pay at least 30% of the unit’s cost out of pocket, with your monthly loan payments not exceeding 30% of your monthly take-home pay. Of course, saving up to pay a larger downpayment would be better so you can minimize your mortgage payments.

Another thing to consider is the running costs of owning a car. You have to factor in other expenses, including fuel, maintenance costs, insurance, and registration fees.

Scour the market for options

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