BMW 2020 for sale

How much does owning a car cost per month?

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You've finally made up your mind on your vehicle purchase. You've done your research at Philkotse.com and saved up for a downpayment on a brand new car. Find out if you can actually deal with the monthly payments for owning a car!

1. Car Purchase and Amortization

First we have to pick a sample car. Let's go with the one of the country's best sellers, the Toyota Vios, specifically the 1.3E Automatic Variant.

According to Philkotse.com's latest Toyota Vios car price list, the 1.3E AT variant is at Php 878,000.00. At 20% downpayment, that leaves us a loanable amount of Php 712,400.00.

With an average interest PA of 4.4% that adds an additional Php 156,728.00 interest on top of that principal, amounting to Php 869,128.00 over 60 months or Php 14,485.47 per month.

In itself that is a huge dent on your monthly expenses, but investing in a brand new car leaves us big savings on the next category.

2. Maintenance and Repairs

All cars, new or old can break down, and thankfully, new cars are under warranty in case anything does break down and all you have to worry about are PMS visits.

The first year of such visits for maintenance if you follow Toyota's schedule for the Vios may reach up to Php 9,000.00 in a year.

3. Fuel Costs

The average city dweller travels 30 km in a day to and from work, if we include weekend trips to the equation it does round out to be around 10,000 KM in a year.

Considering based on the Toyota Vios reviews, hovering around 10 km/l and current regular gasoline prices at Php 48.00/l, all that equates to Php 43,636.36 worth of gasoline in a year.

4. Parking

You would also need to consider parking rates. It's rare for companies to offer their employees free parking so you would have to keep this expense in extreme consideration.

Let's say you are an employee of the year and you come to work everyday to pay for your new Vios of course. The average price for an entire workday would be around Php 150.00 per day.

This amounts to Php 36,000.00 per year. Ouch.

5. Vehicle Registration and Insurance

You would need to of course register your vehicle with the LTO and have it insured. There are some dealers who would offer this as free add-ons to your initial purchase but let's say that you don't have that option.

Good Comprehensive car insurance can cost you a good Php 15,000.00 in a year plus registration of around Php 4,000.00.

>>> Recommended post: Car registration renewal in the Philippines

The Grand Total

Here's a quick Break down of everything we've calculated:

Expenses	Toyota Vios 1.3E AT
Amortization	P173,825.60
Fuel	P43,636.36
LTO Registration	P4,000.00
Car insurance	P15,000.00
Parking	P36,000.00
PMS/Repair	P9,000.00
TOTAL	P281,461.96
Monthly expense	P23,455.16

Part of adulting is realizing that to get what you want or need, you'll have to pay dearly for it. We at Philkotse.com know that after finding all about these expenses wouldn't stop you from purchasing a new vehicle and we told you earlier that we have your back! Browse our listings sections or visit the nearest car dealerships to find the best deals and financing plans out there for your budget.

Last but not least, don't forget to make use of our search tool to extend your choices besides this list of BMW car for sale in the Philippines. Philkotse.com only lists car advertisements from private sellers and dealers, which means we don't own the cars and don't provide any financing options. Please kindly refer to the sellers (whose contact details can easily be found in each listing) for all of your questions regarding price, legality, availability, payment installments, and financing options.

Have a nice day!