There are few things more exciting (and more terrifying) than being in the market for a car. Having your own set of wheels is a very tantalizing thought, tempered by the prospect of having to balance so many different factors before you’re actually handed the keys.
The Philippines as a car market isn’t the most ideal in the world. We say this in light of the perpetual complaint that some of the cars we get here are woefully compromised in terms of features compared to their overseas releases.
Our Philkotse poll results showed customers prioritized both sticker price and running costs
Yet there will always be potential customers who’ll ask for brochures and contact details of the first available sales agent. It's still a free market after all, and getting bigger as more contenders come in. With an ever-shrinking piece of the automotive pie, carmakers’ efforts to maintain (if not expand) their respective customer bases go into overdrive.
We tested the waters with a recent poll on our reader’s car-buying habits, specifically on what would top their list of considerations when buying a car. Six criteria were laid out, in an attempt to cover every available offering in the market.
Affordable cars with flexible payment terms are on the rise
The top three answers all had something to do with finances. For a majority of Philkotse followers, price was paramount when deciding which car to buy. Not surprising, given the popularity of low/zero downpayment schemes or low monthly amortization offers.
Buyers also prefer having a diesel engine and seven seats, pointing to MPVs and SUVs. The initial high acquisition price of an oil burner is usually compensated for by lower running costs. Having room for more people on board maximizes the vehicle’s utility, making it easier to get a return on the initial investment.
The more occupants a vehicle can accommodate, the higher the value for consumers
Fuel efficiency is the third factor. Having a car that can go for days or weeks between trips to the gas station is certainly a plus, which means more trips on a single full tank. Reduced fuel costs free up more of the budget for other car-related expenses such as accessories, maintenance, and registration.
Car buyers want vehicles that make fewer trips to the gas station
The money aspect has always played a major role in car purchases because it’s what makes the transaction possible to begin with. It’s now placed front and center more than ever, as the current pandemic forces the market to choose between having to realign finances and the need for a safe means of personal mobility. Carmakers will have their work cut out for them in delivering what every consumer expects: increased mileage for every peso spent.
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Joseph Paolo Estabillo