What taxes & fee you need to pay when buying a used car
We are assuming that you have already decided to purchase a second-hand car over a brand-new one since you are currently viewing the wide selection of used Peugeot 208 for sale here on Philkotse. As one of the largest online platforms for selling and buying cars, we are dedicated not just to help you find your next car but to provide comprehensive information for both sellers and buyers.
It is a well-known fact that purchasing pre-owned vehicles comes with more risks than opting for a fresh car. However, the increase in the excise tax, which also escalated the prices of most brand new units, plus the thousands of pesos that you can save, a second-hand car is the most practical choice.
With that being said, you should be aware that the money you would spend on paying the second hand Peugeot car you want and need isn’t the only thing you save for.
No, we are not talking about the maintenance and fuel costs that come with owning a car. Of course, that is also a consideration but what we are talking about are the fees you need to pay in order to make sure the car would be yours legally and rightfully.
1. The After-Purchase Documents
The documents that you need to process to make the vehicle yours after closing the deal with the seller are the ones that you would spend on immediately. Fortunately, this will take a toll on your time and “legs” more than your pocket or wallet.
More often than not, the fees will be shouldered by the car seller. The car title is much like a house-and-lot title. It gives you all the right to the Peugeot 208 you just purchased since the car ownership will be registered under your name.
The legwork is also sometimes done by the seller. This will all depend on your agreement or deal.
Annual car registration renewal at LTO is compulsory so as to drive it legally on the Philippines roads. Since you already own the car, you are solely responsible for registering it under your name. You need to transfer the registration under your name. Such will, of course, require you to spend some amount.
Most probably, the car you bought comes with an auto-insurance. If it does, then it is also your responsibility, with the help of the seller, to transfer the car ownership to your name. How will you claim if it isn’t, right?
With that being said, some second-hand vehicles do not have insurance policies for some reasons. As much as it’s tempting not to get insurance for a used car, it is best to get one.
You never know when you’ll need it since accidents and calamities are unpredictable. Thus, this is another immediate fee that you need to spend on once you purchase a pre-owned unit from Peugeot Philippines or any auto brands in that matter.
2. Save for the After-Sale Fees
Affordability and practicality are two of the deciding factors for purchasing a pre-owned car. Apparently, your expenditure does not end with handing the money to the seller. You need to make sure that the car is rightfully yours, and that comes with fees as well.
Similarly, protecting your new property and yourself from any untoward incidents also comes with fees. Therefore, make sure that you are ready to spend on these minimal fees.
In case you need more car buying tips and advice, as well as read car reviews and car industry news, feel free to keep on browsing Philkotse.com. We update our site regularly, so you can visit us anytime and as frequent as you want!