Brand New Car - Loan, < 5 yrs old - loan or > 5 yrs old - Cash

**_Cathy_** · February 27th, 2009 12:03 PM

Hi. I am in a real dilemma here. I drive a 96 corolla GLi which we bought brand new. It has served me well over the years but I think it's time for me to get a new car. I've spent over 100k in repairs in the past 3 years so as much as possible I don't wanna sell it.

My mom refuses to buy me a brand new car now since she said I'm old enough to buy a car for myself. This is not true because my salary isn't enough for me to pay for my gas going to work. So here are my options:

1. Mom will give me 300k and I will loan 480k since I want an Altis 1.6 e

2. I'll use the 300k and loan 200k to buy a relatively newer second hand car.

3. I'll only buy a car worth 300k.

4. Buy a car worth 250k and keep 50k for repairs.

5. Sell my corolla pangdagdag for option 1 or 2. Is it true that I should sell my car before it is old enough for an overhaul. It's 160k na kasi in the odometer.

Our family has never bought a car on loan before and this might be the first time should I choose to get a loan. I would have gone through with the loan right away if only my Lola were alive because I know that she can always pay it off in case something happens. It's scary because my savior lola is gone already

**actor21** · February 27th, 2009 12:34 PM

sell your corolla dagdag mo yung 300k then buy a second hand car worth don sa pinagbentahan mo ng corolla + 300k..wala kapa utang

**ThePatriarch** · February 27th, 2009 12:34 PM

mam cathy, additional option:

get a papa and let him pay for the car...

seriously... your salary should be the basis in getting a loan. your net savings for the month (salary less all your expenses) must be taken into consideration in computing what you can afford for the monthly installment. otherwise, better siguro to just spend for the repairs of your current car until you finally can afford a newer model or a brand new car

**ab_initio** · February 27th, 2009 01:00 PM

Originally Posted by Cathy_for_you

So here are my options:

1. Mom will give me 300k and I will loan 480k since I want an Altis 1.6 e

2. I'll use the 300k and loan 200k to buy a relatively newer second hand car.

3. I'll only buy a car worth 300k.

4. Buy a car worth 250k and keep 50k for repairs.

5. Sell my corolla pangdagdag for option 1 or 2. Is it true that I should sell my car before it is old enough for an overhaul. It's 160k na kasi in the odometer.

scrap option number 4. better keep your car, save and when you can well afford it, buy a brand new...my point is, you're avoiding the depreciation and the rising maintenance cost of your current car, if you're gonna get a second hand...parehas lang din.

**_Cathy_** · February 27th, 2009 01:01 PM

So the amount they will loan me is based on my salary? Wala naman talaga akong gastos. Yung salary ko ang gastos ko lang parking and food. Ang ayoko lang kasi pag may loan ako hindi ako basta basta makaka resign pag gusto ko. Saka wala akong magiging savings kasi lahat mapupunta paying off the car.

Naisip ko naman maraming tao malakas ang loob na nagca car loan.

I'd like to save for a brand new car, but with my salary, It would take me more than 5 years to save P800k.

**[archie]** · February 27th, 2009 01:22 PM

ill opt to get a 2nd hand unit na lang with the money + corolla. hirap ng may utang. lalo na kung hindi reasonably big yung salary.

300k plus corolla... kano ba selling corolla 96? around 140k-150k? so that gives you 440k at least. decent 2nd hand altis na j or e or vios na younger.

just to give you an idea, we bought our 2nd hand 05 altis j last year in pristine condition * 420k. so im assuming na kaya 06 na altis j or e for the same amount. may 20k pa for minor repairs.

hth

**willvill** · February 27th, 2009 01:28 PM

If you get a brand new car like the City 09, you would probably be trouble free for 5 years.

A down of 300t would make you pay around 10T a month for 48 months. For 5 years baka mga 8T a month lang. Can you afford this?

If you can, get a brand new...it's a wonderful smell and felling...

**_Cathy_** · February 27th, 2009 01:29 PM

Oh my archie really??? I can get an 06 corolla for 400k+?

Altis e gusto ko. Yung body after ng lovelife? Ano tawag dun? Ayoko kasi ng lovelife na body.

San ka sa south?

**_Cathy_** · February 27th, 2009 01:34 PM

Originally Posted by willvill

If you get a brand new car like the City 09, you would probably be trouble free for 5 years.

A down of 300t would make you pay around 10T a month for 48 months. For 5 years baka mga 8T a month lang. Can you afford this?

If you can, get a brand new...it's a wonderful smell and felling...

I want an altis 1.6 e kasi it cost P774k.

I can afford 10k a month but 5 years is kinda long, I'm scared because companies are laying off employees left and right. If I lose my job, I have no other source of income. That's my risk if I get a brand new car. I dunno if a brand new car is worth the risk.

**1D4LV** · February 27th, 2009 01:40 PM

Originally Posted by actor21

sell your corolla dagdag mo yung 300k then buy a second hand car worth don sa pinagbentahan mo ng corolla + 300k..wala kapa utang

tama. eto pinaka feasible during these times.
or...

kunin mo yung 300k + benta mo corolla mo, yun ang ipang DP mo kung talagang gusto mo ng brand new unit. onti na lang ang babayaran mong loan.

pero pinaka feasible talaga yung first option...

may 300k ka from your mom + around 150k from the proceeds of your corolla, may 450k. at that price, you can get a car below 5 years, pwede na nga ata altis dyan eh.