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

[_Cathy_]

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]

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

[1D4LV]

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.

[ThePatriarch]

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

[_Cathy_]

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]]

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

[_Cathy_]

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?

[[archie]]

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?

yes, * 400k+ kayang kaya altis 05-06 basta hindi lang "g". yes its the model before the brand new altis. yung lovelife around 2000 model ata yun kasi 01 altis na eh.

sa tabi tabi lang maam cathy

[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...

[_Cathy_]

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.

[afrasay]

Take a cab.

[ab_initio]

mam cathy, additional option:

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

honga...she just got out of love alive...time to get a brand new...wehehehe...

[ab_initio]

sorry,mods. double posts po...

[ab_initio]

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.

[projector]

dont sell ur 96 model corolla pang coding n lng and pag binenta mo yan sobrang baba ng resale value

buy a car worth 300,000. look for a good second hand car with good fuel consumption like 1.3 engine a vios maybe.

[legend2destiny]

My mom refuses to buy me a brand new car now since she said I'm old enough to buy a car for myself.

Hello Ms Cathy, with the current economic meltdown I agree with your Mom.

[vito corleone]

cathy,

don't enter into a loan if you have concerns about the stability of your employment given the current economic situation. . .

sell your big body corolla and use the additional cash to get a newer model used car (less than 5 yrs old). . .
keep it for coding? i suggest do not. . .taking a cab once a week on the coding day of your next car will be much more economical than keeping your present corolla for which you have to spend for maintenance, parking (that day), and of course, gas. . .

on the other hand, getting a papa is not a bad idea

good luck!

[_Cathy_]

I am really hesitant about getting a loan 'coz I don't like having debt. Pero naisip ko lang kasi it will take me more than 5 years to save up for a brand new car and by the time I have the money baka abutan na ng overhaul yung corolla ko or namulubi na ko papagawa. Dami ko kasi kilala who recently got their car on loan and we have more or less the same salary. Kaya lang sila malakas loob.

tidus1203, 1st gen zz ba yung after ng love life?
civic es yung after ng civic na pareho sa sir body?

[tidus1203]

Yes ZZ is the one after Lovelife and when the Altis suffix became permanent. Dati kasi Corolla lang tawag duon tapos nilagay yung Altis in the later stage of the Lovelife's cycle.

Civic ES is after the EK which the SiR body belongs too. Its the Civic before the FD (the current one) but after the EK (SiR).

[alwayz_yummy]

lovelife is 1998-2001, pag GLi- 4a-fe(same as with the bigbody), pag SE-G altis-7A-FE 1.8L efi (only in matic), pag XL(base-power-less) XE(mid-w/power steering, "limited" may all-power), up to 250T kaya..

ung rolla na 1zz 1.6 un ang newer 2002-2007 altis.. medyo malakas sa gas than the lovelife nga because power-weight is not that balanced..its a good choice.

another options are: ford focus 1.8GHIA --the 1st batch.. mura na yun.

last batches of the ford LYNX 1.6 GIHA.

mga lancer MX--1.6L na may CVT or kung makakaswerte ka, the limited 1.8L cvt, kasma na ang pioneer DVD-radio stereo w/ 7"LCD sa standard package

nissan sentra granduer GS ung 2001 models check mo lang maigi mga electronics..dun daw may gliches sometimes...ung newer body na GS 1.6L at 180GT, pasok din sa budget mo

mazda 3s pasok din sa budget..pero as with the altis, heavy body, labored engine..medyo matakaw.

the 1.3 nissan verita..ok din classy look, 1.3L matic pa.

another irradical choice--hyundai matrix CRDi

may mga honda jazz/city na pasok din sa budget.. pero check mo kung may CVT problems

civics.. get the ES body, 1.6L... medyo matakaw lang kasi sa gas ung 2.0.

eto lang din kung di ka masyado inclined sa used, want a daily transporter na pasok sa 500T mo-- get an ALTO deluxe--may Electric power steering na, front power windows..800cc engine ok na ok na for your daily use..400-someting lang, bnew pa..

practical lang ako tao. at di ako mayaman, kaya financing is not a good option for me. di ko kaya magbayad ng interest!