Help me with my Budget

[cal0i]

Disclaimer: I know there has been numerous threads already about this (last thread was 2010 I believe). But my topic is more specific about getting the most (best car) out of my budget.

To start:

1. My budget for downpayment is only 60k (Max). And I have seen some reasonable low downpayment promos.
2. My budget for monthly amortization is only 18k (Max). Majority of the options I have seen pushes me to 60 months term. Which I am ok with.

I apologize for the budget, that’s the best deal my wife gave me out of our family budget…


3. I currently drive an 03 Ford Lynx Ghia which is well kept and maintained. And I am keeping it, the new car I’m planning to buy will be my 2nd (toy) car.


After numerous searches in Google and a few visits to car dealers. I have narrowed my choices to two cars. 2011 Suzuki Swift (1.4 Ma) vs Mazda 2 hatchback(1.3 Ma)

4. I have seriously considered Honda Jazz and Toyota Yaris, but neither offers low DP options.. strictly 20%. Lowest DP for Ford Fiesta (1.4 Ma) is 99k.


Since I am down to two options, here’s the breakdown:

2011 Suzuki Swift 1.4 VVT Manual
Downpayment – 48,000 All in (Chattel Mortgage, 3 years LTO, Compre Insurance with AOG + regular freebies)
Monthly Amortization (5 years) – 17,485
Total Value – 1,097,100.00

Plus points: TV/DVD Touch Screen Monitor, conversion panel, Steering Control Module, 2 eye backup sensor, reverse camera and rainvisor set.


2012 Mazda 2 hatchback 1.3
Downpayment – 48,000 All in (Chattel Mortgage, 3 years LTO, Compre Insurance with AOG + regular freebies)
Monthly Amortization (5 years) – 16,371
Total Value – 1,030,260


There’s a difference of 66,840. Looking at the package alone leads me to get the swift. Based on the reviews, both are good cars. Comfortable seats, nice handling, responsive engine. I believe that the swift would give me that practicality and quality that fits my tight budget? Or am I missing something here? Value of car, maintenance and parts after 5 years? After sales service?

One example would be the shocks, I’ve read that stock shock of swift costs around 6k, I’m pretty sure Mazda’s are cheaper probably around 4k or less. Or do we have KYB for swift (Mazda would have one for sure)?


Help me guys!

[yapoy86]

since gusto mo yung "toy" car... mas mukhang toy car yung swift... if i'm not mistaken timing chain ang swift?? correct me if im wrong.. pero maganda yang engine ng swift...

[Bin Diesel]

Ayoko na paguluhin pa isip mo sa pagsusuggest ng iba pang kotse mag Swift ka na.

[_Qwerty_]

save for some more months and increase your downpayment.. low downpayment means higher interest for monthly payments..

[Retz]

Mazda 2 hatchback for me if i got to choose between those two(2).

[cal0i]

Mazda 2 hatchback for me if i got to choose between those two(2).

Hi bro, im hoping you could share the factors you considered when you bought it


Thank in advance

[mad_max168]

Small cars for toy cars might be a waste of money specially if you have kids or expecting some soon... It's a miracle you still maintain a lynx too... Plan for the future I'd say.

[galant E SS]

Small cars for toy cars might be a waste of money specially if you have kids or expecting some soon... It's a miracle you still maintain a lynx too... Plan for the future I'd say.

i agree with mad_max168. TS, why bother buying a 2nd car as your toy car when you already have a well maintained ford lynx that serves you well? then, you will buy a brand new car in installment and be indebted for 5 years. why don't you just save your money for your family's future? . . . just my friendly advice bro.

[rockiee_s]

hi. i just finished the exercise of comparing all interest rates of bank loans. these are the lowest rates i got:

UNIONBANK
EASTWEST BANK
PSBANK

the other factor which u will need to consider is the attitude of the bank loan officer. merong mabait, merong makupad, merong masungit, merong strict sa requirements.

hope this helps.

if i pushed thru with my in house financing, i would have spent more than 200k in buying the same car.

[zaidelro]

Sir caloi..

Just got my swift last week. I got a good deal with psbank..
200k dp
Less than 11k per mo * 60months
Free 3yrs lto
23k disc