The Right Time to Buy a Brand New Car

[slapz]

financial, personal, need, want, and other factors.

Probably for those who are not born rich.

What is the right Monthly Salary?

Is it when you have enough money in the bank to purchase a car in cash?

Is it when you think you can handle the Monthly Amortization?

Kelan nga ba? Now, later, or never?

[1D4LV]

imho, there is always not the right time.
because getting a new car is not a wise investment due to depreciation, cost of maintenance, fuel, insurance, etc....

it would always depend on the buyer, based on his needs and affordability.

personally, nagkakaroon lang ako ng brand new car dahil part of company's benefits, wherein sagot nila at least 50% of the cost. but if i would have to rely on my own resources, i'll save first and would get a second hand, 3-5 year old car, in cash. at least, hindi ako talo sa MA and depreciation ng bagong sasakyan. oo, medyo costly in terms of maintenance, pero it still negates the cost of having to pay the MA + maintenance + overhead charges. and i get only what I need, based on a five year projection method, tapos benta na.

[uls]

buying a car is wealth destruction coz you end up with an asset worth less than all the money you put in

[slapz]

So, have you bought your brand new cars? What made you?

[yebo]

true lahat sinabi nila, kung purely from the point of view of finance buying a brand new car is not wise since it depreciates the minute it rolls out of the dealership. add to that the cost of maintenance and insurance.

but for me i always buy brand new for something i can never substitute with money. peace of mind. i am away from my family half of the time. my wife drives when i am not there, my kids are in the car. i sleep soundly. can't have that with a 2nd hand.

the right time depends on your finances. personally if my total monthly amortization (house, car, insurance, etc) is less than 30% of my income, or i can still meet my savings goals (which for me is at least 20% of my income) then i would. pero if i can not meet either of the 2 then waiting and saving mode na lang muna ako.

[stavros]

Ang magandang rule dyan is dont buy it when you cant pay it in cash. This way, you will strive to save more and by the time you have enough money,youll realize that you dont need it and just keep the savings.

[slapz]

true lahat sinabi nila, kung purely from the point of view of finance buying a brand new car is not wise since it depreciates the minute it rolls out of the dealership. add to that the cost of maintenance and insurance.

but for me i always buy brand new for something i can never substitute with money. peace of mind. i am away from my family half of the time. my wife drives when i am not there, my kids are in the car. i sleep soundly. can't have that with a 2nd hand.

the right time depends on your finances. personally if my total monthly amortization (house, car, insurance, etc) is less than 30% of my income, or i can still meet my savings goals (which for me is at least 20% of my income) then i would. pero if i can not meet either of the 2 then waiting and saving mode na lang muna ako.

So you are saying, 30% of Income should be Housing and Car Amortizations? Then 20% is Savings, So 50% is Living Expenses.

So for example, a dude who has a salary of 100K a month, that is about 68K net. So 20.4K should go to housing and car, if you are paying 10K for the house, you got 10.4K to buy a car, which is something like an Accent/Vios or something. Really, if you have 100K Salary, you can just afford a subcompact sedan?

I think ideally that is what it is. But how much can you stretch it?

[slapz]

Ang magandang rule dyan is dont buy it when you cant pay it in cash. This way, you will strive to save more and by the time you have enough money,youll realize that you dont need it and just keep the savings.

This like saying never. Given a montly salary scheme. If you are saving for a house, how can you save for a car? So, a house you can loan? Car you should pay in cash?

[CoDer]

Ang magandang rule dyan is dont buy it when you cant pay it in cash. This way, you will strive to save more and by the time you have enough money,youll realize that you dont need it and just keep the savings.

Wag na lang kamo syang bumili ng car pag sundan natin sinabi mo.

[slapz]

Yes, all the answers here are ideal. I would like to get some comments for those who go against the ideal but survived it.

[uls]

you stretch naman. buy a more expensive model

you just have to give up some things to make monthly car payments

like zero savings. not eating out. no vacations

hehe

[slapz]

you stretch naman. buy a more expensive model

you just have to give up some things to make monthly car payments

like zero savings. not eating out. no vacations

hehe

This I like. I just thought about something, that when you buy a car, you should be sure that it will improve your life, not the other way around. So, buying a car, then lose those three things you said, is not really a good thing...

[uls]

which defeats the purpose of buying a car hehe

kaya nga you bought a car so you can go out... eat out, go shopping, go out of town...

[_Qwerty_]

kung pwede naman mag commute.. i say commute na lang.. mas malaki matitipid.. lalo na kung single pa.. pero if you can afford it naman.. then why not.. make sure you also compute for the the other expenses associated with the car and not just the monthly ammortization..

kung may pamilya na.. and kids.. highly suggested to buy a car for security and convenience.. lalo na kung may baby..

[slapz]

I also had this thing before: if I will just earn this amount additionally, I could definitely buy a brand new car. Then you earn that amount, and still you can't afford it. What is up with that?!

[uls]

coz you're not supposed to spend a large part of your income on monthly car payments leaving what's left of your income for everything else

it's just wrong

[dg1110]

I think buying a Brand New car can be driven by the following:

- Can you afford it (Cash or Monthly Amortization). For me, the cost of a Brand New car should only be around 10% of your net worth. As they have previously said, its not really a good asset to invest with. May nabasa ako before na 2nd biggest investment ng tao ay ang kotse usually. 1st is ang bahay.

- Will the Brand New car make you or your family happy. Its your hard earn money so spending it is all up to you! If it will make you happy in life then go for it! Just make sure na pag binili mo yung car mo ay hindi ka naman mag hihirap. Kailangan mo rin isipin ang furture :D. "If it makes you happy, it can't be that bad" - Sheryl Crow

Happiness in life is not about all money.

Tsaka kung wala ng bibili ng brand new, e d wala na tayong mabibiling second hand. Hehehe.

[dg1110]

*Slapz, Ano pala balak mong bilhin? Baka naman aventador yan. Pasakay naman pag nabili mo Sir.

[uls]

it's wrong when your working life is dedicated to making car payments

don't become a slave to a car

[slapz]

the one I am deciding to buy is on the Car Comparisons thread, Budget Crossovers/CUV.. I like the Haima7. Ahaha!

One of the reasons why I think I 'need' a brand new car is I got a 10 month old, and one on the way. Scary having the two in a Kia Pride, right?