{"id":409,"date":"2016-08-11T03:58:30","date_gmt":"2016-08-11T03:58:30","guid":{"rendered":"https:\/\/www.tsikot.com\/news\/?p=409"},"modified":"2020-01-14T05:00:28","modified_gmt":"2020-01-14T05:00:28","slug":"6-annual-car-expenses","status":"publish","type":"post","link":"https:\/\/www.tsikot.com\/news\/6-annual-car-expenses\/","title":{"rendered":"6 Annual Car Expenses You Should Prepare For"},"content":{"rendered":"

A common mistake that people make is saving up only for the total cost of the car purchase and not for the expenses that come after buying it.\u00a0The costs of your car don\u2019t end when you drive it off the car dealer<\/a>. Take a look at 6 annual car expenses involved with owning a car in the Philippines, based on buying a sedan with a fair market value (FMV) of Php 600,000.
\n\"annual<\/p>\n

1. Fuel<\/h2>\n

Fuel is one of the biggest expenses involved with your car. Currently, diesel prices are around Php28.00 per liter, with gasoline at Php41.00 per liter. This expense will vary on how much you drive and how much fuel you use.
\nAverage Total Cost:<\/strong>
\nPhp 41.50 x 2.8 liters x 365 days = Php 42,413.00<\/p>\n

2. Parking<\/h2>\n

Parking can be trickier. If you\u2019re lucky, you\u2019ve got a spot in the building that you work at. Otherwise, you\u2019ll have to park in surrounding parking structures, and that can be just as costly. The average parking fee is around Php150.00 for a full eight hours.
\nAverage Total Cost:<\/strong>
\nPhp150.00 x 20 Working Days x 12 Months = Php 36,000.00<\/p>\n

3. Loan Interest<\/h2>\n

Estimating a 20% down payment for a 36-month term, you\u2019ll be paying at least Php72,000.00 in interest throughout the life of your loan, depending on your bank terms.
\nAverage Total Cost:<\/strong>
\nPhp 24,000.00<\/p>\n

4. Car Insurance<\/h2>\n

Comprehensive coverage premiums will vary between providers, but for a sedan, you\u2019ll spend an average of Php 20,000. You can compare providers on MoneyMax.ph to get the lowest car insurance covers you want.
\nAverage Total Cost:<\/strong>
\nPhp 20,000.00<\/p>\n

5. Repairs and Maintenance<\/h2>\n

This is a variable cost of owning a car. Costs will depend on the usage of the car, its brand, and model. Most cars should undergo an oil change every 5,000 kilometers, and preventive maintenance services at regular intervals.
\nAverage Total Cost:<\/strong>
\nPhp 5,000.00<\/p>\n

6. LTO Registration<\/h2>\n

If you want to be able to drive your new car around, this is a necessity. Renewal is once a year and is mandated by the Land Transportation Office (LTO) for all car owners. You can do this at any LTO branch near you.
\nAverage Total Cost:<\/strong>
\nPhp950.00 (CTPL) + Php410.00 (Emission Testing) + Php 1,974.06 (Car Registration) = Php 3,334.06<\/p>\n

Total Annual Car Expenses<\/h2>\n

Php 130,747.06<\/strong>
\nThe total annual cost of owning a car requires looking into the details, and will vary depending on how you use your vehicle. That doesn\u2019t mean that you should cut corners, as the money you pay goes a long way to ensuring you and your companions safety in your new car.<\/p>\n","protected":false},"excerpt":{"rendered":"

A common mistake that people make is saving up only for the total cost of the car purchase and not for the expenses that come after buying it.\u00a0The costs of your car don\u2019t end when you drive it off the car dealer. Take a look at 6 annual car expenses involved with owning a car…<\/p>\n","protected":false},"author":2,"featured_media":416,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\n6 Annual Car Expenses You Should Prepare For - Tsikot.com<\/title>\n<meta name=\"description\" content=\"Take a look at the annual expenses involved with owning a car in the Philippines, based on a sedan with a fair market value. Average annual car expenses.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tsikot.com\/news\/6-annual-car-expenses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"6 Annual Car Expenses You Should Prepare For - Tsikot.com\" \/>\n<meta property=\"og:description\" content=\"Take a look at the annual expenses involved with owning a car in the Philippines, based on a sedan with a fair market value. 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