Buying a car, especially your first one is a major financial milestone. Aside from a house or a business investment, buying a new car is a large purchase that people would usually save years for. It’s something that a lot of people dream of.
On the flip side, buying a car can also be quite hard. They don’t come cheap, and if you’re not financially prepared, you’ll just find yourself in debt. With that in mind, here’s a checklist of when the best time to buy a car is for the general public!
When Commuting is No Longer an Option
In the Philippines, the average person will almost always be commuting to work even if it takes up two to three hours of their time. People are usually very stubborn and hardworking that they would brave the difficult commute. Some people from the provinces even travel for more than three hours just to get to their job in the city.
There will be a time when commuting will no longer be an option. Even the hardiest of people can break from all the stress that the commute to work can add to their normal work hardships. When that happens, they would either find a closer place to live or buy a car. Buying a car is best if you would rather not live alone in an unfamiliar place.
If commuting is no longer a viable choice for you, buying a car will make the travel smoother and easier—assuming that you know how to drive. You control where you go through and the pace in which you’re going.
The only thing that you should consider is how heavy traffic is in certain places. But with navigation applications and experience, you will easily learn of the best places to pass through!
When it is more Cost-Efficient
The difference between commuting to work or driving to work is almost negligible. Both have their pros and cons. When it comes to cost-efficiency, Driving to work is probably the better choice for people who would usually take 2 hours or more if they stick to their normal commute.
Cars are best for people who work far from home and have a decent route to go through. This is because depending on where you work, there’s a high chance that commuting will still be a better choice of travel.
A perfect example would be those who work along EDSA, particularly the ones that are near the MRT stations. You can say that commuting via the MRT is a good option because of how close the MRT is. When compared to driving there, you must consider heavy traffic and the volatility of EDSA in general.
If you were to work in a place that is known for light traffic and is far from any notable transport hubs, then driving there might be a better option for you!
At the end of the day, you should think about how much you will be able to save by driving or by commuting to your job. That would usually mean you must compare the cost of commuting every day to the cost of maintaining your car—the cost of riding the MRT and other public transportation costs vs. fuel, car checkups, car batteries, and the likes.
Once you’ve calculated which one is better in the long run while also considering your health and convenience, you’ll find out whether or not it’s time for you to buy a car!
When You Can Afford One
Last and most obviously, you should buy a car when you are financially ready. As it was mentioned at the start of this article, any kind of purchase for a vehicle is a big thing. It will take a big sum out of your savings and if you chose to pay through installment, it will chip away at your bank account for a long time.
When that happens, you have to make sure that you can pay for it without going into debt. Remember, buying a car should end up being a convenience for you and your family. If it becomes just another wasted expense, then it is most definitely not needed.
When you can afford a car, you can also afford to think of changing up your commute. The two points above should only be discussed if you can already afford a car, to begin with. If you can’t afford a car, then it’s not yet time to buy one.
Key Takeaway
There is no best date and time for a person to buy a new car. This purchase is something that needs to be thought over with the family. It must never be an impulsive buy. If you are looking to buy a car soon, remember the three things discussed above. You must be able to afford a car. You must consider if it’s cost-effective, and you must consider if it will benefit your work and personal life.
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