Reasons why you should hold off buying a car ~ Pinoy Reviews

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Saturday, June 14, 2008

Reasons why you should hold off buying a car

If you’re thinking of buying a car this year, I hope that this little post would make you change your mind or at least, make you think twice.

  • Soaring Oil Prices. It’s been all over the news that world oil prices are sky rocketing. Just this week, it has reached the dreaded $150 a barrel and though the price has eased off a bit, don’t expect to continue a downward trend. Even if you did manage to get a cheap car, oil prices would still take a toll on your pocket.
  • Car Maintenance. Don’t expect your car to take care of itself. Daily car maintenance includes daily car washing, monthly check-up, oil check-up, etc. And if you happen to get a lemon, expect to pay more on the car maintenance than the original price of the car.
  • Incidental expenses. Incidental expenses includes expenses such as parking fees, toll fees (if you’re form the nearby provinces), and of course, the occasional “bribe” to MMDA personnel or policemen just so that they wouldn’t confiscate your license if you happen to commit a minor traffic offense. If you’re unlucky enough and had your license confiscated, you of course have to pay for penalties.
  • Motor Vehicle Insurance. When you register a car, it is mandatory that you get a motor vehicle insurance. This is beneficial to both you and your potential “victim” since the insurance company would take care of everything. Of course, the ordinary motor insurance in our country isn’t as comprehensive as the Unbeatable Van Insurance coverage of some insurance companies in the UK but what is required by law is at the minimum, your car is covered by a motor vehicle insurance.

All this plus the fact that buying a new car would add to daily traffic in the metro and the daily carbon emission that could harm our environment makes buying a car on the bottom of your priorities. If you have the money, I suggest that you just save it up and take a taxi daily.