The Annual Cost Of Owning A Car In The Philippines [Infographic]
Ever wondered how much your car is costing you every year? We asked our partners at iChoose, the leading car insurance comparison site in the Philippines, to crunch the numbers for you. Surprise: the answer for a sedan being driven at the average of 10,000 kilometers a year is P192,300.
That means for every kilometer you drive, you’re spending around P19.23, or around P16,025 every month, to cover the various costs of owning and using a car. And that’s not including the purchase price.
Of course, this figure is just an estimate, and it could be different for you if you have different driving habits, better fuel mileage, or have different maintenance needs. And depending on your car loan terms, it may be higher or lower. You can find the best car loan for you with our comparison tool.
Nevertheless, with this infographic, you can get a better idea of how much you’re paying every year to own a car, and perhaps to even do calculations on your own.
Want to know what’s included in the cost of owning a car in the Philippines? Check out the infographic below:
As you can see from the infographic, depreciation is the single largest cost of owning a car. But if you’re not planning on reselling your car, this may not even be a factor for you. The second largest cost is finance charges — and you can reduce this by making sure you get the best car loan. You can also reduce the fourth largest cost, insurance, by comparing multiple policies with one click and selecting the one that fits your budget, with iChoose..
So how much are you paying for your car every year?
Before you purchase a car, make sure you’re ready for all the costs. For more on buying your first car, read our article, How To Buy Your First Car.
And make sure you have the perfect car insurance coverage for your budget. Find the best car insurance rates for you with iChoose.