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Judul : How to buy a car for FREE using mutual fundsLink : How to buy a car for FREE using mutual funds
The top three dreams of most Filipinos are buying their own house and lot, buying a car and have an amazing vacation and travel with their families.
Today, let us look at different ways to buy a car.
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| Different ways to buy a car |
1. Take a car loan.
This is the usual approach. Since buying a car is expensive, the most practical way is to take a car loan. And with the trending decrease in the down-payment, almost everyone can now afford to drive home a car. 9k and you get a Kia Picanto or with 5k, hello Hyundai Eon! (this maybe the reason why the roads are getting high traffic)
But by doing math, buying a brand new car is often the biggest expense that loses its value very fast. A new car loses 50 to 70% of its value in the first four years.
Example:
Car: Model X
Unit Price: 735,000
Down-payment: 147,000 (not including insurance + LTO + chattel fee)
Monthly Payment: 14,877
Payment Period: 5 years
Total Spent: 1,039,620
Car Value after 5 years: ~ 300,000 only!
In buying a 735K worth of car, you spent around 1M but after 5 years its value is now 300K! That doesn't look practical to me especially if right now we are not yet financially stable.
How to buy a car for FREE using mutual funds
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