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Ever wonder how much your car is costing you each year?
We asked our partners at iChoose, the leading car insurance comparison site in the Philippines, to crunch the numbers for you.
A sedan with a 10,000 km. average in yearly mileage will cost you P192,300.
That means P19.23 per kilometer or P16,025 a month to cover the various costs of owning and maintaining a car. And that does not count the purchase price.
Of course, the figures are mere estimates. The amount varies depending on driving habits, fuel efficiency and maintenance needs.
Also, depending on your car loan terms, it may be higher or lower. You can find the best car loan for with this comparison tool.
To know the various cost-components of owning a car in the Philippines, check this out. The infographic gives you an idea of how much you’re paying each year to own a car. Perhaps you can even do your own calculations.
Based on the infographic, depreciation is the single biggest cost of owning a car. If you’re not planning to resell your car, this may not be a significant factor. The second biggest component is finance charges — which you can reduce 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.
Before you buy a car make sure you’re ready to bear the costs. For more on buying your first car, read ”How To Buy Your First Car.”
Also, make sure you have the perfect car insurance coverage for your budget. Find the best car insurance rates for you with iChoose.
This article first appeared in slightly different form on iMoney.