I love my car. It allows me to go wherever I go, without the hassle of commuting – a Godsend, since I live down south and it would take multiple transfers before I even get close to Manila. As long as I have money for toll and gas, I am saved from ridiculous negotiations with rude cabbies and from squished inside train carts like sardines.

Of course, not everything is easier – there are downsides to everything after all. And while I don’t necessarily regret getting a car four years ago, there are some things I wish I had known before I entered that five year loan (yep, I bank financed it. There’s no way in hell that I could afford to pay in cash).

Here are some of them – for the benefit of those who are thinking of getting a car this year:

1. Tires are frakkin’ expensive. I learned this the hard way when, during my sixth month of car ownership, I drove into a deep cragged pothole and managed to rip a big hole in my left hind wheel. I didn’t have a spare – just one of those donut thingies to get you going until you can find a suitable replacement – and wouldn’t you know it, most tire shops (at the time) didn’t carry my particular brand. It also didn’t help that it happened on the eve of a long holiday weekend so most shops were closed. I ended up getting a temporary replacement tire (for over three thousand pesos!!!) just so I could actually look for the right brand.
2. Car pre-maintenance services aren’t cheap. While most check-ups are in the reasonable zone of three to four thousand pesos each, my first major check up set me back a whopping nine thousand pesos. Thank God for credit cards.
3. One year flies by so fast when your first year of insurance is free. If you’re going to mortgage your car, bear in mind that insurance is mandatory. Agents would usually throw the first year of insurance as a freebie and it’s very easy to lose track of time. Make sure you take note of the date when you signed the contract since that’s when your policy needs to be renewed. Personally I was shocked that it was so expensive – I was expecting something below ten thousand but I ended up paying a little over thirteen thousand for that second year.
4. Parking fees are ridiculously expensive. Especially in the BGC area. O___O. I have long since learned to allot a portion of my budget for every dinner, lunch out, what-have-you’s just for the parking fee.
5. Your first year will be hell. In my case it was a major adjustment because more than half of my salary went to the car payment fund. As somebody who had no financial obligations whatsoever, this was a very halting reality check. Suddenly I was saying no to spontaneous eat-outs and I found that I was living on a weekly allowance again. I actually resorted to selling cupcakes just to make ends meet. Eventually, of course, I got used to it and things got a lot easier – especially with the help of those annual increases and promotions.

My biggest tip for prospective car buyers would be to have some cash left over after you’ve made your initial down payment. I had a little bit of amount left back then but it wasn’t enough for me to live comfortably. I guess having 30-50% of the down payment amount on hand would definitely make your life easier that first year.

Would I do anything differently if I had the choice? Yes. I’d probably invest first in Mutual Funds before I got signed that contract, just so I could have another source of income to cushion me during those tough times.

But, since I can’t go back and changes, I’ve learned to work around a livable budget. I’m only sixteen months away anyway so yaaaay!

Do you own a car? Did you mortgage it? Care to share some tips?