Real Cost of Owning a Vehicle


Most first time car owners neglect to anticipate the other expenses that comes with owning a car. Asides from your monthly amortization, you need to consider the cost of using and maintaining your vehicle. Some of these expenses costs an arm and a leg and will wreak havoc in your budget if you fail to prepare for it. Let us examine the expenses that are commonly over looked or under estimated by first time car owners.


Fuel


Fuel is one of the recurring expenses you will incur using your vehicle. The several factors that affect fuel consumption of a vehicle are engine displacement, weight of vehicle and engine type. Driving conditions, the style of driving and proper maintenance of the vehicle.

FUEL COST COMPUTATION
AVERAGE FUEL CONSUMPTION OF VEHICLE 8 Km/L
AVERAGE DISTANCE TRAVELED PER DAY 40 Km
AVERAGE PRICE OF GASOLINE Php 45 Per Liter
DAILY COST OF FUEL Php225.00
ANNUAL COST OF FUEL Php82,125.00



*BASED ON MY CARS AVERAGE FUEL CONSUMPTION (CITY DRIVING)



Maintenance

Regular preventive maintenance will ensure optimum performance of your vehicle and preventing minor problems from turning into major repair jobs. If you haven't decided on a vehicle yet, compare the maintenance cost of various automotive companies. There are brands that offer quality service at low cost.
MAINTENANCE AND REPAIR COSTS
PREVENTIVE MAINTENANCE SERVICE * Php20,000.00
SEMI OVERHAUL Php35,000.00
FUEL PUMP REPLACEMENT Php32,000.00
SUSPENSION REPAIRS Php15,000.00
AIRCON COMPRESSOR REPLACEMENT Php11,000.00
THERMOSTAT Php7,000.00
AIRCON SERVICING Php7,000.00


*AVERAGE ANNUAL COST
** COSTS ARE BASED ON THE REPAIRS OF MY CARS. FIGURES ARE ROUNDED OFF TO NEAREST THOUSAND


Parts and Components



Tires, spark plugs, batteries, bulbs, wiper blades and brakes are some of the common car parts that are regularly replaced due to wear and tear.
COST OF REPLACEMENT PARTS
TIRES (4 PCS.) Php16,000.00
CAR BATTERY* Php3,200.00
BRAKE PADS (FRONT & REAR) Php3,000.00
SPARK PLUGS (4 PCS) Php600.00
HEADLIGHT BULB ** Php1,400.00
WIPER BLADES Php700.00


*BATTERY PRICE DEPENDS ON VEHICLES REQUIREMENT
**OSRAM NIGHT BREAKERS

Driver's License and Motor Vehicle Registration



Annual renewal of your Motor Vehicle Registration is a requirement. Asides from your motor vehicle registration, you also need to renew your car insurance, pay for emission test, and have stencils of your cars chassis and engine number.

Driver's license on the other hand are renewed every three years. Requirements for driver's license renewal are a medical certificate and drug tests results.
LICENSE AND REGISTRATION COST
DRIVERS LICENSE RENEWAL Php418.00
MEDICAL CHECK UP Php200.00
DRUG TEST Php200.00


MOTOR VEHICLE REGISTRATION RENEWAL Php3,200.00
EMISSION TEST Php400.00
STENCIL Php150.00
CAR INSURANCE* Php11,000.00


*COVERAGE FOR CAR INSURANCE WITH ACTS OF GOD

Car Accessories

Typical car accessories purchased by vehicle owners are seat covers, floor mats, tints, rims, sound system, fog lights, and backing sensors. Other car products commonly purchased are air fresheners car wax, rubbing compounds, and tire blacks.


COMMON CAR ACCESSORIES


TINT Php6,000.00
LEATHER SEAT COVERS Php8,000.00
FLOOR MATS Php1,500.00
AIR FRESHENER Php100.00
FOG LIGHT KIT Php3,500.00
CAR FRESHENER* Php150.00



Traffic Violations and Vehicular Accidents

Traffic Violations and vehicular accidents are becoming a common sight on the road. The growing number of motor vehicles have increased the chances of getting involved in a vehicular accident. Chances are you will commit a traffic violation or encounter an accident the more you drive in these crowded streets.
LTO SCHEDULE OF FINES
RECKLESS DRIVING
FIRST OFFENSE Php2,000.00
SECOND OFFENSE Php3,000.00
SUBSEQUENT OFFENSE Php10,000.00
FAILURE TO CARRY DRIVERS LICENSE Php1,000.00
OTHER VIOLATIONS Php1,000.00



Parking & Other Expenses



Parking and Car Wash are some of the minor expenses that we take often disregard. The amount may seem negligible at first, it is only when once you add all these minor expenses for one year you will see the huge amount involved.
PAY PARKING AND CAR WASH
PAY PARKING COST PER ENTRY Php25.00
NUMBER OF TIMES A WEEK 3
ANNUAL COST Php3,900.00


CAR WASH Php150.00
NUMBER OF TIMES A WEEK 3
ANNUAL COST Php23,400.00