Buying a First Car for 20-somethings

January 22, 2015
I don’t know about you but every time I am stuck in a traffic commuting to and from work, the idea of owning a car hits me. I don’t have the budget and I don’t think that I will actually buy one in the near future but of course I am opening the possibility. For this year on my 2015 Personal and Financial Goal I added a Driver’s License for I want to learn how to drive and I feel like that could be a good Identification Card.

But what’s the big deal of having a car?

1. You can go anywhere you want. That road trip that you can only watch on TV shows as well as driving playlist that you can dance along.

2. The convenience that you will experience rather than becoming a commuter.

3. The added confidence of achieving something. (A car can be a trophy).

But before you decide to buy a car via loan or (if you are really rich) via cash, I hope you can read the rest of this week’s For 20-something post.


Buying something means slashing an amount so consider your budget first and foremost. Research on a car that will satisfy not just what you want in life but what your budget can agree with. If the budget doesn’t fit then consider a few more months of saving rather than being in debt just for something that depreciates in value. Go for site visit on and talk on people in your life that had bought their cars and interview them. Maybe you can get a big help too in choosing.


Applying for a car loan can be very hard for some while others may find it easy. You have to be a very good creditor before that bank allows you to loan. Also make sure that you apply online for its easier and way faster nowadays since the bank has your information already in their system. Try to save up a lot for the down payment so that you will be paying less every month. Try not to be skip a month in paying for this could get you in troubles.


One of the biggest decision in buying a car will be whether to buy a new car or a used car. For 20-something fresh out of college, a used car can be a better option since it falls in the budget plus inspire you to strive harder to get a new car in the near future. But of course, buying used car may have some bad sides. Make sure that you know who you are dealing with and test drive before paying.

Also since a car depreciates in value meaning it’s price tag goes lower the moment it hits day 1 on the road, you might want a new car so its market value won’t be that low rather than spending on a used car and selling it a year later.


In the Philippines, registering the car in Land Transportation Office is important. Registration is renewed on a yearly basis based on the Last Digit of Plate Number. You may check the LTO website for more information.

Now a car can be far from your goal or maybe something that you’ve been thinking right now but either ways I hope this post could help you. Set your heart and your mind in every thing that you  buy or you invest with so that you won’t regret afterwards.

Should you have questions or concerns then email me at izzaglinofull@gmail.com

What’s your Car Story?! Comment below your notes for today’s blog post.

Clariza Glino

Izza of SavingsPinay helps Filipinos bridge the financial literacy gap one content at a time by providing insights and tips on budgeting, saving, investing, side hustle and growing your net worth. Aside from this blog she also writes at www.izzaglinofull.com, a beauty and lifestyle blog for frugal Pinays and manages, www.izzagevents.com, a wedding and event business since 2011. For inquiries, topic suggestions or future collaborations email her at izza@savingspinay.ph


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