Here’s the True Cost of Car Ownership in the Philippines, Beyond the Purchase Price – according to Metrobank

Buying a car is a significant financial decision. You might think all you need to do is save up for a down payment and be qualified for a car loan, but the journey doesn't end with the purchase price.

Many first-time car buyers are surprised by the additional and recurring expenses of owning a vehicle, and it will do you well to be familiar with them to ensure that you’re financially prepared for your car ownership journey.

Here's a breakdown of the costs to factor into your budget:

1. Fuel: The most major recurring expense. Your fuel consumption will depend on your car's engine type and your driving habits—naturally, if you’re always out and about and taking your car, you will need to refuel/recharge a lot.
2. Preventive Maintenance Service (PMS) and repairs: The second major recurring expense, and is often one of the highest annual cost to maintain a car. Regular maintenance is essential for keeping your car in good condition; you don’t want to get stuck on the road with a broken-down vehicle. New cars usually come with a warranty and free service for the first few thousand kilometers, but you will need to budget for future check-ups, oil changes, and potential repairs once the warranty expires.
3. Insurance: Car insurance is a legal requirement and an important protection against accidents and theft. Premiums can vary greatly depending on the car's value, age, and your driving history.
4. Registration fees: You'll need to pay an annual registration fee to the Land Transportation Office (LTO). This fee is based on the car's value and can also include costs for emissions testing.
5. Other fees: Don't forget to budget for other expenses like toll fees, parking fees, and car wash or detailing services, all of which count as recurring expenses.

Once you’re ready to take the next step in your car purchasing journey, Metrobank is here to support you – complete with exclusive offers such as waived fees, low rates, and free insurance.

Metrobank recently introduced its Happy Holideals promo, which makes owning a car more affordable. The offers are:

1. Waived Fees: Save up to PHP 100,000 on fees, including Security Interest, Registration Fee, Documentary Stamp Tax (DST), and Notarial Fee.
2. Competitively Low Rates: Car loan interest rates can be as low as 8.70% p.a., to make it easier on your monthly budget.
3. Bonus Gift: Free car insurance from AXA Philippines for the first year of the loan.

You can enjoy these perks when you apply for a car loan before October 15, 2025. Clients can conveniently apply online through https://mcola.metrobank.com.ph/car-loan or visit the nearest Metrobank branch.