Eye Candy!

[OnMyWay]

That stupid car dealer that lives in my area always has head turners parked at the curb.  I'm used to the Ferraris, Lambo,  Cobra, etc., but this classic beauty could cause an accident!

[JJReyes]

Wouldn't catch me driving a fancy car even if I could afford to buy one.  In the Philippines, where can you drive it?  The potholes and speed bumps would ruin your undercarriage within a few months.  Most purchases are for owners to show off.   Showing off your wealth is the thrill.

[OnMyWay]

9 hours ago, JJReyes said:

Wouldn't catch me driving a fancy car even if I could afford to buy one.  In the Philippines, where can you drive it?  The potholes and speed bumps would ruin your undercarriage within a few months.  Most purchases are for owners to show off.   Showing off your wealth is the thrill.

 

That Corvette is not the usual "Fancy" car.  It is a collector car and you might be surprised that the price might not be too high.  Probably would not be driven that much.  There are quite a few classic American cars around from that era because American military could import them.  There are plenty of nice roads in Subic Freeport where you can take a nice car for a spin.

For the normal "Supercar", I agree with what you said..  Just for showing off.  However, many neighbors have nice BMWs, etc., as their daily drivers.  My next door neighbor at my current rental house has a Porsche Panorama he uses for everyday driver, takes the kids to school, etc.  For longer trips he has a BMW SUV.

[Possum]

4 minutes ago, OnMyWay said:

However, many neighbors have nice BMWs, etc., as their daily drivers.  My next door neighbor at my current rental house has a Porsche Panorama he uses for everyday driver, takes the kids to school, etc.  For longer trips he has a BMW SUV.

Knowing the wages paid in both public and private employment I often marvel at all the expensive cars being driven.

[scott h]

17 minutes ago, Possum said:

Knowing the wages paid in both public and private employment

Well said Possum, as we move about the country and see the level of poverty or the number of people at subsistence level. Then go to one of the casinos here in Manila........you will be Gob smacked at the number of folks gambling.  

[OnMyWay]

1 hour ago, Possum said:

Knowing the wages paid in both public and private employment I often marvel at all the expensive cars being driven.

Regular cars amaze me more.  So many middle class are buying Vios, Honda City, pickups, etc. but I don't understand how they can afford.  From what some have said here on the forum, easy credit is how.

For higher end cars, I think most owners are business owners or professionals, like in my neighborhood.  Probably the same all over.

[scott h]

10 minutes ago, OnMyWay said:

easy credit is how

I dont know about up there in Subic, but the latest thing here is that peeps are buying E trikes on credit, and using them as colorum transport. I have heard rumors of fights between them and Tricycle and pedicab drivers breaking out. (a 4 wheel E cart goes for 88,000 peso)

[Possum]

21 minutes ago, scott h said:

I dont know about up there in Subic, but the latest thing here is that peeps are buying E trikes on credit, and using them as colorum transport. I have heard rumors of fights between them and Tricycle and pedicab drivers breaking out. (a 4 wheel E cart goes for 88,000 peso)

If I saw such a fight I wouldn't know who to cheer for....

[Tommy T.]

1 hour ago, OnMyWay said:

Regular cars amaze me more.  So many middle class are buying Vios, Honda City, pickups, etc. but I don't understand how they can afford.  From what some have said here on the forum, easy credit is how.

For higher end cars, I think most owners are business owners or professionals, like in my neighborhood.  Probably the same all over.

I believe you are correct on both counts. A few years ago I shopped for a used motorcycle and then a car two years later. In both instances, virtually all used vehicles were repo-ed from banks.

And I know there is a lot of money in some hands here when I see the occasional Bentley cruising by and so many expensive Fortuners and other massive SUVs and pickups.

[GeoffH]

6 hours ago, OnMyWay said:

Regular cars amaze me more.  So many middle class are buying Vios, Honda City, pickups, etc. but I don't understand how they can afford.  From what some have said here on the forum, easy credit is how.

 

We live in a gated middle class subdivision, about 2/3rds of the houses have cars (the rest have motorbikes or mini vans).  Those cars range from Wigo and Suzuki Celerio, through Vios and Suzuki Dzire, to Avanzas, Ertigas, Xpandas, Innovas and up to Toyota, Mitsubishi and Nissan Dual cab pick ups.  It's impossible to know people's actual household incomes but these are single family units and there doesn't seem to be much turn over of houses (which suggests they're paying their house loans and their vehicle loans).

Assuming dealer finance and 20% deposit the monthly payments would range from around 10k to 25k for the cars and pag ibig payments for the town houses are around 15k a month (over 30 years).

I've read elsewhere that 'middle class' is from about 40k to 75k income per month so with 35k to 50k for house and car that leaves somewhere between 30k at the low end and 50k at the high end remaining after house and car. That's certainly livable for the average Philippine family in my experience.

It's not very 'western' to be paying as much or more for a car loan as you do for a house loan but we're not in a western country.

 

None of this really applies to us because we've always bought cars, houses and motorbikes for cash.

Edited June 4 by GeoffH