If you’re on the lookout for a brand-new vehicle—especially if it’s a starter car you’re eyeing—then chances are, you’ve seen Toyota Motor Philippines’ (TMP) latest promo.
The promo we’re talking about is TMP’s offering for August, where the base Toyota Wigo variant is being offered at P5,970 per month. That sounds enticing and all, but you have to note that the package entails a 50% down payment. It also doesn’t include free insurance and registration, unlike other payment plans, which means the initial cashout will be quite hefty.
How much would you have to pay if you were to purchase the Wigo through this plan, then? Seeing as there are a lot of people interested in this promo (numbers don’t lie), let’s break it down—both the initial cashout and the grand total. We’ve consulted a source from Toyota’s dealer network for this one.
The Wigo 1.0 E MT has a P568,000 SRP. You’d need P284,000 for the down payment, P23,000 for the first-year comprehensive insurance, P7,200 for the three-year Land Transportation Office (LTO) registration, and P8,520 for the chattel mortgage fee. The initial cashout would then amount to P322,720.
Now, for the monthly payment, you’ll need to pay P5,970 per month through the promo. Throughout a five-year/60-month period, that sums up to P358,200. The grand total after the entire term would then be P680,920. Here’s the breakdown:
- 50% down payment – P284,000
- First-year insurance – P23,000
- Three-year LTO registration – P7,200
- Chattel mortgage fee – P8,250
- Monthly amortization (P5,970) over 60-month term – P358,200
- Grand total – P680,920
Keep in mind that this is merely the tip of the iceberg when it comes to the total expenses over the first few years of ownership. You’ll have to pay for insurance and registration renewal, not to mention the regular maintenance and occasional repairs—there are still a lot of expenses to consider.
Also, take note that the actual figures here may vary from dealer to dealer. However, this at least gives you guys a good ballpark figure of just how much you’d have to shell out in total if you were to get a base-variant Wigo right now.
If you need more car-shopping advice, you can read one of our previous tip sheets here.
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