Economists say now is the best time to buy a brand-new car

Your dream car is waiting for you at MIAS 2019
by Paulo Rafael Subido | Mar 28, 2019
PHOTO: Paulo Rafael Subido

The 2019 Manila International Motor Show (MIAS) is happening next week, and we can’t wait for it to kick off. It really is fun for the entire family. And if you’re looking to buy a car, the place to do it is there. Apart from cool deals and discounts that you can get through BPI Family Auto Loan (which we will enumerate below), there are a few other compelling reasons.

We caught a presentation given by economist Mark Canlas about the state of the Philippine auto industry. Now, I don’t claim to be an expert in economics, but what he said is quite interesting. I will try to break it down.

According to Canlas, interest rates are currently low, which means it’s easier to pay for loans. At this point in time, inflation is also normalizing. Therefore, there is plenty of borrowing going on. On the flipside, however, exchange rates are going up because of the strengthening foreign currencies. As we know, the exchange rate is one of the main factors that determine how much a car is priced in the Philippines.

So, the main takeaway here is to buy a car right now while inflation is normal and interest rates are low, because the prices of cars will soon be driven up by increasing global exchange rates. Does that make sense?

In case you’re not convinced, these deals might change your mind. If you buy a car at MIAS 2019 with the help of BPI Family Bank Auto Loan at a loan amount of P500,000 and up, these are the exclusive offers you will get (per brand)—on top of free first-year insurance, free chattel mortgage, and a free Petron gas card.  

Isuzu

  • P250,000 discount for the MU-X
  • P100,000 discount for the MU-X and a free KTM Duke (crazy, right?)

Volkswagen

  • P30,000 cash discount for the Volkswagen Lavida
  • Free ceramic coating for the Lamando and Santana GTS

KTM

  • Free LTO registration and free first-year insurance

Honda

  • P100,000 discount on the HR-V EL

Kia

  • P15,000 discount on any car in the entire Kia lineup

From April 4 to 7 (10am to 10pm), 2019, the country’s biggest car and motorcycle manufacturers will be showing off their latest products at the World Trade Center in Pasay. Are you looking to buy a car now? See you at MIAS 2019.

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PHOTO: Paulo Rafael Subido
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