Car Ownership Made Easy: A Guide to the Repossessed Market

By motoph admin on October 3, 2019

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The Philippine public transport system is notoriously underdeveloped and the daily struggles of commuters—from rushing to get into a cramped bus or jeep to tortuously long lines to the trains (which may not even be functioning)—are well-documented.

Until an accessible, efficient, and comfortable mass transit system is in place, the seemingly best option is to own a car. Purchasing a brand new unit, however, remains out of reach for many. To buy a car without breaking the bank, the second hand market is often the place to go for cheaper options.

Fitzgerald Chee, head of Buena Mano, BPI’s Strategic Asset Management and Sales unit, said a bigger portion of the market has realized the practicality of purchasing a second-hand car.

To help potential buyers determine whether a second-hand car is best for them, Chee shares a few guidelines on how to go about it:

1. Where do I look?

Check out bank listings. Have the patience to go through available units to find one that’s best for you. Interested buyers can check the list of second hand cars for sale at Buenamano.ph, which is updated regularly.

2. What do I look for in the listings?

· Car choices. Banks typically have a wide range of second-hand or repossessed cars for sale. Buena Mano has vehicles of various makes and models to suit almost every preference and budget.

· Payment options. Buyers should be able to avail of financing schemes to help them purchase their desired unit. Buena Mano offers various payment options to clients from cash to car loan financing for available cars below five years old.

· Value-for-money. Diligent searchers can find reasonably priced units that can cost significantly less than a brand new car. Prices also vary depending on each unit’s condition and specifications.

· Feedback. Ask people you know or go on online forums to verify whether you’re dealing with a trustworthy company.

3. Can I inspect the unit?

The seller should allow interested buyers to see their chosen unit to check the interior, exterior, and engine. Buyers should be allowed to bring their trusted mechanic along for advice.

4. How does the bidding process work?

The bidding process should be clearly laid out for bidders. Buena Mano bid forms are available at the Buena Mano website. Sealed bids are then submitted to Buena Mano’s Property Sales and Leases office where they will be evaluated.

5. What is the usual bid price?

It depends on what vehicle you are choosing, but no bid should be below the asking price. Matching the asking price would be the cheapest route, but know that it also means you can easily be outbid by someone who went even just one peso higher. Go for a price that is within your set budget that you feel can give you a stronger chance of being the winning bidder.

6. What do you do if you don’t win the bid?

A car is a major investment and something that you should expect to use for many years, so don’t rush it. If you don’t get what you want on your first try, bide your time and wait for the bank to update its listing – you just might find something as good or even better.

“Ultimately, we want to give Filipinos better choices when it comes to mobility. Car ownership is a dream for many, but it can be costly, especially when you factor in registration, insurance, and maintenance fees. By giving them affordable options and easy financing plans, we can help them reach their dream of driving their own car, which in turn can make their daily lives more comfortable,” said Chee.