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Should OFWs buy a car?

Yes, but only for the right reasons.
04:15 PM May 20, 2016

bdo

Dear OFW,

To call you bagong bayani–“modern hero” when directly translated–is not an exaggeration. It is basically giving credit where credit is due.

You should know by now that you are among the factors that make up the backbone of our country’s economic growth. Without your hard work, there will be no $25.76 billion to help sustain and stabilize our strengthening economy. Your contribution to society is nothing indismissable; your family, just like those of other OFWs who brave the unknown in pursuit of a good life for their kins, now live a significantly better life. You see your hardwork pay off because you get to send family members to good schools, you get to afford better healthcare for them, you even get to enjoy life’s little wonders and joys with them in a home you can call your own. Taking care of your family means the world to you.

You wonder now, “now that my family’s needs are in place, maybe I can buy a car?” Yes, of course. At the end of the day, this question can always be answered with the statement “you deserve it,” which in all essence you really do, because you worked hard for it. But you need to have your emotions in check because you can’t always support big-ticket purchases with an “I deserve it” statement. It should be supported by a rational or logical explanation. Should OFWs like you buy a car? Yes, but only for the right reasons:

1. Buy a car if you want safety and convenience for your family.

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If you have kids or elderly in the household, they will benefit largely from having a family car. It will be safe for your kids to be driven to and from school instead of having to commute, and it will be convenient for the grandmas and grandpas to have a comfortable ride when they go out for leisure, especially when bulky things have to be lugged about with them (wheelchair, walkers, etc.).

2. Buy a car if you want to enroll it in a ride-sharing service or if you want to support a business where you can earn more.

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Ride-sharing services are a driving force in the growth of the sharing economy. Years ago, you need to have a fleet of cars to be able to efficiently operate a taxi service. Now, a car or two is all it takes to earn from driving other people by way of signing up to these ride-sharing services. Not only do you get to earn, you also get to retain your car’s look because you don’t have to make it look like a cab. Meanwhile, having one’s own means of transportation is a good way of boosting any business. Suppose you’ve already established your own business, you can now boost your revenue-generating project with a car or vehicle that can support your operations: deliveries, consignments, order pick-ups, etc. The vehicle you purchase will pay for itself eventually.

3. Buy a car if that’s really something you look forward to having because your ultimate plan is to come home and retire.

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By now: you’re already established, you have saved up enough to sustain a comfortable lifestyle after years of hardwork, and you’re coming home. Buy a car you know you’re going to use (and adore) for a long time, whether it be for pampering your family or it can also be for your own business.

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Good news! With BDO Auto Loan, you can drive home the car you want (and need!), easy and hassle-free! BDO is here to help you! Click or tap here to apply for an auto loan.

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