A car today is not highly regarded as a "status symbol" just like in the old days but is more of a necessity.
Despite Metro Manila's notorious traffic, a car is one big purchase you just got to make in your lifetime. The horrific inconvenience of the daily commute, such as but not limited to, unending queues at the MRT and thereafter being packed like sardines once inside, or wrestling your way to get an inch of the seat in an overcrowded jeepney are some of the reasons justifying the purchase of a vehicle that would at least take you from point A to B.
A Brand New Car
Pros: Otherwise said, it is not used. As such buying a brand new car means getting all "the benefits of the power of new". A brand new car means reliability and freedom from worry every time you take it for a spin, at least, during its first three years assuming normal and responsible use.
Cons: Despite the "low down or low monthly schemes" dangled left and right by enterprising car dealers, it is not difficult to imagine how to afford the purchase without sacrificing certain life essentials. No matter how you look at it, a brand new car even those which allegedly can be forked for around P10,000 or less is definitely a big chunk on the budget. Just think of the interest payments and the cost for insurance, registration, maintenance and repairs! Thereafter imagine the burden of paying such amount for the next three or five years. If what you earn in a month is defined merely as a "compensation income", it may not be a good idea to spend what you still have to earn.
A Second Hand Vehicle
Pros: The Price. It is much cheaper and thus more affordable. If luck is by your side and by chance or skill you were able to purchase a bargain that can last for another three years then congratulations. That kind of car can be upgraded or its parts changed into something more appealing and better.
Cons: We are all aware of the horror stories about buying a second hand. Who knows if that "bargain" is actually a repainted junk that happens to survive the flood? Repairs and maintenance costs can skyrocket to unexpected proportions making you wish that you should have bought a new one. If you intend to buy a second hand, better read this.