Borrowed Car, nabanga ko, Owner insists that i replace them with a Brand New Car

I need help.

I borrowed a Car from a colleague, just for joyride inside the village, nabanga ko, self accident.
On the incident, we agreed to have it repaired
(ako na bahala sa lahat - tow and repair - it will look like nothing happened to the car).
Two days later, the owner of the car insists that i buy the car from them or replace them with a Brand New Car, same model or a different car with the same value.

The car is a 5 month old double-cab/pick-up Suzuki Scrum Multicab, they said that they've been trying to sell the car for the past 4 months.

Another problem is, their asking price, in my opinion, is too high. Php 220,000.00.  
I've been asking for a receipt of all the upgrades that they've made with the car, they are not providing it.
In my area, cars like this only cost Php 150K - 190K brand new.

I told them that I don't have the capacity to pay, i earn 15K a month and i don't have much savings left because of the repair cost of the damaged car.

They are now seeking legal advice from their lawyer and i don't know what to do next.

Thanks

Dont give your consent or to sign any contract that purports to be a sale. They cannot force you to buy the unit.

Consent is one of the essential requisites in a contract, wherein, if not freely given by any parties, the resulting contract will be ineffective.