Charlottetown Consider the Total Cost of Car Ownership
Carefully consider the total cost of ownership:
- Add up all the costs: Include insurance (young drivers should pay particular attention to this), license and registration, depreciation, and interest charges. Depreciation on a new car is around 1/3 of its cost.
- Estimate your annual operating costs by multiplying the monthly cost by twelve. Include gas, oil, parking, tickets, tolls, maintenance and car washes.
- Consider membership in an automobile club (usually a Canadian Automobile Association affiliate), if only for the towing and battery "boosting".
Other car buying tips