Budget Reality Check
When you think about it, the cost of owning a car can start to add up. Our Affordability Calculator can give you an estimate of how much is available to you each month. But don't plan on spending this whole sum on car payments alone. Here are a few other items to factor into your budget:
- Fuel (the prices of premium and regular can vary by up to 10 cents a litre)
- Regularly scheduled maintenance (such as lube, oil and filter changes, and tire rotation)
- Wear and tear maintenance (including brakes, exhaust system and tire replacement)
- Insurance
- Emissions testing
- License tax
- Parking fees
- Professional cleaning
Crunching the Numbers
So, what will it cost you? Whether you're mathematically-minded or not, the safest bet is to sit down with a calculator and work through the costs for any vehicle make and model you have in mind.
First, find out what your annual insurance costs will be as well as the licence and emissions testing fees associated with that vehicle in your province. Divide these amounts by 12 to find out how much you'll pay per month.
Next - estimate how many kilometres you will drive in a year, and use the current gas price and the vehicle's fuel efficiency rating to determine how much you'll pay for fill-ups each month.
Finally, remember to include costs for items such as parking fees, auto club membership (if not already covered by Roadside Assistance) and professional cleaning if these apply to you.
Comparing Apples and Oranges
Once you've narrowed down your vehicle choices, our Cost Comparison Table will help you estimate each vehicle's ownership costs and break them down into what you'll pay monthly. Read more in the How to Compare section.
