The real cost of transportation - Part 2: what it costs to own a car

Text transcript: Money smarts in a flash

The real cost of transportation - Part 2: What it costs to own a car

Finally got your licence! Now, you a want car and all the freedom and independence that come with it! Keep in mind that whether you're leasing or buying, or getting a used or new car, the expenses can really add up.

Costs to consider:
  • Gas. Your expenses will vary depending on:
    • The make and model of your car
    • How far you're travelling and what kind of driving you're doing (city or highway)
    • Gas prices (the average price in 2018 was $1.28/L).
  • Insurance
  • Maintenance
  • Depreciation. Depreciation is calculated using the purchase price of your car, its current value and how many years you've had it.
  • Licence and registration fees

The numbers cited in this infographic are based on studies conducted in the United States and Canada, including Quebec.

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