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Infographic: How much does a car really cost? Add to ...

Cars are a voracious wealth destroyer – they burn both gas and money. Behind houses, they’re a top contributor to today’s high personal debt levels and inadequate saving. Thinking of jumping into what is expected to be a record year of new car buying in Canada? See how much this will cost on a day-to-day basis below for three popular car choices.

In a study of driving costs by the Canadian Automobile Association, the three models selected represent popular vehicle classes: compact (Civic LX), mid-size (Camry LE) and crossovers (Equinox TLT). The figures shown do not include operating costs such as fuel, maintenance and tires.

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Honda Civic LX

Insurance*: $2,430.00
Lic./registration: $146.16
Depreciation**: $3,069.36
Finance expense***: $836.64
Annual total: $6,482.16
Amount per day: $17.76

Toyota Camry LE

Insurance*: $2,619.00
Lic./registration: $146.16
Depreciation**: $3,687.96
Finance expense***: $1,040.88
Annual total: $7,494.00
Amount per day: $20.53

Chevrolet Equinox LT

Insurance*: $2,725.68
Lic./registration: $146.16
Depreciation**: $4,677.12
Finance expense***: $1,305.84
Annual total: $8,854.80
Amount per day: $24.26
* These insurance costs are based on typical insurance coverage for an average male driver, around the age of 45, employed with a full licence.
** Based on trade-in values after four years and 72,000 km
*** Based on 7.25% and a four-year loan

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