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
** Based on trade-in values after four years and 72,000 km
*** Based on 7.25% and a four-year loan