What can you do with $570? Get a new smart phone? An iPad? A new piece of furniture? A flight? The average car payment in Canada is $570 per month. That’s $6,840 per year that people spend on car payments – enough to cover a nice, all-inclusive family vacation, a renovation, or even college tuition.
On average, a new car loses 11% of its value when you drive off of the lot. Each subsequent year is another 15-25%. After five years, the car is only worth 37% of what you paid at the dealership. We don’t know about you, but we can think of a lot more fun ways to throw money away than to spend it on a car payment.
You’d be hard pressed to find any financial analyst who’d advise you to buy new. Even buying a car that is one or two years old will still maintain that level of reliability of a new car but without the new car prices. At the Mufflerman, we are big fans of buying used vehicles because even with the cost of repairs, you will be saving money when it comes to a car payment and the depreciation values.
Stay tuned for more tips from the Man on how to make sure you can choose a used car that isn’t a lemon and that is just right for your needs.
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