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In the absence of a flair system on lemmy yet, let’s try to make it easier to scan through posts by type in here by using tags:
This article is shit, but based on this line:
A car purchased in 2024 is expected to cost a total of $172,129 over 10 years, according to the personal finance service’s calculations.
The solution is “don’t buy a new car” which isn’t unique to Montreal.
Even a used shitbox car is more expensive to buy, maintain, and fuel than walking or cycling.
Montreal LOVES bikes.
I can't believe that the average person is buying a 100k+ car.
Ya not too sure how they get to that number. They are likely including everything to do with the car over ten years (gas, repairs, insurance, etc.) but it seems pretty excessive.
Even a new car at $50k with a 20% down payment and 7.1% interest loan over 6 years would cost about $60k overall for the purchases itself.
I have a pretty lengthy commute and probably more than the average person, and probably pay about $7500 per year for gas and insurance so $75,000 over 10 years. That still leaves another $35,000 leftover for things like tires, oil changes, and repairs which seems pretty excessive.
So you have $35,000 left to account for.
How much did you buy your car for, and how much can you sell it for after a decade? Depreciation is one of the larger costs of car ownership. Assuming you financed it, there's also the cost of interest on the loan.
Also registration and other state fees.
Thankfully most people really don't need one here, at least if they're even remotely close to the downtown area