Own a car - $8,000 for a 5 year old car. Well maintained, good KM, good family size, good on gas, 2 year powertrain warrantly.
- Bank loan payments $200 a month - Autopac (with merits) $90 a month - Gas (on average) $100 a month ($25 a week, varies by need) - Oil changes $16 a month ($48 quarterly for premium changes @ dealer to maintain warranty) - Preventative Maintenance $12 a month ($240/year for minor stuff) ----------- Total per month = $450 or $15 per day.
Split that with 1 close friend, family member, or neighbour and you have cheap like borscht car that you can resell in a few years and make back some of the money you spent (as with all things you own like houses, tv etc.) If you split it with 1 persoon, increase the monthly payments to bring daily total to $10-$12 each, to pay off car quicker. Once paid off, daily costs will be even lower.
Benefits: - Super easy to schedule if you share with 1 person. - You have it when you need it. - Can resell to recoup some of the costs. - Can add to it if you want (CD Player, DVD) - Can take it on long trips without increase to per day cost. - No need to take a bus unless you want to.
Drawbacks: - MPI (nuff said) - If you only drive to and from church on sundays, get a cab, cost less) - Friends can become enemies when sharing $$ things. - Eventually every car wil need major maintenance, often unexpected. But if you replace every three years with a car that is only 5 years old, there is far less chance of it happening.