Have you factored in all the costs of owning a car?

Saving up for a new set of wheels? Be sure to plan for all the associated costs. The average annual cost to own and operate a car is roughly $9,000, which represents more than 10% of average household income¹.

Use this worksheet to help you budget. When you’ve finished, Your Savings Tool will help you set up a savings plan for your new set of wheels.

1. What kind of car will you be buying?

• Make and model:
• New or used? How old?

2. Estimate your financing costs

• What is the estimated price range of the car? (include extra features and accessories) $
• Cash or loan?
• If loan, what is the:
  • Down payment? $
  • Amount of loan: $
  • Monthly installments: $

Tip: Consider a 6- and 7-year car loan to help make your dream car more affordable.
Tip: Use the Personal Loan Calculator to work out how different car loan payments fit your budget.

3. Estimate your monthly operating costs

Insurance: $

Tip: Request a quote now, by logging on to EasyWeb Internet banking.

Licence and registration: $
Gas: $

Tip: Purchasing a fuel-efficient car will help you save money in this area.

Parking — at home: $
Parking — at work: $
Parking — other: $

4. Maintenance and repairs:

Scheduled service under warranty: $
Additional or unscheduled service and repairs: $

Tip: For typical operating costs, review the Buying a Car: Needs Evaluation Worksheet.
Tip: Read more about how to make operating your car more affordable.

^1. See http://caa.ca/publicAffairs/public-affairs-rbss-brochures-e.cfm.