At work the other day my boss was asking a lot of questions about my driving (whether I have a license, how often I drive, etc) and I started to worry he was going to suggest I buy a car. See, I have this new treatment where I need to go to the doctor's office (across town!) once a week, and because of the schedule in which I can go, that means leaving work early some days. By TTC, the trip is minimum one hour one way. I will get into more details on this treatment soon when I have time to write up the post since I haven't done an update on my treatment in 2.5 months. Oops
Anyway, in addition to that my role is changing to one where I need to leave the office more and it may be convenient to have my own car so I don't have to coordinate with my boss.
I have never owned a car. This might sound ridiculous for a 26 yr old, but I couldn't afford one in high school, then I went to University and could afford one even less (no debt on graduation was worth giving up that kind of luxury!). Then I moved to my dad's where I could walk to the GO train and commuted to the city. And then I moved to the city and it is just way cheaper to take transit. I never really wanted/needed a car before!
But now I kind of do want one. I find myself going home to the suburbs to visit family more, I commute 45 minutes one way to work (on a good day!) and now I need to leave the office so much and I want to minimize the impact on my work by doing so.
So I priced it out! And guess what! I WON'T be buying a car any time soon.
Here was my quick monthly breakdown:
- I don't own a parking spot and renting in my building is pricy. This doesn't even include parking at work (no idea if I can even get a spot) or parking at the doctor's or around town
- I recently found out that if you haven't had insurance before they charge you quite the premium until you build a good driving record with them. So even though I have had my full license and a clean record, I can expect to spend minimum $200/month for the first year. Obviously this could depend on how much insurance I buy too (eg: new car = higher insurance)
Car Payment/Lease: $250
I have no solution to the argument of buy new, buy used, or lease. But I think if we assume I will pay for SOME sort of car for four years, it will be roughly $250 a month. That is pretty accurate for a lease, or car payment with a down payment, or just buying a used car with the down payment money and dividing the cost over four years.
If you add that up, I am spending $600 a month without even DRIVING the car. I think with gas, maintenance, plate renewal, and occasional parking I could be looking at $700 or more (I have no idea how much gas I would actually go through but I would buy a small, gas-efficient car).
Even if I scrape off things here and there and take into account my insurance dropping to a reasonable rate after a year, it would still be at least $500 easy. PER MONTH. That is $6000 a year I could put towards my mortgage. Or vacations. Or fancy new clothes.
Therefore, unless my boss offers a good raise or even to buy me the darn car, I don't think I will be taking the plunge quite yet.
Sigh, good bye dream car.
Oh and PS- Happy Halloween! Was I supposed to do a Halloween post? I bet everyone else will today. I'm a rebel haha