Category: Automobiles

  • Automobile Needs

    At 20 years old, I had a daily commute of 100 km to and from my office. I had convinced myself that my lifestyle including many outdoor hobbies, necessitated a pickup truck. I purchased a V8 Ford F-150 with oversized tires. It was a very ‘cool’ vehicle for someone who…

  • Automobile Depreciation

    Brand new cars will lose 20% of their value in the first year of ownership, and 60% in the first 5 years (Ramsay Solutions, 2023). This means that a car worth $40,000 will be worth $32,000 after one year and $16,000 after 5 years of normal use. In this case,…

  • Automobile Affordability

    Affordability is an interesting term; what does it mean exactly? Does “affording” something mean that you can pay for it with cash, or does it mean that you should be able to pay for the item twice (as Jay-Z famously said) – or does it mean that you have enough…

  • The Cost of Car Ownership

    Automobiles are a necessity in most North American cities due to their sprawling characteristics making it almost impossible for cities to develop mass public transit networks that service the low-density urban neighborhoods. If you live in an area offering public transportation – take advantage of it! As I will show…

  • Automobile Purchasing Terms

    Leasing Leasing an automobile is akin to a long-term rental. Generally, the car will be leased for a period – say two or four years – during which time monthly payments are made. At the end of the lease term, you will receive the option to either return the vehicle…

  • Mileage (km) Rates

    Rather than providing an automobile allowance or a company vehicle, your employer may offer mileage rates where they pay you per mile or kilometer traveled. The CRA (Canada) and IRS (USA) have established mileage rates companies will use for their employees. In Canada, the rate could be CAD $0.55/km and…