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How not to overspend on your next car
– moneysense.ca
Car-buying case study: Melissa and DaveA car is the second-largest purchase you’ll ever make in your life, and you’re likely to make it many times over. Yet, unlike the home-buying process where you might have the professional assistance of a Realtor, mortgage broker, lawyer, and Certified Financial Planner, Canadians often handle the car-buying process alone—and not very well. Here’s a breakdown of the cost of Melissa and Dave’s decision:
Melissa’s SUV
Dave’s SUV
Notes
Down payment
$10,000
$10,000
They both put $10,000 down, and only at the end of signing the financing papers did Michael say that the monthly amount would be “slightly more” than the $600 they had budgeted.
Monthly financing cost
$650 a month for 6 years
$625 a month for 5.5 years
Subtotal
$46,800
$41,250
They both bought similar SUVs, but Melissa’s was a bit more expensive.
Total
$88,050
Decided upon in under two hours.
Where they went wrong
Let’s dissect where Melissa and Dave went wrong and how you can avoid making the same mistakes…
