Lease a Car, Buy a Car - or None of the Above?
The Office of Consumer Affairs calculator below compares the costs of buying or leasing a car over eight years. New car or used car, take your pick.
Below that is a more basic one from Canadian Driver, which focuses on the car loan. Between these two calculators, you can get a good idea of what you'd pay if you go the car route. Some people, after all, do not have a choice.
None of the Above
But what if you really can get to work or school with a friend or by using a bike, your feet or transit? If so, you might save thousands of dollars by putting the car on hold to get out of debt faster.
Want to crunch the numbers? Use your potential car-savings to substitute for smoke savings in this In Payment double-calculator feature:
Postponing your car might be easier if you combine two or more transportation options. Consider transit, car pools and borrowing a family car, car co-ops, bikes, motorbikes, electric bikes and the occasional taxi ride late at night.
But if you really must have a car, use the calculators below to keep your costs down.
Car 'Lease or Buy' Calculator
This online 'spending smarter' calculator comes from Canada's Office of Consumer Affairs (OCA):
Canadian Driver's Car Loan Calculator
This calculator link takes you to CanadianDriver.com, an online automotive magazine: