A second car or afford a condo in Montreal ?
Spend on buying a second car over 25 years to have $ 80 000 or more to invest in a condo for sale in Montreal?
With a condo in Montreal you have an exceptional network of transit services and the proximity of your work so you can do without a second car, sure it goes completely …
According to a chart developed by the Canadian Automobile Association (CAA), the costs associated with the use of a vehicle represents an average expenditure of $ 10 000 for trips of about 18 000 kilometers.
A household renouncing his second car achieves annual savings of $ 6 000!
Average annual expenditure per car (for 18 000 km) $ 10,000
Average annual expenditure on travel for a couple without a car
Tickets / two persons / year $ 1 500
A few taxi rides $ 1 000
Occasional rental car $ 1 500
Total travel costs $ 4 000
Savings $ 6 000
Repayment of a mortgage of $ 80 000 over 25 years at a rate of 5.35%
$ 495 monthly payment
Repayment over 12 months $ 5,940
plus mileage and lower costs on the first vehicle …
This is without counting the hours wasted in traffic …
at a salary of $ 40 an hour times x 2 hours of traffic per day x 20 days per month x 12 months
= $ 19 200 per year in lost wages … it pays a good portion of the mortgage!
Inspired by an article in the site of the city of Montreal.
http://ville.montreal.qc.ca/portal/page?_dad=portal&_pageid=4977, 15891609 & _schema = PORTAL