2 minute read.
With recent improvements to the transit system, many GTAers have opted to live closer to the city and give up their cars! While purchasing a home closer to T.O. may cost more, if you choose the right location in relation to the workplace and amenities, you could save a bundle from giving up your car! Here’s how:
Your Car Payment: The average person has a car payment of about $400-$500 per month. That’s a lot of extra money in your pocket!
Car Insurance: at about $90 per month on average, a car payment is one of those fixed expenses that doesn’t have to stay fixed if you give up that car!
Road Tolls: Thankfully, here in Canada we don’t have a ton of toll roads but the ones we have are expensive in comparison to the U.S. toll roads. Motorists can spend literally hundreds of dollars per month using these convenient roadways to get to the other side of the city.
Service and Maintenance: Annually, the average motorist spends approximately $1000 to service and maintain their vehicle.
Gas: We have no control over what gas prices are going to be and we have no choice but to pay it if we want to keep a car. Gassing up can cost you at least $50 a week if not more when you have a long commute each day.
It is possible to give up your car for a car-free lifestyle. You will benefit not only financially but also healthfully. You’ll be healthier, getting more daily exercise than ever before. You’ll certainly have no problem getting those 10,000 steps in each day J
You might be thinking ‘Hey Knowledge Broker, you’re crazy! I can’t give up my car, I have to travel to the suburbs once a month to see my in-laws!’ It is true, we often have to leave the convenience of the city to go to other areas and that’s why there are companies that rent cars, even by the hour - gas and insurance included! One company that comes to mind for Toronto is called Zipcar.
If you’d like some information on car park free high-rise buildings in the city, give us a shout!