Buying a carPLANNING 10

My 60th birthday is not that far away.

Getting my retirement car is on my bucket list

The price of my dream car is $72,640.00.

But what does it really cost to own the car of your dreams?

Should I buy new or used?

How old are cars getting?

As cars get more reliable Canadians are holding onto their vehicles for longer than ever before. The average age of cars and light trucks is now 11.5 years old, according to a new report from IHS Automotive.

In addition to better reliability, cars are getting older because North Americans bought far fewer new cars in the years following the 2008 Recession, as concerns lingered about unemployment and the strength of the economy.

Even as consumers have started purchasing new vehicles again, they’re still holding onto their older ones. The average length of ownership of a new vehicle reached 6.5 years in the first quarter of 2015, more than two years longer than in 2006. The number of cars more than 12 years old continues to grow and is expected to increase 15 percent by 2020.

The number of cars on the road hit a record 32,564,708, posting a 2.1 percent increase over last year, driven by the purchase of new cars. IHS expects that volume of cars less than 5 years old will increase by 24 percent over the next five years.Consumer sales of autos were on pace to rise 4.2 percent this month, according to TrueCar, compared to July of 2014, thanks to increased demand, summer sales events and the growing popularity of premium brands.

Go to one of the major car manufacturer’s websites and build your own car. Ie www.ford.caYou can choose any car you like and build with any options you want. You have a budget of $50,000 including tax and feesWhen you have built your car, print out the final spec sheet with options. Also print off the full price with taxes and fees.

MAKE WEB ADDRESS

Acura www.acura.ca

Audi www.audicanada.ca

BMW www.bmw.ca

Buick www.gm.ca

Cadillac www.gm.ca

Chevrolet www.gm.ca

Chrysler www.chrysler.ca

Dodge www.dodge.ca

Ford www.ford.ca

GMC www.gm.ca

Honda www.honda.ca

Hummer www.gm.ca

Hyundai www.hyundaicanada.com

Infiniti www.infiniti.ca

Isuzu www.gm.com

Jaguar www.jaguar.ca

Jeep www.jeep.ca

Kia www.kia.ca

Land Rover www.landrover.ca

Lexus www.lexus.ca

Lincoln www.lincolncanada.com

Mazda www.mazda.ca

Mercedes-Benz www.mercedes-benz.ca

Mini Cooper www.mini.ca

Mitsubishi www.mitsubishi-motors.ca

Nissan www.nissan.ca

Pontiac www.gm.ca

Porsche www.porsche.com/canada

Saab www.gm.ca

Saturn www.gm.ca

Smart www.thesmart.ca

Subaru www.subaru.ca

Suzuki www.suzuki.ca

Toyota www.toyota.ca

Volkswagen www.vw.ca

Volvo www.volvocanada.com

Here is a list of websites for buying new cars online in Canada

So now is the time to find out what it really costs to own the car you choose.

Go to http://www.free-online-calculator-use.com/car-depreciation-calculator.html

Enter the numbers and calculate your total depreciation. Save your work and paste the pageto a word document

Now go to http://www.bikesatwork.com/blog/the-real-cost-of-car-ownership

Calculate your cost of ownership. Copy the page when done and post to a word document.

Post both pages to your website

Now it is time to reflect on car ownership.

Write a journal entry on your websites and discuss what you now know aboutowning a car and the costs involved.

What would be the optimal time to buy a car?( year of car ) Why?

What kind of budget do you need to afford a new car?

Is there an advantage to owning a new car over a used car?

What is your motivation to owning a vehicle as you get older?

Do you think I should I buy that brand new corvette just before I retire?