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Buying a car

So you’ve found the car you think you can afford.  But…over and above the cost of the car are a couple things to consider:

  • GST (Goods Sales Tax) and PST (Provincial Sales Tax)
  • In BC this is 5% and 7% of the purchase price
  • Buying a used car?
    •  
  • You may need a provincial inspection – count on about $100 for this.
  • You should have the car inspected by a mechanic you can trust to make sure it’s in good working order
  • You’ll need license plates – that will be about $75.
  • You’ll need car insurance.  Depending on the value of the car this can be anywhere between $1,000 to $3,000 –more if you’ve been in any accidents.

Use this table to help you add it all up then visit our Car Loan Calculator to find out what payments you can afford.

How much is it going to "really" cost?

Item Cost
Price for the vehicle  
GST / HST  
Provincial tax  
Vehicle Inspection by you  
Vehicle inspection by the province  
Vehicle registration by the province  
Auto insurance  
Necessary repairs  
Sub-Total  
Money on hand  
Money to borrow  

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© 2008 North Peace Savings & Credit Union

Financial Planning, mutual funds and other securities are offered through Qtrade Advisor, a division of Qtrade Securities Inc., member IIROC and CIP. Mutual funds are also offered through Qtrade Asset Management Inc., member MFDA.

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