Hi My wife and I were newcomers in canada and we came here with our whole life savings and we currently have around 28K in savings. We've already got jobs and are both making around 72K yearly pre-tax.
We budgeted $800 monthly from what we can afford after all expenses are accounted for with $300 kept on the side for saving. The 800$ will include monthly car repayments, insurance and fees after a 6000$ downpayment, with the goal of paying off the car within 36 months.
Why 800$? Because as a newcomer in canada I'll have to pay at least $260 monthly for insurance since I have no driving record here.
My 2 questions:
i. Are my calculations reasonable or have I gone overboard to start with?
ii. Which car to go for? If I go for a nearly new preowned 2017 car (it'll cost me around 19k down the line), I'll get lower insurance premiums, meaning I will be able to afford the payments; OR a preowned used from 2013 to 2015 (costing me around 15k down the line) with lower car payments but higher premiums?
Edit: formatting
Submitted August 28, 2018 at 11:39AM by dick_nrake https://ift.tt/2MzHpfw
