Personal Finance

Buying a car or doing investment

  • Last Updated:
  • Nov 10th, 2013 9:59 pm
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Deal Fanatic
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Mar 24, 2004
8683 posts
564 upvotes
Toronto
bruizeman wrote:
Nov 8th, 2013 10:47 am
Well, in that case, forget the car...
+1. If the ONLY reason to get a car is your significant other (if he/she is even at that stage yet), then forget it. Cars are expensive: maintenance, gas, insurance, parking, etc.

I would stick the cash in a diversified balanced portfolio of ETFs and rely on Zipcar/Autoshare/Cars2Go. And if you find you REALLY need a car, then maybe lease a basic car for ~$2-300/mo.

But whatever you do, get it out of that savings account. The bank is making a ton of money off yours.
Deal Addict
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Mar 31, 2009
1059 posts
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RRSP might not be worth it, but how about TFSA? Max out People's Trust TFSA and earn 3% instead of 1.4%? And then put the rest into 'safe' ETF's like CPD, XDV, etc.

Buy a cheap used car maybe since it sounds like you're not going to really rely on it or even really need it. Ie. cheap used Honda Civic or Ford Fiesta or something... I personally live very close to work (closer than you) but I have two cars anyway just because I like having transportation and I like cars in general - but doesn't sound like that applies to you really.

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