WE UNDERESTIMATE OUR ANNUAL CAR COST.
A few months ago, I wrote an article on car costs v. the cost of mass transit. I cited statistics from the Canadian Automobile Association. You can find it here:
The Bank of Montreal has just released a report regarding annual car costs. You can find it here.
I prefer the CAA Report because it assesses actual costs. The Bank of Montreal only records what consumers claim to be their annual costs. I believe the C.A.A. Report proves, however, that consumers underestimate the annual car costs.
This issue is important for me. As a lawyer, I review Financial Statements. If people’s self-report on automobile expenses are too low, one wonders what else is frequently underestimated.