Debt Help & Bankruptcy Canada

At Grant Thornton Limited, we provide solutions for people with debt and financial challenges. Consumer proposals, bankruptcy, and other debt solutions.

Is a car a necessity or luxury? guess it depends on where you live….

Most people need to commute to work, there’s generally not an option, but is car ownership even possible in some locations?

If you buy a condo in Downtown Vancouver and you want a parking space, there is a good chance you are going to pay a lot for it.

In Calgary the simple act of parking your car at work is expensive: some of the most expensive parking in Canada.

An analysis in a Toronto real estate blog looked at parking, car payments or depreciation, insurance, gas, and maintenance. It found — even for Sunday drivers — the cost of ownership was $870 per month. That’s $10,400 per year.

Transportation experts  have reported the numbers are similar in Vancouver and that’s why many young urban professionals look at the other options.

What are the options? If you can’t afford a car, the good news is that you dont have to go into debt to get one either. There are many services popping up that can help you bridge the gap: Gar to Go, Uber and a few others.

“Now with car-sharing programs, more and more young people in particular have found realistic ways to get around. As a consequence, you can see they’re taking out licences less and they are not buying cars; they are finding lower cost substitutes.

But though car ownership may have become a luxury for people living downtown, it is still a necessity in some other areas. For many in Metro Vancouver and the Fraser Valley, commuting by transit is not an easy option.

A recent study by the Pembina Institute found only 19 per cent of Metro residents live within walking distance of rapid transit, compared to 21 per cent in Calgary, 28 per cent in Ottawa, 34 per cent in Toronto, and 37 per cent in Montreal.

There are options, there are always options.

Our trustees offer free consultations, credit counselling, consumer proposal administration and bankruptcy services. Call 310-8888 for a free, no obligation consultation.

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