SAVING MONEY

Peterborough city and county citizens are driving more than ever before! Money spent on unnecessary driving is emptying our pocketbooks!

According to the Canadian Automobile Association, it will cost $8,700 to drive a typical new Canadian car in 2003. This is based on:

• Ownership costs - $7050 (based on a Chevy Cavalier Z-24). Which change depending on where you live (winter tires, for example), how much you drive and what you spend on service and repairs, gas, oil and tires, maintenance, and, parking.
• Operating costs - $1650 (based on a Chevy Cavalier Z-24, traveling 12,000 km). Includes insurance, license and registration fees, taxes, finance costs and depreciation. (Fixed costs may vary from place to place and vehicle to vehicle, but change little with type and amount of driving.)

For a used car, the Victoria Car Share Co-op states, the cost savings in owning a typical used car (6 years old, $6,000 purchase price with 80% financed) versus a new car ($16,000 with 80% financed) is about $1,600 in the first year. (Used cars cost less in financial charges, depreciation and insurance but more for maintenance and repair).

Better Environmentally Sound Transportation of British Columbia compares these costs to:

• Walking $ 150
• Cycling $ 280
• Transit $ 768
• Vanpooling $ 994
• Telecommuting $1000

The financial difference between supporting single-occupancy vehicle use and supporting walking, biking, ridesharing and telecommuting use are substantial. For some, owning and operating a vehicle may be debilitating their financial health.

Even if you are not about to give up your car (and most of us aren't) reducing your costs by walking, biking and ridesharing whenever possible can go a long way to improving your financial freedom.