Quote:
Originally Posted by GGG
58 cents is the revenue Canada max deduction for mileage.
If you assume you will own a car insurance becomes a sunk cost so that comes out. Once you do that if you drive a used car it’s between 20 and 40 cents depending on vehicle age and vehicle choice.
If you drive a 40k vehicle that you lease for three years you are probably at or above the 58 cents.
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But in reality mileage doesn't affect depreciation of a car as much as age does. Drive your car 10k a year instead of 20k and then sell it at 10 years. You won't get much more in resale.