General wisdom says you should budget either 10 percent of your take-home pay or 20 percent of your gross pay for your vehicle each year.
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Car Insurance for Young Drivers
The cost of car insurance for young drivers under the age of 25 is very high. A young male around 20 years old in Ontario with a clean driving record would be required to pay about $1,396 for a Honda Civic DX 2-door coupe clocking in at about 15,000 km per year.
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