I spend a little over 10% of my after-tax monthly income on the car. The car costs around $800/mo, but my partner pays $400 and I pay $400. He drives it daily and I take the bus, but I obviously use it for errands & out of town trips.

That $800, of course, is not just car payments. We bought a 2019 Honda Fit Sport, with a $14,000 down payment. It's a $200 car payment, $300 insurance, $125 home parking, $75 work parking, and $100 gas. This is not factoring in extra expenses like oil changes, repairs, or car washes. We bought the car new, are still under warranty, and don't put that many KMs on it. By the time the 3yr warranty expires we will have paid off the 3yr car loan and can put that $200 towards a "Car Repairs" HISA.

My partner and I definitely spent extra, but we're not "car people" by any means. We just didn't want a ratty 2008 Civic, so we bought new even though it's pricier. For one thing, I'm a serious germaphobe, and I didn't like the idea of dropping $20k on something I would feel icked-out by. Second, my partner and I know diddly squat about cars or repairing them, so I wanted a warranty. Certified pre-owned cars from dealerships aren't nearly as much of a bargain as wild-west kijiji finds.

Perhaps since I'm not a car person, I don't see a car as a depreciating asset. I see it as a tool, like a washing machine or power drill. I will use it until it breaks beyond the point of repair, and then replace it. I don't foresee ever selling it for a fancier model.