Posted 2/2/2024, 5:06:19 PM
Canadians Spend Over $16,000 Annually on Car Ownership Costs, Manitoba Most Expensive
- Canadians pay an average of $1,387 per month or $16,644 per year to own a car, with depreciation being the largest expense at $592 per month
- Gas and parking tie for second highest expense at $200 per month, followed by interest costs at $192 per month
- Administrative fees are the lowest at just $10 per month, with maintenance at $79 per month and insurance at $111 per month
- Manitoba is the most expensive province for car ownership at over $11,000 per year, while Quebec is the cheapest at $9,436 annually
- Focusing on "accessibility" instead of just mobility could reduce reliance on cars, but cars would still be needed for some trips in "15-minute cities"