Owning a car in Montreal costs an average of $1,310 per month
Posted February 21, 2024 12:15 pm.
Last Updated February 21, 2024 12:20 pm.
A study by personal finance service Hardbacon estimates the current average cost of owning a car in Montreal at $1,310 per month.
Hardbacon’s compilation includes purchase price, maintenance, gas, parking and insurance.
In 2024, the average cost of owning a vehicle in Quebec is $15,720 per year.
A car purchased in 2024 is expected to cost a total of $172,129 over 10 years, according to the personal finance service’s calculations.
The study points out that the average price of a new vehicle has almost doubled in five years, reaching $68,350 this year. Interest rates on car loans have climbed, as have the annual cost of insurance and one year’s outdoor parking.
Hardbacon reports that the cost of owning a car has risen faster in Montreal than elsewhere in Quebec, due in part to the sharp increase in parking fees and parking tickets.
The firm adds, however, that it is in Montreal that alternatives to the automobile are most attractive, while using public transit or a mix of public transit and a car-sharing service saves money in both cases.
–This report by La Presse Canadienne was translated by CityNews
