Story perspectives

Vehicle Ownership Costs Soar 9%: Canadians Seek Alternatives

5/4/2025

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Summary

Story summary

Vehicle ownership costs in Canada have surged by 9% over the past year.
Canadians now spend an average of $5,497 annually, with Ontario's costs nearing $6,000.
Younger drivers (25-44 years) face higher expenses at approximately $7,029, compared to $3,728 for seniors.
Key factors for rising costs include tariffs, fuel prices, maintenance, insurance, and depreciation.
A significant 41% of Canadians seek alternatives to car ownership for better transportation options.

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Story summary

Vehicle ownership costs in Canada have surged by 9% over the past year.
Canadians now spend an average of $5,497 annually, with Ontario's costs nearing $6,000.
Younger drivers (25-44 years) face higher expenses at approximately $7,029, compared to $3,728 for seniors.
Key factors for rising costs include tariffs, fuel prices, maintenance, insurance, and depreciation.
A significant 41% of Canadians seek alternatives to car ownership for better transportation options.