Inflation: Owning a Car in Toronto Costs Over $1,600 per Month in 2024

MONTREAL, March 27, 2024 /CNW/ - The average cost of car ownership in Toronto has risen by 52% since 2019 to reach $1,623 per month in 2024, according to a new analysis published by Hardbacon. This significant increase is primarily attributed to the soaring prices of new vehicles and the cumulative rise in associated costs such as car insurance, fuel, maintenance, and parking.

Key insights from the study include:

• Over a span of seven years, the total expense for a car purchased in 2024 is expected to reach $140,408.
• The average cost of new vehicles has jumped from $38,690 in 2019 to $68,574 in 2024.
• Parking fines in Toronto have seen a considerable increase, with no-parking violations increasing from $30 to $75 in 2023.
• The yearly average for auto insurance in Ontario is projected at $2,428 in 2024.
• Interest payments on car loans now represent 16% of the total cost of ownership in 2024.

Julien Brault, CEO of Hardbacon, comments on the findings: "The sharp rise in car ownership costs in Toronto is a wake-up call for many. It underscores the importance of considering all expenses related to owning a vehicle, not just the purchase price."

The analysis highlights that Toronto residents could unlock considerable savings by considering transportation alternatives. Hardbacon provides an in-depth comparison of various options, such as the Toronto Transit Commission (TTC) monthly pass, car-sharing service Communauto, and ridesharing platforms Uber and Lyft.

For more information, read the article about the cost of car ownership in Toronto published on Hardbacon.ca.

About Hardbacon

Founded in 2017, Hardbacon helps more than four million Canadians each year make better financial decisions through its budgeting app, financial product comparison tools, and numerous personal finance guides.

SOURCE Bacon Financial Technologies Inc.

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