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 […]
Ya not too sure how they get to that number. They are likely including everything to do with the car over ten years (gas, repairs, insurance, etc.) but it seems pretty excessive.
Even a new car at $50k with a 20% down payment and 7.1% interest loan over 6 years would cost about $60k overall for the purchases itself.
I have a pretty lengthy commute and probably more than the average person, and probably pay about $7500 per year for gas and insurance so $75,000 over 10 years. That still leaves another $35,000 leftover for things like tires, oil changes, and repairs which seems pretty excessive.
How much did you buy your car for, and how much can you sell it for after a decade? Depreciation is one of the larger costs of car ownership. Assuming you financed it, there’s also the cost of interest on the loan.
I can’t believe that the average person is buying a 100k+ car.
Ya not too sure how they get to that number. They are likely including everything to do with the car over ten years (gas, repairs, insurance, etc.) but it seems pretty excessive.
Even a new car at $50k with a 20% down payment and 7.1% interest loan over 6 years would cost about $60k overall for the purchases itself.
I have a pretty lengthy commute and probably more than the average person, and probably pay about $7500 per year for gas and insurance so $75,000 over 10 years. That still leaves another $35,000 leftover for things like tires, oil changes, and repairs which seems pretty excessive.
So you have $35,000 left to account for.
How much did you buy your car for, and how much can you sell it for after a decade? Depreciation is one of the larger costs of car ownership. Assuming you financed it, there’s also the cost of interest on the loan.
Also registration and other state fees.