Between gas, insurance and parking, owning your own car in Montreal is 65% more expensive in 2024 than in 2019, with a monthly cost of $1,310 per month, according to a recent analysis.
In 2019, a Montreal motorist only had to pay $792 per month for their vehicle, analyzed the financial comparator Hardbacon, in a study published Wednesday.
“This increase is mainly due to the increase in purchase prices, but also to the increase in many easily underestimated expense items such as parking, maintenance, gasoline, insurance and even fines,” explained Maude Gauthier, economic journalist at Hardbacon.
- Listen to the interview with Maude Gauthier, journalist for Hardbacon on the microphone of Alexandre Dubé via QUB radio :
For a Montrealer who wants to buy a new car this year, it will cost $68,350, a price that has almost doubled in five years, according to the analysis.
Various costs have also been revised upwards: this is the case for interest rates for car loans which have increased and represent 10% of the cost of owning a car in 2024, but also the annual cost of a car insurance which has increased by 15% in five years.
We must not forget the average cost of outdoor parking in the metropolis (estimated at $1,315 in 2024) and that of a fine for prohibited parking at $89. These two factors mean that the cost of owning a car has increased more quickly in Montreal than in Quebec.
More profitable alternatives?
According to the Hardbacon study, having an OPUS card at $97 per month or combining this subscription with that of a Communauto (valued at $341 per month) could be cheaper than having your car.
“Our calculations show that Montrealers who choose to replace their car with an Opus card can reduce their transportation costs by no less than 93%,” underlined M.me Gauthier.