Owning a car in Montreal costs 65% more in 2024 than in 2019

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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.

AND AT YOUR HOME ?

Is your municipality often the target of car thieves?

Find out on this map compiled by our Investigation Office, which allows you to locate down to the street, in certain cities, where thousands of vehicles have been stolen in Quebec since the start of the year.

Municipality (number of flights)

Number of flights to the same address

Methodology

This map of vehicle thefts in Quebec covers the year 2023, from January 1 to a date between June 30 and October 12, depending on the city.

The data comes from the Sûreté du Québec, the police service of the City of Montreal, the city of Laval, the city of Longueuil, the police service of the City of Gatineau, the police service of the city of Quebec , from the police service of the city of Lévis, from the police service of Sherbrooke, from the city of Blainville, from the police service of Châteauguay, from the police service from the city of Mascouche, from the city of Granby, from the city of Trois-Rivières, the police department of the city of Bromont, the police department of Lac des Deux-Montagnes, the police department of Memphrémagog, the police department of the city of Saint-Eustache, the department of police of Saint-Jean-sur-Richelieu, the city of Repentigny, the city of Mirabel, and Équité Association. Some were obtained through access to information.

Note that municipalities may have included vehicles such as motorcycles, trucks or boats in their balance sheet. As for location data, it was transmitted to us in different forms: postal code, street corner, street or neighborhood.

Data compilation: Nora T. Lamontagne and Philippe Langlois, Bureau of Investigation

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.

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