How much does driving your car cost? Most of us would consider car payments, insurance, and gas in determining the cost of owning the car. Canadian Automobile Association (CAA) has released a Driving Costs Calculator on their website to help Canadians calculate the real cost of owning and operating a vehicle.
According to CAA, many people don't factor in depreciation when it's actually one of the largests costs of ownership. Their research showed that 80% of Canadians underestimate the cost of driving, and 60% of these respondents underestimated the cost by $4,000. Another finding noted that 67% of Canadians think their annual grocery bill is larger than their car ownership costs. CAA reported that the “[y]early ownership costs for an average compact car are about $9,500, while the average Canadian spends $5,400 on groceries a year (figure provided by Statistics Canada).”
The website also shows the cost of public transportation (specific to each province) as well as a list of the most fuel-efficient vehicles on the market.
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