Montreal Car Owners Are Paying More Than Twice On Average What They Did 5 Years Ago

Icy roads are far from Montrealers' biggest vehicular challenge this year. A new report reveals why city drivers may be clutching their wallets tighter than their steering wheels.

Car ownership costs have shifted into high gear, reaching $1,302 per month on average in 2024, according to a new study from Hardbacon. The app collected data on the financial potholes of car maintenance, finding price tags on new vehicles, insurance premiums, and even parking tickets are doing everything but staying parked.

In fact, there has been a 68% acceleration in expenses since 2019, and Montreal motorists are having to tighten their belts to keep a car in the city.

Bumpy road of car ownership

The uptick in Montreal's automotive expenses starts with the sticker shock of new car prices, which have nearly doubled in the last five years to an average of $68,350 in 2024.

Interest rates on car loans are piling on, now contributing to 15% of the total cost of ownership, exacerbated by both rising rates and the heftier loans needed for pricier vehicles. And for those thinking they can dodge the bullet with older models, the rise in car insurance rates by 15% between 2019 and 2023 to $904 annually offers little solace.

Parking in Montreal, an ordeal in its own right, now also carries a heavier financial burden, with the average annual cost for an outdoor space revving up to $1,315. And if you're unlucky enough to be ticketed, the cost of a parking fine has surged from $53 to $89 in seven years.

Possible detour ahead

Fortunately, it's not all doom and gloom when it comes to mobility in Montreal. There is a silver lining for those willing to park their cars for good. Alternatives like the Opus card offer a 93% reduction in transit expenses, slashing the annual cost to $1,164 on average for unlimited access to the city's bus and metro network, compared to the $1,302 monthly drain of car ownership.

Hardbacon's analysis also explores the benefits of mixing public transport with services like Communauto and ride-hailing options. For car-sharing with Communauto, the starting plan is around $40 per year, with additional costs depending on usage. That could mean serious savings for those who only need a car occasionally.

With the total cost of owning a car purchased in 2024 expected to reach $112,284 over seven years, it seems the draw of alternative transport methods could help save the planet and some serious cash. Montrealers could be at a crossroads, forced to reconsider the cost of convenience and the value of alternatives that offer economic and ecological dividends.