It costs more than $1,300 per month in Canada to service all of a car’s needs, a new report has found.

Using data from Autotrader, found it costs as estimated $1,387 per month to own a car in 2024, when combining insurance, maintenance, depreciation, parking, gas and other costs.

Overall, the report found Canadians spend an average of $200 per month on gas, $79 on car maintenance, $200 on parking and $111 on car insurance. 

The cost of actually buying a new car was up 19.4 per cent year-over-year in September to $67,817, while the average price of a used car climbed 4.3 per cent to $39,155.

The report notes that for many Canadians, owning a car is a necessity, but going car-less can have benefits for people living in large cities.

“For the $1,387 we estimate it costs to own a car, a family of four can get unlimited travel on the (Toronto Transit Commission) for as little as $286 per month,” the report notes. “That leaves over $1,000 for Ubers and occasional car rentals.”

Ratehub suggested people choose an affordable car, use public transit when possible and compare insurance quotes online to save a few bucks.