How Much Does It Cost to Own a Car in Toronto?


If you already drive in Toronto, you have a pretty good idea of what it costs. However, those who have never owned a car are usually not sure of the budget they’ll need, including insurance, parking and fuel costs. The good news is that they overlook advantages like financing options and other saving methods.

Considering the Multiple Factors

Given all the contingencies regarding the type of vehicle you’ll need and the fluctuation in the cost required to own and operate a car, there’s no simple answer to how much one will cost anybody in Toronto.

As a general estimate for quality used vehicles in Toronto, it will likely cost you anywhere between $9,000 and $12,000 per year. You’ll gain a much better sense of your yearly costs by discussing your options with a local used car dealer.

But these contingencies do not mean that all hope is lost in your goal to get a better idea of whether you can afford to be a car owner. Instead of asking how much it costs for anyone to own a car in Toronto, you could ask a question that will provide you with a better answer for your situation.

Finding the Costs for Your Needs

For example, it might help to know the minimum possible expense you could spend to be a car owner in Toronto. That said, the chances are that you will benefit more by spending a little extra on that features that matter to you.

Whether you have a family or are practical about the safety of your passengers, you’ll want to own a car that doesn’t pose a continual safety issue. On the other hand, if you plan to use your car to commute to a job, you won’t want to have to worry about reliability posing a constant threat.

As such, it will be better to determine what the best car will be for your needs and consider all of the costs that will be associated with owning that particular car.

Calculating the costs for your particular situation is usually the best way for any potential car owner to assess their budget. For this reason, it will be more useful to you to learn about all the costs associated with owning any car, so you’ll be better equipped to calculate the costs yourself.

Fuel Costs

The globally fluctuating cost of oil results in regular changes to the cost of gas in Toronto. On average, gas in Toronto tends to vary between $1.20 and $1.60 per litre. This price also varies between individual gas retailers.

The unpredictability of this expense is one of the most significant factors influencing the inability to precisely determine what it will cost to operate a car in Toronto in any given year. Besides this initial variability, you also need to account for differences in your fuel consumption in comparison to the average driver.

If you plan on owning a car with poor fuel consumption, you’ll end up paying more, as is often the case when you opt to purchase an older vehicle, even if it is not a very large one. Additionally, the frequency with which you plan to use your car will impact the fuel you’ll need to buy. For example, if you need to drive your car to ad from work every day, you’ll spend a lot more on fuel costs than if you only use it occasionally.


The price of your automobile insurance in Toronto will also vary depending on your driving history, the coverage you choose, and the make and model of the car you’re driving. However, unlike the cost of gas, once your insurance company sets the monthly cost of your insurance, that rate isn’t likely to change through each year unless you get into an accident. You can expect auto insurance to cost you anywhere between $1,500 and $3,000 per year.


It should come as no surprise that the maintenance you require each year will depend largely on the condition and age of the car you decide to buy. That said, even for a newer car that’s in great shape, you should maintain a budget of between $500 and $1500 for unexpected repairs and regular maintenance needs. After all, even with a car that’s in perfect shape, you’ll need to occasionally pay for things like

  • Tire Alignment
  • Oil Change
  • Air Filter Replacement
  • New Brakes and Pads
  • Wiper Fluid

Don’t forget that Toronto winters will also necessitate winter tires, antifreeze, and more frequent windshield wiper replacement.

While the cost of owning a vehicle will change for each person, you can gain a much better sense of what you’ll need to plan for a budget when you factor in how each of these points will work for your needs. You’ll also learn a lot more about what it takes to own a vehicle by having a conversation with your local used car dealer. Visit a dealership today to find out what’s in stock and what kind of a deal might be available to you.

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