Canadians Pay More Than $1,300 Each Month to Own a Vehicle, Report Says

A vehicle is a necessity for most Canadians, but it’s a costly one, coming in only behind housing and groceries as the third largest household expense, according to a new report. Canadians pay an average of $1,387 each month for their vehicles, accounting for roughly 15 percent of household expenses, updated numbers by consumer comparison website Ratehub show. The cost breakdown includes insurance, gasoline, depreciation, and maintenance. The biggest expense for many vehicle owners is the monthly auto loan payment, which is around the $1,000 mark for an eight-year term on a new car, Ratehub said. Those looking to buy a used vehicle, and who put some money down can reduce the monthly payment to about $765....