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Time of India

The soaring cost of car ownership in Canada, and Trump is one of the reasons

Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel It is getting increasingly costly to own and maintain a four-wheeler in Canada . Recent data reveals that the average annual expense of owning a vehicle has surged to $5,497, with Ontario residents facing the steepest costs at nearly $6,000, while those in British Columbia fare slightly better at approximately $4, of Canadians report spending over $7,000 annually on their vehicles.A survey conducted by Leger for Turo Canada indicates that individuals aged 25 to 44 are shelling out an average of $7,029 per year on car-related D'Arbelles of the Canadian Automobile Association highlights that these costs encompass more than just monthly payments."Fuel, maintenance, insurance, and depreciation all contribute significantly," she alone can account for up to 50% of the total cost of owning and operating a situation is further complicated by recent geopolitical developments. US President Donald Trump 's imposition of tariffs on imported steel and aluminum has sent instability through the North American auto tariffs are aimed at reducing the US trade deficit and encouraging domestic production, and have inadvertently led to increased manufacturing costs for vehicles, which are inevitably passed on to analysts warn that these measures could add approximately $6,000 to the price of a new Prime Minister Mark Carney has pledged a $2 billion plan to protect the auto sector from the brunt of these tariffs. However, the effectiveness of this initiative remains to be seen, and in the interim, Canadians continue to bear the financial Canada's survey reveals that 21% of young millennials have utilized car-sharing in the past 18 months, citing affordability and convenience as primary for others, especially those in remote or suburban areas with limited public transportation options, owning a vehicle remains a necessity. More than half of the survey respondents indicated that without access to a car, they would need to change many Canadians, the road ahead is uncertain.