The Canadian Automobile Association (CAA) has released a driving costs calculator to help Canadians better understand the annual cost of owning and operating a vehicle.
According to CAA, two-thirds of Canadians don’t know the cost of owning and operating a common vehicle for a year.
“In most households, transportation costs are the second-biggest monthly expense,” says Jeff Walker, chief strategy officer, CAA National. “There are several expenses often overlooked when considering purchasing a new vehicle, such as fuel, insurance, maintenance, and licence and registration, which all can add up quickly.”
CAA’s Driving Costs Calculator works with all electric vehicles in addition to traditional gasoline powered vehicles and hybrid cars. On average, the cost of owning and operating a compact gas-powered car is $3,300, according to CAA.
“More and more people are buying or considering buying low or zero emission vehicles,” says Walker. “CAA’s Driving Costs Calculator helps Canadians compare the long-term costs, including environmental costs, of owning an electric or hybrid versus a gas vehicle.”