The cost of owning a car in Ontario varies quite significantly between different cities and even different neighbourhoods.
There are several different factors involved in calculating the monthly cost of car ownership across the province. Factors like daily commute distance and time, insurance costs, price of gas, and average depreciation all need to be accounted for when determining how much your set of wheels is setting you back.
Hamilton is a beautiful leafy town to the southwest of downtown Toronto, home to some of the most picturesque nature reserves and waterfalls in Ontario. Many residents of Hamilton make the commute to Toronto daily for work, which is an average of 69 kms one way. This 87 minute ride costs approximately $10.35 in gas assuming average fuel efficiency and traffic. This cost is one of the highest commuting prices in Ontario, however, this is counteracted slightly by the cheaper average cost of living in Hamilton. Compared to Toronto, Hamiltonians spend an average 33.02% less on everyday expenses including groceries and rent.
The average cost of insurance in Hamilton is also above the average for Ontario, sitting at $1,839 per year. The average gas prices are approximately on par with other parts of Southern Ontario, around $1.04 per litre.
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