See the true cost of owning a car in Canada. Compare two vehicles side by side, check if a car fits your budget, and visualize how depreciation eats into your net worth.
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Financial experts recommend keeping your car payment under 15% of take-home pay, and total car costs (payment + insurance + fuel/charging + maintenance + depreciation) under 20%.
Car A (New) payment
$676/mo
11.3% of income ✓
Car B (Used) payment
$518/mo
8.6% of income ✓
Car A (New) all-in cost
$972/mo
16.2% of income ✓
Payment + insurance + fuel / charging + maintenance + depreciation
Car B (Used) all-in cost
$752/mo
12.5% of income ✓
Payment + insurance + fuel / charging + maintenance + depreciation
New vehicle
Oil, tires, brakes, repairs
3-year-old used vehicle
Oil, tires, brakes, repairs
Car B (Used) saves you
$13,244
over 5 years ($221/mo)
Car A (New)
Financed
Net cost
$58,336
$972/mo avg
Monthly payment
$676
Total interest paid
$8,455
Depreciation
$20,181
Resale value
$19,819
after 5 years
Car B (Used)
Financed
Net cost
$45,092
$752/mo avg
Monthly payment
$518
Total interest paid
$5,833
Depreciation
$7,809
Resale value
$17,191
after 5 years
Side-by-side breakdown of where your money goes over 5 years
Estimated market value based on average depreciation rates by vehicle age. New cars lose ~20% in year one, then the rate slows each year.
Depreciation
Based on average industry data (iSeeCars 2026). Year-by-year rates from new: Year 1: 20%, Year 2: 15%, Year 3: 12%, Year 4: 10%, Year 5: 8%, then 4-7% per year. For used cars, the calculator starts at the vehicle's current age on this curve and back-calculates the original MSRP to determine the correct depreciation rate going forward. Actual depreciation varies by make, model, and condition.
Net Cost (Finance / Cash)
Purchase price + sales tax + total interest (if financed) + insurance + fuel / charging + maintenance over the full ownership period, minus the estimated resale value at the end. This represents the true out-of-pocket cost of ownership.
Net Cost (Lease)
Down payment + all monthly lease payments + tax on payments + insurance + fuel / charging + maintenance + excess km charges. You do not own the vehicle at the end, so there is no resale value offset. Interest is embedded in the lease payment (the money factor) and is not shown separately.
Monthly All-In Cost
The net cost divided by total months of ownership. Includes everything: the payment itself, depreciation you absorb, insurance, fuel / charging, and maintenance. This is the number to compare against the 20%-of-income guideline.
Sales Tax
For financed and cash purchases, tax is applied to the full purchase price. For leases, tax is applied to the total of the down payment plus all monthly payments. The default rate is 13% (Ontario HST). Adjust for your province.
What's NOT Included
Parking costs, traffic tickets, license plate fees, vehicle registration ($60-$200/year depending on province), roadside assistance, car washes, and opportunity cost of the down payment (what you could have earned by investing it instead). For vehicles over $100,000, the federal luxury tax is also not calculated automatically.