The costs to own a car in Canada are rapidly rising, in addition to tariffs

The costs involved in car ownership continue to rise at a rapid rate, and U.S. President Donald Trump's tariffs could create a snowball effect.

Owning a vehicle in Canada is rapidly getting more expensive — in some cases, at a faster rate than inflation — and could rise 25 per cent with tariffs and inflation, a new survey suggests.

The Leger survey for Turo Canada, a car-sharing company, says the average cost to own a car or truck has gone up nine per cent since last year, and experts say that will go up even more given the economic outlook.

Economists and financial analysts say U.S. President Donald Trump imposing tariffs on virtually all countries and sparking a trade war will ultimately result in higher prices for consumers, including cars and trucks.

Although Prime Minister Mark Carney’s new government has pledged to work to blunt as much of the tariff pain as possible, including for the auto sector, it will be some time before prices reflect any improvements, the survey suggests.

Until then, Canadians should expect car ownership to become even more of a financial burden as the cost rises even more rapidly.

According to the survey results, the average Canadian spends $5,497 to own a vehicle annually, with Ontario the highest at close to $6,000 and British Columbia the most affordable near $4,500. Plus, one out of three respondents say their expenses exceed $7,000 per year.

Those who own vehicles reported that of their monthly net income, an average 14 per cent goes towards car-related expenses. Younger drivers are paying significantly more, with those aged 25 to 44 paying an average $7,029 per year, while those over 65 pay roughly half that at $3,728.

Household size and income also play a role as those with higher incomes and/or children typically own more than one vehicle.