Own a Car or Use Rideshare?
The real cost of car ownership goes far beyond the monthly payment. Compare every dollar, payment, insurance, fuel, parking, and maintenance, against rideshare and transit to find your breakeven point.
Your Transportation Costs
Enter your actual or estimated monthly costs. We pre-fill Ontario averages where possible.
Enter your car ownership and rideshare costs, then click "Compare Costs" to see which option saves you more.
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Straight Answers
It depends on how much you drive. If you take fewer than 8-10 rideshare trips per week and have access to transit for commuting, rideshare plus transit is often cheaper. Once you exceed 10-12 trips per week regularly, car ownership usually becomes more economical. Downtown parking costs can tip the balance significantly toward rideshare.
Depreciation is the biggest hidden cost. A new car loses 15-25% of its value in the first year alone. Beyond that, most people underestimate maintenance (especially after warranty), parking, and the opportunity cost of the down payment. When you add it all up, the true cost of ownership is often 40-60% higher than just the monthly payment.
This calculator focuses on monthly cash flow costs, what actually comes out of your account each month. Depreciation is a real cost but is already partially reflected in your car payment (you are financing a depreciating asset). For a deeper look at depreciation, use our Depreciation Calculator.
If you choose the rideshare route, budget $100-$200 per weekend for car rentals when you need one (cottage trips, errands that require a car). Even with 2-3 rental weekends per month, rideshare can still be cheaper than ownership for people who primarily commute by transit.
Working from home dramatically reduces the case for car ownership. Without a daily commute, your driving drops significantly. Most remote workers who live near transit can save $500-$800/month by going car-free and using rideshare for the trips that require it.
Decided to Own? Make Sure You Get the Right Deal.
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Questions? Email hello@holdback.ca
You only buy a car every four to six years. They sell one every day.
Decision feels close? Run the full math.
A Buyer’s Brief models 5-year cost across both options for your specific income and usage.