The cost of an SUV is not insignificant. On average, they cost $10,000 more than a standard car, with an added $4,000 per year for gas, maintenance and registration fees. According to the Équiterre study entitled The Rise of Light-Duty Trucks in Canada: Reversing the Trend, these additional costs are due to added features such as all-wheel drive, and the overall greater input of materials that is required. The profit margin associated with the "SUV" label is also a factor in the price.
Long-term car loans also encourage the public to buy light-duty trucks that are more expensive than their budget allows, leading to a higher risk of debt.
While SUVs have become more fuel-efficient, on average they still use more gasoline than a car. At a time when fuel prices are skyrocketing, this extra cost has a significant impact on personal finances, since SUVs consume an average of 20% more fuel.
Higher registration costs
In Quebec, registering a larger, more gas-guzzling vehicle often costs more. There is an additional registration fee for "luxury" vehicles that applies to vehicles worth more than $40,000, and also a surcharge for gas-guzzling vehicles with engines of 4 litres or more.