The study used the average price of a vehicle on Autotrader in September, $64,187 with financing at 6.87 per cent, based on Statistics Canada data. Zoocasa then calculated that the average monthly payment for a new car would be $898 over an eight-year term. Additional costs — gasoline, insurance, upkeep and parking — made up $529 a month. All told, the cost of one car would be $1,427 a month over the term of the loan, the study found.