5 of the Most Expensive Cars to Own in North America for 2024

With the way prices are going for just about anything right now, it is no surprise the automotive industry is being hit with this as well. Even the price of pasta (a staple in most houses) saw a price increase. Nothing and no one is safe. In this week’s blog post, we will be covering 5 of the most expensive cars to own in North America in 2024. 

Now, vehicle repairs no matter what needs to be fixed, can become very costly as it is, without factoring in taxes, gas to get to the repair shop, and anything else you are coached into purchasing while waiting for the vehicle. And if you take it to the dealership to repair and have to pay out of pocket for the whole thing, good luck to you. But trust me, somethings you just can’t fix, so you need to leave it to the professionals! 

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Number 1 on our list is the Hyundai Veloster N. This car has a lot of good qualities – it’s nice looking on the exterior, the paint colour options are unique, and you’ll always get the top performance when driving this vehicle because it is considered a sports car. But the way gas prices are in today’s economy, again thoughts and prayers are with you especially if you own a sports car. 

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So, just as a quick side note and because I want you all to learn something when you finish reading my posts, there’s a reason why owning a sports car requires you to spend more money overall. Sports cars are performance based vehicles which is a good thing but a bad thing at the same time. Switching to performance-oriented throttle and transmission settings while driving will cause the car’s engine to rev higher than normal and longer than it would during the regular operation. This requires more fuel hence burning a full tank of gas quicker. Plus sports cars don’t always use regular gas, they require premium which is better for the engine overall but of course not the pocket overtime. 

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In Canada, the 2024 Hyundai Veloster N goes for anywhere between $37,899 and $39,499. As far as the EPA ratings go, it makes 22 MPG city, 31 MPG highway – for cars with a manual transmission and 20 MPG city/30 MPG highway for vehicles that have automatic transmissions. Of course when it comes to insurance, you will always find differing prices depending on who you go with. However, on average, the cost to insure any Hyundai vehicle is about $1250 annually. 

Next on the list is the Ford Mustang. This car was a very obvious choice for this list for so many different reasons. First off, the Ford Mustang (although it can be driven in the Winter) is a Summer car so right off the bat you know maintenance is going to be costly for this vehicle. Then there’s the cost to insure it, and depending on where you live in the country (even the province) insurance rates fluctuate significantly from city to city. Yes your driving history has something to do with it too, but for the most part, it has a lot to do with where you live. On average, to insure a Ford Mustang, it will cost $3,636 annually ($303/month).  

It is estimated that the 2024 Ford Mustang, equipped with a 4 cylinder engine, will make 22 MPG city and 33 MPG highway. And as if you need another point to justify the Mustang to be an expensive vehicle to operate there’s the gas. With the Ford Mustang being a sports car, that means it requires premium octane (91) or higher for the best results and performance. Make sure to dig deep in those pockets if you have one of these or are thinking of getting one, cause you’ll need lots of extra money to upkeep it.  

Then there’s the Infiniti Q50 – another really good looking car (of course if only in my opinion). In Canada, the 2024 version goes for anywhere between $46,395 and $64,795. It makes it from 0-60 in 5.7 seconds and has EPA ratings of 19 MPG city/27 MPG highway. 

Now, some math was actually done to figure out the exact cost to operate this vehicle with the 2021 model year being used for the calculations. Take note of the following figures: 

• Average cost of gas per mile driven: $0.34 
• Estimated cost of gas for the year: $4,582
• Average annual insurance premium: $2,172
• Estimated total cost for fuel and insurance: $6,754

With Infiniti being the luxury brand to Nissan, the final figure should come as no surprise. With today’s gas prices and cost of living going up, this data could even be higher than the number given. It is important to keep in mind, insurance costs can differ from company to company, this was just an overall average listed.  

Let’s take a look at the Chevrolet Silverado now. The 2024 model starts at $44,899 and goes all the way up to $86,699 in Canada. That right there should be an indicator that this vehicle will require lots of money to operate – especially if you’re buying the vehicle brand new. In 2023 in Canada, on average the cost to insure the Chevrolet Silverado 2500 was $1,682, so just imagine what the cost will be today. 

Like most of the other cars listed in this post, the Silverado 1500, and all Chevrolet gas engines for that matter, requires 93 octane or higher. However, this vehicle in particular does come with a diesel option engine, for the 2022 version at least. Keep in mind, if you do end up choosing to use diesel to fuel the car, you have to stick with it for the remainder of the vehicle’s lifespan. You can not switch between diesel and gas after this. 

This brings us to the 5th and final car on our list, the GMC Sierra. The 2024 version 1500 model starts at $38,345 and can go up to $84,990 depending on the trim and options in Canada. This truck has more of an impressive maximum tow load, with capabilities of 13,200 lbs and can support a payload of up to 2,240 lbs when properly equipped. It comes in different powertrain options, but if you are concerned about the economy going with the diesel engine option would be best. It makes 23 MPG city and 30 MPG highway. The cost to insure a Sierra 2500 in Canada is on average $1,605 (as of 2023).