The ‘Second Car Sell-Off’: Why Torontonians Are Ditching Their Extra Vehicle

The car which remains unused in your driveway serves no practical purpose. It’s starting to look less like a convenience and more like a very expensive, very stationary paperweight.

The GTA dream which people pursued for many years required a two-car garage to serve as parking space for their daily commutes. The 6ix families face a difficult financial situation in 2025 because they need to sell their additional vehicle. The company made their most intelligent financial decision of 2025 through this move.

From the DVP to the WFH Desk

The WFH revolution completely, totally, and utterly changed the game. The DVP and Gardiner roads create two of the most difficult and frustrating traffic situations in the city. For thousands of Torontonians, it’s been replaced by a 30-second commute from the bedroom to the living room office. The vehicle which used to serve as a necessity for traveling to the GO station and downtown area now remains unused while it accumulates dust and pine needles and occasional parking fines.

Local services are seeing the shift firsthand. “We’ve seen a 30% rise in inquiries from families selling low-mileage second cars,” mentions a spokesperson for TopCashForCars, a local car buying service. “People are cashing in on high used-car values.”

 “The Math Just Doesn’t Make Sense Anymore”

The market decline results from economic factors instead of changes in workplace operations. The cost of everything in Toronto is squeezing family budgets, and the second car is an obvious, bleeding target.

We need to complete the unpleasant mathematical work. You’re paying some of the highest GTA insurance premiums in the entire country, often for the “privilege” of that car sitting parked ($200+/month). Gas prices are hovering at levels that make you wince every time you fill up ($150+/month). The car payment of $400+ per month together with maintenance costs and winter tire replacements and searching for winter street parking spots results in an $800 monthly financial loss.

Families from Leslieville to Liberty Village are looking at their monthly statements and realizing they are burning thousands of dollars a year on an asset they barely use.

Cashing In While the Market is Hot

The method provides financial benefits to businesses through strategic cash management in addition to its ability to control bleeding.

The used car market is still running incredibly hot. People who purchased their second vehicle between three to four years ago discovered that its value has not decreased much. The item sometimes holds greater value than the amount they originally paid for it. The $20,000 immediate payment amount exceeds the $500 monthly savings which I use to pay for my car and insurance expenses.

The amount of money needed for this project would be equivalent to what people spend on a complete kitchen renovation. The funds function as additional money to add to the RESP account. Torontonians are realizing that their driveway is holding a winning lottery ticket, and they’re cashing it in before the market inevitably cools.

The New “Toronto” Commute

What car will take the place of the Honda CR-V?A hybrid approach to mobility. The saved funds support employee transportation through GO Train “hybrid” passes for two days at the office and TTC Presto passes and Uber/Lyft emergency funds.

The number of people using car-sharing services through Communauto has increased dramatically because they want to make large purchases at Costco and IKEA. People are doing the math and realizing that even if they splurge on a ride-share twice a week and rent a car-share for four hours on Saturday, they still come out thousands of dollars ahead per year.

This is the new financial literacy in The 6ix: understanding that access to a car is often more valuable (and far cheaper) than the ownership of one.

The high price of luxury vehicles in Toronto matches the cost of a single condo parking spot which makes owning one or no cars a financially intelligent decision for Toronto residents. The additional vehicle now represents a financial asset which can be converted into money.