So a $40,000 car can depreciate up to $12,000 in a year. Who sells their car after a year? Not sure what the average ownership cycle is these days but as vehicle prices increase so it also increases. If we use 8 years as an average and say $36,000, (a guess), as a purchase price Then depreciation should be averaged out over that time period. I doubt any well maintained vehicle with say, 160,000 KM would be worthless. Even if if it's worth only $6,000 depreciation would only be $3,750 per year. I wouldn't be surprised if fuel and insurance wasn't  higher. Using one year depreciation is kind analogous to ads that use  bi-weekly long term lease payment as an enticement. Neither are fair descriptions of the reality of owning a vehicle. 
Of course public transportation is a lot cheaper. Or buy  a bike. Or a horse.