r/MooseMoney

Aditi interviewed three newcomers who shared what they learned from financing their first vehicle here. And there were some strong common themes...

Build your Canadian credit history as early as you can, even if you don't need a car right away.

Shop around for financing instead of taking the first offer from a dealership.

Don't focus only on the monthly payment. Insurance, fuel, maintenance, repairs, and registration add up and can blow your budget.

Your first car doesn't need to be your dream car. A reliable vehicle that gets you to work is the smartest financial move while you're getting established.

A couple of the people Aditi talked to wished they'd budgeted for the total cost of ownership, not just whether they could qualify for the loan.

If you've immigrated to Canada, what was your experience buying your first car? Any advice you'd add for newcomers?

They're ribs... Definitely not halal or boneless...

Fk Sony, this guy isn't wrong. I'm so tired of being nickle and dimed and forced to rent everything.

If I pay $80 for a game, I should own the damn game. I should be able to play it offline, lend it to a friend, sell it, gift it, or whatever I want. Digital-only is convenient, sure. But now we've completely lost discs, resale value, ownership, and still got charged full price.

And half the time you need an internet connection to play a game already installed on your hard drive. Like wtaf?! This “you own nothing, just keep paying us” era is actually abusive to consumers.

I’m tired of renting my own stuff. I'll be sailing the high seas for everything from now on.

She makes over $130,000 a year, has a credit score over 700, and has started building a diversified investment portfolio. Most of her investments are in GICs, with a large portion also in the S&P 500 and a small amount in crypto.

But even with a six-figure income, she's still carrying about $12,000 on one RBC Avion credit card and roughly $50,000 in student loans. She says her biggest financial mistake was moving for a job in 2023, which cost her around $40,000 out of pocket.

Big career moves can come with huge hidden costs, especially if relocation expenses are not covered properly by your employer.

Before relocating for a job, run the numbers like it is a business decision. Get the relocation package in writing, estimate the real cost of moving, and figure out how long it will take the new salary to make up for the upfront expense.

A higher-paying job can still leave you worse off in the short term if the move drains your savings or pushes you into debt.