There are thousands of students migrating from India to Canada every year. This YouTuber lists out reasons about whether one should opt for buying a car in Canada as a student or not.
Here are some tips on whether or not students in Canada buy a car. Canada is a popular destination for Indians to migrate to. In the last few years, the Canadian foreign and migration policies have been quite attractive for foreigners to migrate there. This is especially true for students who wish to pursue higher education in Canada. But before going there, many people think about buying luxury cars. But is it a good idea? Let us find out.
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Should Students Buy a Car in Canada?
The video clip has been shared by Arpan Ahirwal on YouTube. He resides in Canada and comes from India. In this video, he mentions that he purchased a new 2021 Toyota Camry XSE. After driving it for some time, he shares that his average monthly expenditure on it is around $1,000 CAD. The breakdown of this amount reveals that around $600 goes toward the EMI, $250 goes toward the insurance and $150-$200 go toward the gas. Not to mention, this doesn’t include the additional costs like regular service, maintenance and other repairs.
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Now, as a student, one is allowed to work only 20 hours per week which will get you a salary of around $1,000 CAD in total. The YouTuber works full-time which is why he is able to afford these expenses. But most new students won’t be able to have such cash to spare to maintain the car. That is the reason why the YouTuber clearly suggests that it is not a good idea to buy a new car as students in Canada.
This makes complete sense as most students have to send money back home and also manage their own monthly expenses. If they are not able to earn more than around $1,000 CAD a month, there is no point in having a car. Public transportation is the way to go. That will ensure that you end up saving valuable money that could later be used to buy a new car when you get a full-time job. Let us know your thoughts on this.
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