OT: Question for Toronto people

[Kriss E]

Very on point Sir. You're old and wise like good whiskey.

What about that 800 a month on all-inclusive car expenses @Kriss E? Did you get a killer deal on a reliable, used economical car?

I'm a quote unquote car guy, and I lived out of Angus (shout out to @HBDay who lived the worsening reality of Barrie from the early 2010's onwards) near Barrie for 5 years between 2011 and 2016. I was driving an '06 G35x sedan at the time, to the tune of about 26-28,000 km a year. I was in my late 20's, early 30's.

Insurance? Over 2K a year due to high risk of collision, GTA idiots drive up the price. Gas? Very expensive compared to non-GTA regions, I'll leave it there. Especially 91 or 94 octane. Payments? That's the part we don't know, I thought you worked at an Audi dealer for a while. No?

My payments were 384 a month on a 23K loan at the time, 4.99%. Add 200+ for insurance (I combined with home ins. so don't recall exactly), then 4 to 6 tanks of gas at $80 a pop. Well past the 800 mark... these times were "cheaper" too than now, if that makes sense. Such a reliable drivetrain as well, no repair other than exhaust rusting out after years in the salt. Now you throw a 2.0L 4-banger Audi engine in the budget? Mother****er you'll be paying up the nose WELL beyond that 800 mark, you have zilch idea how bad this can get... unless you hung out with the maintenance guys at Audi. Did you? And did you get that, or something other than an Audi??

I work for Audi so..can get a nice deal and my insurances aren't that high, but hey, juice it to 1000$ on car if you want, it's not an extra 200 or so that'll be the game breaker.

 

[Kriss E]

Thanks to all that contributed some answers btw, I've read them all and it's been helpful.

 

[waffledave]

Reading the posts in here and seeing everyone's numbers... Got to say I hope you guys are saving for retirement. Hardly seen anyone mention this. Max out your RRSPs every year guys, get as close as you can. If you can't come close, you're spending too much on entertainment/leisure.

 

[Roadhouse]

I work for Audi so..can get a nice deal and my insurances aren't that high, but hey, juice it to 1000$ on car if you want, it's not an extra 200 or so that'll be the game breaker.

I don't think you're hearing me quite right.

A "nice deal" for 599 as a car payment on a Certified (2017-2020) A3 or an A4 or a Q3/Q5, 200-300 for insurance no matter how great a driver you've been (try saying you drove in Hong-Kong!), 400-500 in maintenance & repair costs averaged up for the few multi-thousand dollar bills you will be paying around the year, 300 for gas.

$1600. Double your estimate.

 

[Roadhouse]

Reading the posts in here and seeing everyone's numbers... Got to say I hope you guys are saving for retirement. Hardly seen anyone mention this. Max out your RRSPs every year guys, get as close as you can. If you can't come close, you're spending too much on entertainment/leisure.

You work private.

Some of us are fine with minimal RRSP contributions to top off the nice pension we get at the end of 35+ years of public service. Your way is probably more lucrative though.

 

[waffledave]

You work private.

Some of us are fine with minimal RRSP contributions to top off the nice pension we get at the end of 35+ years of public service. Your way is probably more lucrative though.

I actually used to have a DB pension plan and gave that up to switch careers. Sucks but yeah, I make nearly 4x what I used to so it ultimately was for the best.

 

[Roadhouse]

I actually used to have a DB pension plan and gave that up to switch careers. Sucks but yeah, I make nearly 4x what I used to so it ultimately was for the best.

Good stuff. It's all about being happy, doing something you love. All the better if a career re-alignment to achieve that goal results in four times the salary!

 

[Kriss E]

I don't think you're hearing me quite right.

A "nice deal" for 599 as a car payment on a Certified (2017-2020) A3 or an A4 or a Q3/Q5, 200-300 for insurance no matter how great a driver you've been (try saying you drove in Hong-Kong!), 400-500 in maintenance & repair costs averaged up for the few multi-thousand dollar bills you will be paying around the year, 300 for gas.

$1600. Double your estimate.

Not sure you're hearing me quite right, I'm not paying 600$ for a Q3 2017..lol.
If I'm buying a certified car, I'll buy it cash.
If I'm leasing, then my payments will be cheaper than anything you mentioned.

I'm not doing maintenance on the car on a monthly basis. My insurances won't charge me this much either.

 

[Roadhouse]

Not sure you're hearing me quite right, I'm not paying 600$ for a Q3 2017..lol.
If I'm buying a certified car, I'll buy it cash.
If I'm leasing, then my payments will be cheaper than anything you mentioned.

I'm not doing maintenance on the car on a monthly basis. My insurances won't charge me this much either.

Good for you..?

Sounds like you feel informed on the car aspect of your budget. GL man.

 

[Kriss E]

Good for you..?

Sounds like you feel informed on the car aspect of your budget. GL man.

Thanks, ya..800~1000$/m more than covers my transportation fees.

 

[Lafleurs Guy]

Reading the posts in here and seeing everyone's numbers... Got to say I hope you guys are saving for retirement. Hardly seen anyone mention this. Max out your RRSPs every year guys, get as close as you can. If you can't come close, you're spending too much on entertainment/leisure.

+ You can use it on your first home.

As I mentioned earlier, buying a condo right now would be a really good idea. Prices are low. Even if you plan on moving back to Montreal, you'll have gained equity and make money on your way back. If you don't need a car, get a place near the subway with a parking spot. You can rent the spot out to help with expenses as well. And you could also get a place with two bedrooms and rent one out.

 

[themilosh]

You also have to consider the difficulty of ever owning property if you’re in Toronto. Montréal is expensive too, but at least it’s realistic. Remember also that rent control is strong in Quebec, Ontario less so.

I think it’ll be tight with that salary. Depends how much you make with commission, but Toronto is no joke. I had a similar salary (no commission) in Ottawa and I was more than fine, but your rent will likely be 3x more than mine was ($2,400).

I don’t want to speak for you, but I know I would be real stressed if my leisure money was tied to commission.

Agreed. I am anti-commission/bonus. I want the highest base possible, and if you dont think i earn my keep, by all means fire me.
I got lucky.. came here (oakville) in 2003 from mtl, and have sat back in awe of house value skyrocketing. Im a stonethrow from the water, and no way on hell if i was moving (now) could afford any house south of QEW.

 

[dinodebino]

Only problem in moving to Taranna...is you'll be submerged in FigLand. You'll succumb to the Dark Side.