What should I do with $180,000 at 22? Pay off car, save, or invest?

Hey everyone, I’m a 22-year-old guy living in Canada and I’m about to receive an inheritance of approximately $180,000. I’m looking for advice on the smartest way to manage this money. Here’s my situation:

Current Financial Snapshot: • Credit Card: $5,000 limit, ~$1,000 balance (will pay off with job income) • Car Loan: ~$27,000 remaining at 1.49% interest, 3 years left, $775/month • Emergency/Savings Fund: $0 currently • Income (Summer): Working full-time before school starts, saving what I can • Income (During School): Roughly $3,000/month from CPP Survivor Benefits + education-related government assistance • Upcoming Life Change: Starting university this fall

My Dilemma:

I’m debating between two main options: 1. Pay off the car loan and build an emergency fund, then invest whatever’s left over. 2. Invest the full $180,000 (TFSA, RRSP, maybe some taxable accounts), and keep living like a broke student—paying off the car slowly and saving out of my monthly income.

I understand 1.49% interest is super low, so mathematically, investing might win out long-term. But having no emergency fund and a big car payment feels risky, especially with school starting soon.

I want to be smart with this opportunity and not blow it. Would love to hear your thoughts on what you would do in my shoes. Thanks in advance!