Im 19 should i start saving for a brand new car, or keep my bomb haha and save for a house?

Question

haha yea bomb = a not so snazzy car

Answer 1

Never buy a brand new car. It's loses a lot of value as soon as you drive it off the lot. If you want a new car, look into one about a year old, you will save TONS of money that way. Up to $10,000.

Buying a house is a wise investment, but make sure you do your research, get a good deal, and always get a home inspection so there are no huge structural repairs needed that you are unaware of. It could cost you more than you know.

Answer 2

Save for a house or for retirement. Buy the new car when you can afford it and have those other things.  

Answer 3

i would definitely save for a house. get the new car when you really need it. & when you have a nice new driveway to drive into (:

haha. saving for a a house would be better financially in the long run

Answer 4

Buy the car, but why does it have to be brand new? You can buy cars with very low mileage end still enjoy warranty but most of all you almost pay only the half of the price of the brand new car. Real estate market is really bad right now, inflation is bad, interest if you put your money into the bank is low, stock market is very risky. Spend your money wisely, oh. and buy a good insurance, it is worth it.

Answer 5

I would save my money for a house. By bomb do you mean car?

At the end of the day, the house is where you will live. A car isn't a necessisty, it's just to get from A-B. Use a bus! haaha

Good luck

-xox

Answer 6

New car at 19 means high insurance rates. Plus a loan at a higher APR since you don't have a long credit record. Even if you got a cosigner you still have payments and interest and the interest is like giving away your money.

A brand new car loses value right away. So if you do get a newer one buy one that is a couple of years old or last years model.

My wife and I make good money. Now she drives a nicer car because it makes her happy and is reliable. Me? I could afford the most expensive of cars. But I drive my somewhat beat up 1999 Acura. It gets me around, it is paid for and insurance is so low it is a joke.

I save a ton of money that all goes into the bank.  

Answer 7

Keep the "bomb"  It is smart to be debt free and don't let anyone convince you otherwise.  You are young-start now.  My husband and I just got done taking a financial class and I wish I could of taken this course years ago.

Check out the Dave Ramsey website.  It has a lot of financial tools for everyone.  Listen to the podcasts too.  He says things that are simple and we know but just never thought about them this way before.

I kind of felt like....Duh.

Answer 8

neither, start saving for retirement first.

Second the home.

Third the car.

You are young, which means time is on your side - if you start saving for retirement early.

I dont know your personal situation.  But, buying a house and house hunting before you are settled - decided on a long term partner/husband, decided how many children you may have, what type of work and where you want to live.

Buying a house is a great idea if you have all of those things figured out.

But, housing can be a trap. Say you buy a house now, 2 years later you are laid off, or divorced, or have a kid and need more space.

I strongly urged peopel to think twice back in the last housing boom. People did not listen, and now millions are hurting. Because they fell for the social trap (and banking advertisement) that you need to own a home to get ahed in life. Its a lie.  Just live within your means, save for retirement, have a general savings fund for emergencies and choose good employment/education.  And, the sky is the limit.  THE BANKS ARE THE ONES WHO NEED EVERYONE TO OWN A HOME - SO THEY CAN MAKE BILLIONS ON THE INTEREST.  

Answer 9

Have a car if you really must, otherwise take public transit, save tons of money and eventually get a nice house.

Answer 10

Buy a car.  But not Hyundai and any korean.  

Hyundai sucks.

As for the house later you will find at much lower prices because of the housing crisis.