Personal Finance

4070 readers

6 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 2 years ago

MODERATORS

WandererLagomorph799@lemmy.ml

nieceandtows@programming.dev

nieceandtows@lemmy.ml

What's the best way to save for a car? (kbin.earth)

submitted 4 days ago by strawberry@kbin.earth to c/personalfinance@lemmy.ml

11 comments fedilink hide all child comments

I'm putting away $300 a month, my question is where to put it. savings account has basically 0 interest, there are HYSA (high yield savings account) that would give me 3-5% apy, or I already have some money in stocks that have grown consistently 25% over the last year (index funds only)

what would you guys recommend? I'm looking to buy it probably 3 years from now. that way either I've got a fat down payment or I can just buy it cash

thanks

you are viewing a single comment's thread
view the rest of the comments

[–] suburban_hillbilly@lemmy.ml 7 points 4 days ago (1 children)

"New isn't worth it" depends greatly on what you're buying and where you live. The used car market has changed dramatically over the last 4-5 years. Around here at the low end of the market a 2 year old used car with 30kish miles is only ~15% cheaper than the same car brand new. The new car also comes with the full warranty, frequently some level of free regular service & loaners, not to mention no wear and tear. The days of a car losing 25+% of its value for merely being driven off the lot at sale time are long gone.

[–] ocean@lemmy.selfhostcat.com 3 points 4 days ago

Fair point. I got mine 5 years ago so that tracks.