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Car or House? Which should I use my savings for?

Author :

Submitted : 2018-06-15 05:37:34    Popularity:     

Tags: Car  House  savings  

Do I use my $25K savings to buy my first car? or do I get a car loan and pay for the car over 5 years and use the $25K as a down payment on my first house?

Answers:

Keep your savings as an emergency fund. Get a car loan, and open a separate savings account to save for your down payment.

Cars have no cash value. Real estate does.

Property appreciates, vehicles depreciate so you don't throw money away on cars

You are "too young" to buy a house. {You may change jobs or careers. Future spouse may not like the one you bought.} Build up more time on the job and your credit score. Buy the new car [and take good care of it !] with a car loan (if you can get 0%, 1%, or 2%) if not from a dealer, then talk to a credit union about a low interest car loan (maybe 3% - especially if you use some of that savings as security - in a CD earning 2%. When the car is paid off you will be in a better position to buy a house.

If you know you want to live there for the next 15 years or longer, buy a house, a small one. Spend $5,000 on a good used car. I would buy a car outright, if you can.

Buy a used car with some of the money (in cash, not with a loan), then invest the rest until you can start buying the house.

House. Among other things are the tax benefits and return on investment potential, and you aren't going to be buying much of a house, much less one in a decent area in most parts of the country with less than $25k as a down payment. In an area where the average property value is over $250k, you probably won't get financing for a house at a decent interest rate without at least $10% down payment.

You're NOT going to buy a house without a down payment, Skippy.

House, homes increase in value and will make you money. Cars are nice, but they cost money and lose vaule.

Buy your first house with your savings. And buy the car that you can afford.



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