Buy/Finance/Lease a Car

[Matt Cruz]

Hi, 

I was recently in an accident where my car was totaled and am trying to figure out the best step to get a new one. I'm 24 years old and have about $26k saved with ~15k designated as my emergency funds. I'd like to get my first house hack going in the next year but now have this expense.  I need a car and am unsure if I should finance a new car in the $20k range or use cash to buy a used car closer to $10k. I know that cars aren't depreciating quickly right now and heard on a BiggerPockets Money podcast from late last year that buying new was the best option. Is that still the case? 

 Thank you!

-Matt

[Steve Vaughan]

Quote from @Matt Cruz:

Hi, 

I was recently in an accident where my car was totaled and am trying to figure out the best step to get a new one. I'm 24 years old and have about $26k saved with ~15k designated as my emergency funds. I'd like to get my first house hack going in the next year but now have this expense.  I need a car and am unsure if I should finance a new car in the $20k range or use cash to buy a used car closer to $10k. I know that cars aren't depreciating quickly right now and heard on a BiggerPockets Money podcast from late last year that buying new was the best option. Is that still the case? 

 Thank you!

-Matt

I'd still find a reliable used car from a don't wanner.    My target would be closer to $5k.   My main driver is an $1800 minivan I bought 5 years ago that serves as my 'work' and family travel van.  

Like RE, cars are local.  Find a private seller with an extra reliable car they no longer need and get a good deal👍