24M. I recently hit a deer and my car was deemed totaled by insurance. They gave me $3000 for the value of the car. Was thinking I needed to get a new one. However, I was able to get the damages repaired for only $2000. I took good care of the car and took the risk of keeping it and hoping it will keep running ('03 Acura TL 168,000 miles)
I am anticipating I will need to buy a new car at some point and feel like I should begin saving. I'm looking to stay around $25k.
My question is: What is the best way to save?
\- Should I put money into my individual brokerage?
\- Should I keep in HSYA? My fear is that my car runs for another 5 years and I miss out on having that money in the market.
\- Should I not keep money on hand and just take out a loan whenever I need to buy the car.
Thanks