Suze Orman: Don't Ever Lease A Car

I learned that the hard way! I was an econ guy, i knew it was a bad idea, people told me it was a bad idea. I try and tell people in my circle this all the time I took great care of it. It's whatever works for you.

Inspirational! New cars are filled with plastic and electronics. But if I can do the same for my current car and hopefully in 15 years will have self driving cars. American/japanese cars are so cheap to lease and worth nothing after driving them out of the dealership. it only makes sense to buy if you are buying a European imported car or if it is a work vehicle What if you know for a fact you're only going to live in that country for half a year? You wouldn't buy a car, you lease.

Getting a 5 year old used car in 2021 is not a bad deal tbh After a three year lease, you still have the option to buy the car, if you want to. Usually about 12-15 years. Every person I know who did it had issues.

It's not like buying a house. Find CNBC Make It. on Twitter: Americans have cars to go from point A to point B. In Europe you couldn't even get a car on lease for that amount unless you make like $75k or more annually, which not many young people do, and if you do you should be able to buy and own a car instead of leasing one. You only live ones people, it all matters what is your income ratio to car payment.

This is so my mind set. 12 years and 390.000 km and works as new 😉 This is actually smarter as opposed to purchasing a used car which you don't know how the previous driver maintained it or buying a new vehicle where it loses about 6k off the lot when you leave. I live in a city where I don't need a car and now I wish I had all those extra thousands of dollars saved.

This Is Why You Should Buy A Car Instead Of Leasing It, According To Suze Orman | CNBC Make It. She's correct! I try not to have payments too so I save enough to purchase the car completely. I still found a way to justify it financially.

The value of a car drops when it leaves the lot. And what if I want the latest model that comes out every year? Leasing just makes sense for a lot of people, besides not everyone has $30,000 for a new car.

I agree and disagree. My dad had a 99 Camry . » Subscribe to CNBC Make It.: Years later and thousands of dollars spent, i don't own the car, and have no car and think of how my life would be like by now if i had bought a cheap used car, kept all that extra income to invest it. I still wanted to have a nice car cause I loved cars.

Get the latest updates: Ha, my highlander is 18 yrs old and I have no plans of giving it up. I started working for $20/$25 per hour and now I am about $200 to $300. I insist on zero% financing.

People who buy a car every 10-12years aren’t the target audience lol Asset. You can't take your money with you when you're six-feet under, so just enjoy something new in your life, and it doesn't have to be some super-fancy car you're leasing. I’ll never know. I see more late 90s Kia forte 2015 in ghana and early 2000s Toyotas and Hondas on the road than I do like 2005-2011ish. Life it’s not only about saving.

You have to live the moment. I have two cars that I own debt free If your time is worth $15 and your family's life means nothing to you then yes go and buy. Once I fixed my credit I always leased. In 3-4 years you could fairly easily double the money you would otherwise have put into the car upfront. if you are scared of a potential market downturn and want to be uconservative, Park your money in ETFs you'll make on average 30 percentage points over 4 years. Find CNBC Make It. on Facebook: I paid $20,000. in cash for it and she’s still going strong!!

Anyway, that excitement went away after a month or two and the lease payments stuck for 3 years. I thought you could lease a car and keep trading them in If you want to save pennies then go live in a country with respect for it's citizens with health, education, etc. Anything that appreciates in value buy, anything that depreciates in value rent. @Bustyoballs I might keep a car that long, but only once or twice. It was a bmw, it drove so nice, had more power than anything I'd driven before and it got me so excited. I was young and very honestly very stupid, especially cause I knew it was a bad idea.

Thrifty. I bought my SUV new back in 2008 and paid it off in 2 yrs. They change the oil when the light comes on and not like me every 6 months.

Simple. Maybe they should drive Under 10k cars (preferably Toyota/Honda) for awhile till they can afford a 30k car. Honestly this is stupid.

I can already picture her driving style. The standard models are quite comfortable and full of features these days. Cars just simply aren’t built to last anymore. It doesn’t go up in value. Buy a used car from an aunt or something when you are young and you are Learning how to drive.

Buying a car from a dealer is never an investment. On top of that negotiate with your dealership to see if you can get oil and filter changes covered during your lease with that car brand. Maybe you just don't want to be worried about paying for repairs after three years.

Go to a new car lot and open the hood of a brand new car. If your time is worth $200 per hour and you value safety above all then lease. New cars are safer and more reliable. Don't ever lease a car unless your employer give you a compensation for it. It all depends on your financial situation Car places tell me they don't finance a vehicle for under a certain amount. guess it's not worth it to them. . go buy a car thats like new to you. yeah and get a 2 year warranty and a higher interest when financing??

I dont think so sister I away wondered about this option. It’s like wearing the same shirt for 10+ years. If it costs a bit more in the long run, so what. Do the math, it's simple.

Find CNBC Make It. on Instagram: It helped raise my credit score which the job I got helped me to get a home loan, the payments of which is cheaper–including insurance and property tax–than for the house my wife and I had rented for a year beforehand. She's paid by the car industry to tell y'all this. I always wonder how long we could keep that car going for. Pure.

Some pros would be you can either return it on lease end, trade it in at a different dealership, or purchase it. New car every three years with no worries about the thing falling apart on the freeway. Because of the cost to fix vs value. Anyway, if I had Suze O's money, I would lease. US is all about $$$.

I've done that for the past 12 years now and use public transportation including Uber like ones. They constantly look for ways to be better and always on the lookout for promotions or other jobs. they started at $60K and now make $500K plus. So it still looks and rides like good. Lease the car with 0 down if you are the type of person to switch cars every 3 or 4 years. I drive a beautiful brand new car every two yrs because my employer pays for it.

Some of us are so strapped we have no choice but to finance one for 5 years,even the cheapest one. The car I am leasing was used but has been very reliable and I hope to drive it until it runs into the ground. Be smart with your time since that's your biggest asset.

Suze Orman: Don't Ever Lease A Car


p>If you&#039;re in the market for a new car, don&#039;t even think about leasing one. That&#039;s according to financial expert and bestselling author of "Women and Money" Suze Orman. Last time I checked a vehicle depreciates. So unless you&#039;ve got a terrible credit score your interest rate on the payment of the car is unlikely to match ROE. It&#039;s even better not to own any car ever.

I did it and almost got killed. Ok sure I will ask my rich dad to buy me a new car instead of leasing it thanks for you advice &#129393;&#129393; If you live in the US and $500 per month is an issue then focus 100% on making that $500 a negligligent amount. And I LOVE not having a car note! Personally, that’s why I think the average person would be better off leasing today because soon after a 60 month car loan is paid, the car is probably going to start falling apart and the car won’t be worth that much money.

Luckily I learned my lesson while still young and i know I will never put myself in a situation like that again. Most wealthy people that she knows are NOT INTO CARS. Also I hate her personality in this video, it just comes off as if she hates me.

You&#039;re welcome. In my opinion the rules for leasing a car should be a lot stricter. About CNBC Make It.: CNBC Make It. is a new section of CNBC dedicated to making you smarter about managing your business, career, and money. Is it me or did I hear a fart right before the intro? Find CNBC Make It. on LinkedIn: If it was, rich people would be loading up on new cars.

I buy new but previous model year, when dealership is clearing out old inventory. I buy Weathertech liners & undercoating and I drive it until she dies. And not gonna buy a piece of junk for a couple thousand and end up with endless repairs or a replacement shortly down the road. I have a "community based" job that requires a lot of driving to multiple counties that requires I have full auto insurance. And enjoy yourself as you grow older and you are financially stronger.

Maybe you&#039;re OK with that. Lease payments are based upon anticipated depreciation, so they&#039;re less than a finance payment. What happens to plastic and electronics when they get older?

They break. In order to get into a job like I have I leased a car for the first time and have not missed a single payment. She is teaching you how to pinch pennies Never say never All they do is run errands for family, fix their cars, work on their wooden house, etc.

I do things a little different but it works for me. Or you live in Tokyo where you don’t need a car &#128514; GDI, turbo chargers, and CVT transmissions are just the icing on the cake. Disagree! If you want buy, Lease, especially if you have the money upfront, if the payments and interest are lower than a straight 3-4 year financing tem, invest the difference, then at the end of your lease term buy out the car, a dep. Car was totaled.

When the other guy was fixing his car which he paid cash, they were studying for a certification which then increased their income substantially. Normal cars will always be a bad investment. What a BS advice. Except used car prices on cars like the Camry are crazy high at the moment. screw you suze! who are you to tell me not to lease a car? at least i don&#039;t earn my money through fraud like you.

It&#039;s faster, safer, less stressful, more comfortable and about 20 to 30% cheaper than total cost of ownership of a car. I am American but you need to hear the truth. I know people who spend hours on their cars and make $80K.

I couldn&#039;t care less about driving the latest model. It was about to be 20 years old then it got rear ended by some girl texting on her phone. If you buy a car with three years of payments, at the end of three years you have a car that has lost half its value, if not more. If it drives they don&#039;t care about noises or anything.

Online I know others who lease BMWs and live in appartments and all they do day in and day out is focus on their job. In the US especially never ever buy used. I lived in the US for about 5 years and this was one of the craziest things to me as a European. 18 year olds driving brand new cars on a leaseplan and paying $500+ a month in lease payments.

She would get along well with Scotty Kilmer 🙂 Connect with CNBC Make It. Drive the same car for 12 years? That’s sad..

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