Suze Orman's All-Star Advice - Episode 3
Hey Suze, I got a question for you, because it's something my husband and I always discuss. When it comes to a car, is it better to lease the car or to own the car? I know a lot of different variables come into play, but is there a way that you can kind of summarize it for us, as best as Suze can, 'cause we know you do that so well?-Nancy O'Dell
SUZE ORMAN: You should never ever, ever lease a car. Now I know everybody thinks that leasing is good 'cause the payments are so little. But it's like you're renting a car for the rest of your life. If you wanna be smart you buy a car. If you wanna be smart you buy a car and you keep it for 10 or 15 years, believe it or not. Now you're being intelligent with your money. How much of a car should you buy if you're buying a car? Here's how you know. If you're going to be financing a car, you should know you should be able to afford the car payments every single month, if you purchased it and financed it over a three-year period of time. To afford the payments, if you have to finance it over four, five or six years, you cannot afford it.
Next: I'm recently divorced and after discovering that my husband, among other things, didn't pay our taxes for several years. How in the world I'm ever gonna be able to tackle this huge amount of debt?
Published on January 16, 2011