Suze Orman Car Lease: What You Need to Know

Suze Orman is a well-known financial expert who has shared her insights on car leasing. If you're considering a car lease, it's essential to know the pros and cons.

Suze Orman recommends that you should not lease a car if you have a history of being upside down on your car loan. This means that you owe more on the car than it's worth.

Leasing a car can be a good option if you want a new car every few years. According to Suze Orman, leasing allows you to drive a new car without the long-term commitment of owning it.

Suze Orman suggests that you should only lease a car if you drive less than 15,000 miles per year. This is because excessive mileage can lead to additional fees at the end of the lease.

Leasing a vehicle can be a lousy deal, especially if you're not in charge of your finances. You pay monthly for using something you'll most likely turn in after a few years.

You could buy out the car after the lease and then own it, but that's not always the most practical option. Orman makes sense when she calls vehicle leasing a lousy deal because you're essentially paying for the right to use a car for a few years.

If you're already set with savings and long-term finances, leasing might make sense for you. You can spend the monthly amount on a car lease without worrying about long-term ownership.

Leasing a car can be a pricey option, especially in the long run. Suze Orman is adamant about this, stating "I personally think you should never, ever ever ever, lease a car, do you hear me?" This perspective highlights the potential drawbacks of leasing.

Leases often come with mileage limits, which can lead to costly penalties if exceeded. This can be a significant concern for drivers who put a lot of miles on their vehicles.

Car values can depreciate rapidly, and leasing may not provide the same level of equity as owning a car outright.

Buying a car outright can save you money in the long run.

Orman's advice makes sense, as using that monthly amount towards emergency savings or a long-term financial goal can be a smart move.

It's up to you to make the best use of your money, given your situation.

You and your family deserve financial security and much more than a fancy car.

Don't leave money on the table - it's a waste to spend it on leasing a car when you could be using it for something else.

It only takes minutes to apply for a loan or credit, and it won't impact your credit score.

You have the option to buy the car outright at the end of your lease, a feature that's not widely known.

The price you can buy it out for is generally referred to as the residual value, which is determined by the leasing company and factors in the expected depreciation of the car over the term of the lease.

The residual value is typically determined at the time you sign the lease, so it's a good idea to review this information when you're first signing on the dotted line.

Your residual value is different from your market value, which is the price you could sell the car for on the open market.

Leasing a car might seem like a convenient option, but let's talk about value for money.

You want to have something to show for your money, and that's why personal finance expert Suze Orman prefers buying a car over leasing. You make payments and have that car as property.

If you lease a car, you're essentially just paying for the right to use it for a few years, then you turn it in and start over. With buying, you own the car outright.

Some people lease cars because they want to show off, but Orman says that's not a good reason to spend your money. If you're leasing for the wrong reasons, it's time to rethink your financial priorities.

Leasing a car can be a costly mistake, according to Suze Orman. Some people lease cars simply to show off to their neighbors, friends, and strangers, which is not a good financial decision.

Leasing a car can be a waste of money, as Suze Orman so bluntly stated. Leasing a car is not a good use of your money, even if you keep it for the entire time.

If you take good care of your car and keep it for the life of it, you can save money by buying instead of leasing. This is a more cost-effective option, especially if you have a reliable car that will last for several years.

Suze Orman's own experience with car ownership suggests that buying is often the better choice. Her car is still good for another five years, and she believes it's better to buy rather than lease.