Suze Orman: Leasing a Car Is ‘the Biggest Waste of Money,’ Here’s Why (2024)

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e=r.searchBoxForm.querySelector("[name=fr]"),n=r.searchBoxForm.querySelector("[name=fr2]");e&&r.config.searchBox&&r.config.searchBox.params&&r.config.searchBox.params.fr&&(e.value=i.searchBox.params.fr,e.disabled=!1),n&&r.config.searchBox&&r.config.searchBox.params&&r.config.searchBox.params.fr2&&(n.value=i.searchBox.params.fr2,n.disabled=!1),r.searchBoxForm.submit()}}),1e3)},r.recognition.onspeechstart=function(){},r.recognition.onspeechend=function(){r.recognition.stop()},r.recognition.onerror=function(){r.speechText&&(r.speechText.innerText=r.i18n.t("search.voice.recognition_error")),r.hideTrending(r),r.showRetryLink(r),r.errorAudio.play()},r.recognition.onaudiostart=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.add("listening")},r.recognition.onaudioend=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.remove("listening")},r.recognition.onsoundstart=function(){r.hideTrending(r),r.noSpeech=!1,r.speechButtonContainer&&(r.speechButtonContainer.classList.remove("listening"),r.speechButtonContainer.classList.add("speaking"))},r.recognition.onsoundend=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.remove("speaking")},r.recognition.onstart=function(){r.recognitionInit(r),r.startRecognition(r)},r.recognition.onend=function(){r.isRecognitionStart=!1,0==r.noSpeech&&""==r.speechResult&&(r.speechText&&(r.speechText.innerText=r.i18n.t("search.voice.recognition_nomatch")),r.hideTrending(r),r.showRetryLink(r),r.errorAudio.play())},document&&document.dispatchEvent&&document.dispatchEvent(new Event("VOICE_JS_READY"))}}o.I18n=m,o.prototype.renderPermissionGuide=function(e){var n='\n

    \n

    \n

    \n

    \n

    \n

    \n

    \n

    '.concat(e.i18n.t("search.voice.permission_title"),'

    \n

    ').concat(e.i18n.t("search.voice.permission_text"),"

    \n

    \n

    \n

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    \n

    \n

    \n

    \n

    \n

    \n \n \n \n \n \n \n

    \n

    \n

    \n \n \n '.concat(e.i18n.t("search.voice.recognition_retry"),'\n

    \n

    \n

    \n

    \n

    \n

    \n ').concat(e.i18n.t("search.voice.trending_title"),'\n \n

    \n

    \n

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e)&&("SpeechGrammarList"in e||"webkitSpeechGrammarList"in e)}}],d=0;d0){var n=e.speechResult.charAt(e.speechResult.length-1);"."!==n&&"?"!==n&&"。"!==n&&"?"!==n||(e.speechResult=e.speechResult.slice(0,-1))}},o.prototype.sendBeacon=function(n,t){var o=e.YAHOO.ULT||{},i=e.YAHOO.SB||{};if(o.beacon_click){var r={_S:i.config.i13n.spaceid,_I:i.config.i13n.pvid,actn:n,sec:"search",slk:t};e.YAHOO.ULT.beacon_click(r)}},o.prototype.ajaxReq=function(t,o){var i,r,a=XMLHttpRequest.DONE||4,s=new XMLHttpRequest;if(n.documentMode&&n.documentMode<10)return(new e.XDomainRequest).onload=function(){try{r=JSON.parse(i),o(r)}catch(e){return}},s.open("GET",t),void s.send();s.onreadystatechange=function(){if(s.readyState===a)if(200===s.status){i=s.responseText;try{r=JSON.parse(i),o(r)}catch(e){return}}else o(r)},s.open("GET",t,!0),s.timeout=1e4,s.send()},e.YAHOO||(e.YAHOO={}),e.YAHOO.Util||(e.YAHOO.Util={}),e.YAHOO.Util.VoiceSearch=o}(window,document)}();var Wn={containerClass:Un.tooltip,textClass:Un.tooltip__text,showClass:Un["tooltip--show"]},Jn=["zh-hant-tw","zh-hant-hk"];ye("ybar-mod-searchbox",(function(e){var n={ybar:document.getElementById("ybar"),searchInput:document.getElementById("ybar-sbq"),buttonBar:document.querySelector(".".concat(Un["sa-btn-bar"])),voiceSearchBtn:document.getElementById("ybar-sbq-voice"),searchForm:document.getElementById("ybar-sf"),searchBoxIcon:document.querySelector(".".concat(Un["searchbox-icon-uh3"])),searchBoxPlaceholder:document.getElementById("ybar-smartphone-searchbox-placeholder"),searchBoxBackButton:document.getElementById("ybar-search-back-btn"),shopsButtonsWrap:document.querySelector(".".concat(Un["shops-buttons"])),categorySelect:document.getElementById("shops-category-select"),selectedMerchantInput:document.getElementById("selected-merchant-input"),selectedMerchantClearButton:document.querySelector(".".concat(Un["selected-merchant-clear-button"])),submitSearchBtn:document.getElementById("ybar-search"),clearSearchBtn:document.getElementById("ybar-sbq-x")};!function(e,n){var t,o,i,r=e.getConfig();if(n.ybar&&"desktop"===r.device&&(null===(t=r.bucketConfig)||void 0===t?void 0:t.highlight_searchassist)&&(null===(o=r.bucketConfig)||void 0===o?void 0:o.overlay_class)){n.ybar.setAttribute("data-ovrly-bkt",r.bucketConfig.overlay_class),null===(i=n.searchForm)||void 0===i||i.classList.add(Un[r.bucketConfig.overlay_class]);var a=document.createElement("div");a.classList.add(Un.overlay,Un[r.bucketConfig.overlay_class]),document.body.appendChild(a),e.onDestroy((function(){document.body.removeChild(a)})),e.addElementListener(n.searchForm,"focusout",(function(e){if(n.searchForm&&n.searchInput){var t=e.relatedTarget;t&&!n.searchForm.contains(t)&&window.YAHOO.SA&&window.YAHOO.SA.apps&&window.YAHOO.SA.apps[0]&&window.YAHOO.SA.apps[0].view.shown&&window.YAHOO.SA.apps[0].view.hide()}}))}}(e,n),zn(e,n),n.voiceSearchBtn&&function(e,n){var t=e.getConfig(),o=t.locale,i=function(){var e,t;(null===(t=null===(e=window.YAHOO)||void 0===e?void 0:e.Util)||void 0===t?void 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    Suze Orman: Leasing a Car Is ‘the Biggest Waste of Money,’ Here’s Why (2024)

    FAQs

    Suze Orman: Leasing a Car Is ‘the Biggest Waste of Money,’ Here’s Why? ›

    Instead of leasing, Orman said that it makes more sense to finance a car. “Finance a car and after it's paid for in full, keep it. My car is going on 12 years old,” she added. “If you instead follow my advice and take out a three-year loan, you will own the car free and clear after 36 months.

    Why is it a waste of money to lease a car? ›

    The obvious downside to leasing a car is that you don't own the car at the end of the lease. That means you don't have a trade-in if you decide to purchase a car. Consumers who routinely lease cars over many years may end up paying more than they would if they had initially bought the car.

    What do financial experts say about leasing a car? ›

    Shopping for a new car means deciding between leasing and buying. In general, you'll have a lower monthly payment if you lease, but you'll pay less in the long run if you finance your new car—and you'll save even more if you pay for the whole thing in cash.

    Who benefits most from leasing a car? ›

    Leasing can be attractive if you're looking for lower monthly costs, want a new car with new car technology every few years, and don't want to worry about certain tasks, such as selling your car. Leasing can also put you into a luxury model that otherwise might be out of reach.

    What are the hidden costs of leasing a car? ›

    Leases can also involve these costs and fees:
    • Down Payment. Dealerships often will require you to make a down payment to lease a car. ...
    • Monthly Payments. Your monthly payment is the fee that you pay for using the car. ...
    • Acquisition Fee. ...
    • Money Factor. ...
    • Return Fee. ...
    • Extra Mileage Charges. ...
    • Excess Wear-and-Tear Fees.

    Why is it not smart to lease a car? ›

    More expensive in the long run: If you buy a car and pay off the loan, you can keep it as long as it runs without another monthly payment. If you decide to lease all your vehicles, though, you may end up paying more in the long term because you'll always have a monthly payment.

    Why is leasing a car not worth it? ›

    Over the long term, the cheapest way to drive is to buy a car and keep it until it's uneconomical to repair. Lease contracts specify a limited number of miles. If you go over that limit, you'll have to pay an excess mileage penalty. That can range from 10 cents to as much as 50 cents for every additional mile.

    Does Suze Orman think you should lease a car? ›

    During her November appearance on the show, Wallace asked Orman whether it was better to lease or buy a car and told her that he leases a car. Orman did not hold back, telling Wallace why she believed leasing a car was not a good use of his money. Instead, she believes that buying the car is the better option.

    Is it financially smart to lease a car? ›

    Leasing a car can be a good way to get into a new vehicle without a hefty car loan payment. But in the long run, it may make more financial sense to buy instead of lease. Understanding the numbers for each option can help you determine which option is a better fit for you.

    What does Dave Ramsey say about leasing a car? ›

    Dave says that in most cases leasing something is similar to financing. He claims that he will never lease anything except an instance where it's taking a short-term lease on a building or an office space. Dave's opinion is expected as leasing goes against some of his baby steps.

    Is it better to lease or buy a car in 2024? ›

    In 2024, whether to buy or lease a car depends on your individual needs and lifestyle. With manufacturers pushing more attractive lease deals, leasing may become a more appealing option for many. Leasing is a great way to avoid the worst effects of today's high interest rates.

    What are two disadvantages of a lease? ›

    Disadvantages
    • Lease increases. Many leases are set up to allow annual rent increases, while others often increase costs when your lease expires and needs to be renewed.
    • Lease renewal ends – change of business location. ...
    • No equity in building. ...
    • Little control. ...
    • Less space for growth.
    Oct 23, 2018

    Is 10,000 miles a year enough for a lease? ›

    How many miles per year is good for a lease? Most dealerships and leasing companies advertise between 10,000 and 15,000 miles annually. However, some companies offer high-mileage leases with upwards of 30,000 annual miles. You'll pay less for a short-term car lease with a lower annual mileage limit.

    Is leasing a car throwing your money away? ›

    Leasing tends to free drivers from the hassles and costs of long-term car maintenance. With that said, leasing typically saves money in the short term because the payments are based on the expected depreciation of the automobile.

    What is the 1% rule when leasing a car? ›

    When researching the different aspects of a lease deal, you'll come across the “one percent rule.” This method is intended to be used for a 36 month lease and 12,000 mileage allowance and divides the monthly payment you will be making for the lease (without taxes) by the MSRP. A good lease deal will be 1% or lower.

    How to not get screwed leasing a car? ›

    Negotiate the terms of your lease

    If negotiation intimidates you, bring a trusted friend to handle the hard conversation. Make sure to ask for the amount due when you sign the lease, this includes security deposit, title fees, capitalized cost reduction and monthly payments.

    Why should you never put money down on a lease? ›

    Remember, leasing a car is not like buying a car. You could lose a lot of money if you make the mistake of providing a big down payment on a lease and then the car is totaled early on. Your car insurance will reimburse the leasing company for the vehicle, but you're not going to get your down payment back.

    Is leasing a car a good way to save money? ›

    In some ways it's similar to renting an apartment instead of buying a house. The commitment is shorter, but you still have to pay for it. The monthly cost of leasing a car is often lower than buying it with an auto loan, with drivers saving an average of about $148 a month, according to Experian data.

    Is leasing a car bad debt? ›

    Car leases or loans are liabilities, and your payments are included in monthly debt ratios. If you apply for a mortgage, student loan, or credit card while making car payments, you may qualify for a lower amount than if you didn't have them.

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