Suze Orman: Never Lease A Vehicle

http://www.suzeorman.com/resource-center/suze-orman-money-tips-video-collection/lease-or-buy-a-car/

I agree with these words of wisdom, from Suze Orman. Here are some things I advocate for impoverished, non-pregnant, medically cleared, healthy teenagers, without any children:

1. Never lease a vehicle. Auto loans are usually just as easy to qualify for, without the balloon payments.

2. If you're able to, and your medical doctor approves you for this type of physical exertion, then try to use public transport, walk, and bike in safe, large groups. Get a zip car rental one day per month for critical errands. Live in the major, metropolitan cities with great public transportation systems. Petrol/gasoline/diesel is so expensive.

Plus, it's truly healthy to get exercise. You could get some lightweight wrist, and ankle weights that strap on, for more health benefits. Gradually, you could add a backpack that contains your entire body weight, then go for ten mile, uphill day hikes, in good weather, with friends, for budget-friendly exercise, every weekend. This is also more economical than gym memberships, if you're poor.

3. Three year auto loan terms aren't worth it if you're not able to eat all your healthy nutritional, or healthy caloric requirements, or if you're going to have to live on your multivitamins, powdered milk and instant noodles.

Try to double your most conservative estimates for groceries and household items, when budgeting. Never believe yourself when you budget, and automatically double 3/4 of your budget. Per person, over 18, put down $1,000 per groceries, household items, and medications, including all over-the-counter medications.

4. Try to be realistic, by considering if you're buying a lemon vehicle. Would your auto insurance agent be unwilling to insure it later because it was a flooded vehicle in another state, perhaps? Does it have serious safety recalls, which affects it steering ability?

5. Is it for a vehicle over 80,000 miles with no timing chain, and undocumented, poorly documented, or no timing belt change? Can you afford to be in debt for three years, or longer for a lemon vehicle?

6. Can you actually trouble shoot and/or maintain your vehicle, intellectually, physically, psychologically and financially? If you weren't born with a spatial, linear, logical mind, and into a family of auto mechanics who loved and nurtured you, than this wouldn't just develop suddenly, upon becoming a vehicle owner also.

7. Are you going to afford this vehicle simply as a status symbol to acquire a mate, or for practical purposes? Could you possibly rent a truck from Home Depot a few times per year, instead of buying a pick-up truck?

8. Are there issues that are major red flags, e.g. engine cylinder heads needed replacement on the vehicle and it's under 250,000 miles?

9. Has the S-belt been replaced, and brakes bled on the manufacturer's recommended schedule?

10. Has the dealership been poorly reviewed, or is this through a private owner, instead of a reputable, no haggle dealership?