Y O U R C A R B U Y I N G R O A D M A P

C R E AT E D B Y:

Inspired by The Suze Orman Show

" L E N D I N G S TA N D A R D S H AV E L O O S E N E D U P, S O M A N Y O F Y O U W H O C O U L D N ' T B U Y A C A R B E F O R E … A R E G O I N G O U T T H E R E A N D B U Y I N G C A R S T H AT A R E S O E X P E N S I V E I T ' S N O T E V E N F U N N Y, " O R M A N S A I D . S H E P O I N T S O U T T H AT T H I S I S M A D E P O S S I B L E O N LY B E C A U S E T H E L O A N I S B E I N G D R A W N O U T " O V E R S I X Y E A R S , S E V E N Y E A R S , E V E N E I G H T Y E A R S S O [ T H AT ] Y O U R PAY M E N T S A R E [ S M A L L ] . "

N E V E R F I N A N C E A C A R F O R M O R E T H E N 3 Y E A R S

N E V E R L E A S E A C A R .

AV O I D A C A R L E A S E

• You have no equity for the car payments you make during a lease. Once your lease is up you are out of pocket to purchase the next car.

• Some leases have an early-payoff penalty.

• Leases can have steep penalties for driving more mileage then the contract allows for.

K E E P A N D D R I V E Y O U R C A R F O R 1 0 - 1 5 Y E A R S

D R I V E Y O U R C A R 1 0 + Y E A R S

• Maximize the value from the car by driving it long after you have paid it off.

• Older cars cost less to insure.

• Average car on the road is now 7 years old.

FA C T O R I N A L L T H E C O S T S

L E A R N T H E M A J O R C O S T S T O O W N T H AT T Y P E O F C A R .

• You should factor in all the costs of owning that car.

• Some of the other costs of owning: insurance, gas, maintenance, wear and tear.

• Know what the average oil change costs. A Mercedes costs $80 a Toyota $25. Which can you afford?

– S U Z E O R M A N

If your [new] car payment for a 3 year loan is too high, then you cannot afford that car!

N E V E R H AV E M O R E T H E N A 3 Y E A R C A R PAY M E N T• The average car payment is $460 per month.

• Car warranties last 36,000-50,000 miles or 5 years.

• If you have a 5 year or longer car payment, you will be well beyond the warranty having to afford a payment and a possible repair bill.

M A K E S I T E A S I E R T O S E L L Y O U R C A R . G E T A N O F F E R I N M I N U T E S .

Share on