[floydarogers]

https://www.msn.com/en-us/news/other...ney/ar-BBFv6b7

Basically she says that everyone buying for "prestige", and buying "baubles" and "options" - which is pretty much all BMW buyers - are fools.

She has particularly harsh words for people leasing.

[Megabrode]

I recall watching Suze on TV the day after the 2008 crash. Deer in the headlights -- perhaps of a Hyundai Accent.

[hi_officer]

This old bag has been categorizing everyone in the same bucket her entire life and dictating what is good and bad for the masses.

If she had it her way, everyone would be driving 20 year old Camrys. LOL

What's so bad about having a hobby or interest and spending money to pursue that? We could get nuked tomorrow!!

[vinylengraver]

Of course everyone should only buy the things they absolutely need.
They should also only buy things they can afford.
And pay cash.
But if this were to happen, it would mean the end of this economy, this country and this system as we know it.
So yeah, good advice but hardly practical.

[RABAUKE]

So this is my two cents.....yup, cars are a necessary evil and a poor investment. Some folks like cars and they have a bit of disposable income and decide to indulge themselves in something that they like....say a BMW, Porsche or what ever. I bet Suze has something she likes to indulge herself if, (you all can fill in the blanks here if you like) but what ever that is if she can afford it why the hell do I care, so really she should shut her pie hole about what I spend my cash on.

[RABAUKE]

Originally Posted by Megabrode

I recall watching Suze on TV the day after the 2008 crash. Deer in the headlights -- perhaps of a Hyundai Accent.

.

[DDD31]

Every time someone calls in wanting to spend money on something that is for pleasure or prestige, I’m waiting for the inevitable

[Efthreeoh]

Originally Posted by RABAUKE

So this is my two cents.....yup, cars are a necessary evil and a poor investment. Some folks like cars and they have a bit of disposable income and decide to indulge themselves in something that they like....say a BMW, Porsche or what ever. I bet Suze has something she likes to indulge herself if, (you all can fill in the blanks here if you like) but what ever that is if she can afford it why the hell do I care, so really she should shut her pie hole about what I spend my cash on.

Here's mine. I've seen Ms. Orman's rant before. Buying a car comes down to one thing: cost-per-mile. The bulk of cars purchased by the marketplace all operate (operating cost) within a few cents of each other (fuel, maintenance and repair). Life cycle cost is another metric that should be evaluated and a cost element of that is the price paid for the vehicle/the total miles driven. I disagree with cars being a bad investment, because they are not a monetary investment, but rather a tool. Owning a car is no different than buying food. The value of the car to the owner is the level of luxury one wants to afford per mile.

[allinon72]

I bet a quick peek into Ms.Orman's closet would reveal all types of items that don't make financial sense. The fact is, the possibility exists to have luxury items while still being financially responsible.

I do agree with her on leasing.

[yousefnjr]

Her message is obviously going to be received differently among auto enthusiasts, but it’s good advice for most. I remember reading that a large part of the country couldn’t afford an unexpected $400 emergency without selling something.

[hi_officer]

It's funny, in the article she states that SHE leased a BMW 750iL back in 1987 for $800 / mo in order to try to impress someone. I understand she is a full bloat lesbian, but is that really how lezzys roll?

Also, just because she was stupid and couldn't afford a leased BMW doesn't mean it's a stupid decision.

I know a lot of people here hate leasing and other love it; I am of the mindset that it works for some and others it doesn't.

I lease cars that I know for sure I do not want to own more than 3 years (like a daily driver). I don't mind having a constant monthly payment... my utilities are monthly payments because I use them every month as a means to survive (like my wife's daily driver). If it gets a ding, scratches, curbed rim or even an accident, I don't really care.

However, if it is a fun car (i.e. GT3), then I buy. I plan to keep it for awhile and maybe I don't want to give it back after 2-3 years. If I do, maybe I will come out ahead or behind, who cares, it's a toy.

[RABAUKE]

Originally Posted by yousefnjr

Her message is obviously going to be received differently among auto enthusiasts, but it’s good advice for most. I remember reading that a large part of the country couldn’t afford an unexpected $400 emergency without selling something.

Clearly a big problem, and owning a car or big screen TV isn't the solution. Having said that I'm doing ok now, there was a time that I'd take the empties back to buy Kraft Dinner. A car was a necessity though as any work I got required transportation and public transit wouldn't cut it. My personal priorities may have clouded my judgment but I've always had a car that spoke to me, it might have been cheap and many of them were, but they were mine and gave me some pleasure beyond basic transportation. Life is about choices, we all make them, and then have to live with them.

[M2Nebula]

Originally Posted by yousefnjr

Her message is obviously going to be received differently among auto enthusiasts, but it’s good advice for most. I remember reading that a large part of the country couldn’t afford an unexpected $400 emergency without selling something.

Yeah, there was a story on 60 minutes about this and the guy went from rags to riches overnight and couldn't believe in his research that most would have to take a loan out if they had a $400 emergency. What does that tell ya? Many live beyond their means and others have to pay for it in the end. More importantly, but tied together, is 90% of the population are going backwards financially concerning overall wealth while only the remaining 10% are going forward. Talk about disparity.

[hi_officer]

Originally Posted by yousefnjr

Her message is obviously going to be received differently among auto enthusiasts, but it’s good advice for most. I remember reading that a large part of the country couldn’t afford an unexpected $400 emergency without selling something.

I read something similar, some along the lines of ~70% of American have $1000 or less in an emergency fund, and 34% have no savings at all! https://www.cnbc.com/2016/10/03/how-...-accounts.html

I couldn't sleep knowing I couldn't even afford to fix my AC unit LOL. My wife and I always save AT LEAST 1 year's worth of our salaries.

In Texas, we have what's called $30,000 millionaires (http://www.dallasobserver.com/news/3...e-mist-6421843). They may make more than $30k a year but they will go out and lease a car that takes up 50%+ of their monthly cash flow, hang around bars and clubs, but live in a shack or with their parents. Yeah, an interesting bunch.

[M2Nebula]

Originally Posted by RABAUKE

Clearly a big problem, and owning a car or big screen TV isn't the solution. Having said that I'm doing ok now, there was a time that I'd take the empties back to buy Kraft Dinner. A car was a necessity though as any work I got required transportation and public transit wouldn't cut it. My personal priorities may have clouded my judgment but I've always had a car that spoke to me, it might have been cheap and many of them were, but they were mine and gave me some pleasure beyond basic transportation. Life is about choices, we all make them, and then have to live with them.

At least one was able at one point, with even a little knowledge, to work on their own car and do repairs for pennies and keep their budget in check while having reliable transportation. Now you can't even touch a car without being a brain surgeon or having more money than God. We've all lived on Mac and cheese at one point in our lives, but some are still doing that while working 80 hours a week.

[yousefnjr]

Originally Posted by hi_officer

I read something similar, some along the lines of ~70% of American have $1000 or less in an emergency fund, and 34% have no savings at all! https://www.cnbc.com/2016/10/03/how-...-accounts.html

I couldn't sleep knowing I couldn't even afford to fix my AC unit LOL. My wife and I always save AT LEAST 1 year's worth of our salaries.

In Texas, we have what's called $30,000 millionaires (http://www.dallasobserver.com/news/3...e-mist-6421843). They may make more than $30k a year but they will go out and lease a car that takes up 50%+ of their monthly cash flow, hang around bars and clubs, but live in a shack or with their parents. Yeah, an interesting bunch.

All hat, no cattle

[Ali Shiralian]

Originally Posted by RABAUKE

So this is my two cents.....yup, cars are a necessary evil and a poor investment. Some folks like cars and they have a bit of disposable income and decide to indulge themselves in something that they like....say a BMW, Porsche or what ever. I bet Suze has something she likes to indulge herself if, (you all can fill in the blanks here if you like) but what ever that is if she can afford it why the hell do I care, so really she should shut her pie hole about what I spend my cash on.

I think what she indulges on, or should, is vitamines for her Jaw muscles. She talks way too much...

[NickyC]

She's not wrong about anything, car prices right now are a complete joke. Not asking you to agree with me, but if you can't pay cash or at least put down 75% towards the value of the car with a maximum two year note, get something you can afford. LoL @ fleases.

The thought of ever having a car payment again makes me sick. There are countless nice 10 year old cars right now which can be obtained cash in hand, look great, and will last for years and years.

[Germanauto]

She's not wrong but at the end of the day we all have hobbies and for some of us cars are that hobby. As long as you aren't compromising your financial future and spending beyond your means it's not a big deal. Sure, that X amount of money could be invested but what's the point of living like a miser your entire life? What's the point of making money if you're gonna kill part of our soul driving some lame ass car.

[M2Nebula]

Originally Posted by NickyC

She's not wrong about anything, car prices right now are a complete joke. Not asking you to agree with me, but if you can't pay cash or at least put down 75% towards the value of the car with a maximum two year note, get something you can afford. LoL @ fleases.

The thought of ever having a car payment again makes me sick. There are countless nice 10 year old cars right now which can be obtained cash in hand, look great, and will last for years and years.

With interest rates right now it's basically free money if you can stomach having a monthly payment and aren't living paycheck to paycheck. Put the cash elsewhere with some sound financial advice.

[hi_officer]

Originally Posted by M2Nebula

With interest rates right now it's basically free money if you can stomach having a monthly payment and aren't living paycheck to paycheck. Put the cash elsewhere with some sound financial advice.

Exactly, my head hurts every time someone recommends fully paying off or putting a very large down payments on a car when you can finance them for <2%.

It’s very simple, instead of paying off a depreciating asset, put that money in a 401k, 529, ETF, Personal IRA, etc (it’s very simple to set any of these up with little cost) and then take the monthly car payment. Very easy to make 5% on your money while only paying 2% on your car.

[PrematureApex]

Originally Posted by NickyC

She's not wrong about anything, car prices right now are a complete joke. Not asking you to agree with me, but if you can't pay cash or at least put down 75% towards the value of the car with a maximum two year note, get something you can afford. LoL @ fleases.

The thought of ever having a car payment again makes me sick. There are countless nice 10 year old cars right now which can be obtained cash in hand, look great, and will last for years and years.

Having the money to pay cash for a car is one thing, but having it and choosing to pay cash at current auto loan interest rates...well...one could easily argue that's a silly thing to do.

Leverage isn't a bad thing, nor is making your money work harder for you.

Edit: I see I'm late to the party