Renowned private finance expert Suze Orman was recently interviewed via Chris Wallace, and she didn’t mince words. When Wallace sheepishly admitted that he was renting a car, Orman replied that no one ever does that. “Renting a car,” he says, “is the biggest waste of cash there is. “
Of course, Suze knows what she’s doing, and technically she’s right. Renting a car will cost you a lot more in the long run. The most productive plan for those who need to minimize the costs of buying a car is to buy a smart brand, make smart decisions. car and I’ve owned it for years. I know many other people who drive a few hundred thousand miles in a car, replace the oil regularly, and get their money’s worth.
But Chris Wallace made some clever comments. He explained that by renting a car, you get a new car every three years. And since he doesn’t drive much, he never exceeds the mileage allowed on the rental. You’ll pay less in invoices than comparable acquisition financing payment. It has a car-free experience.
I’ve leased my Volvo and have been getting a new lease every 3 years since 2013. The compliment on every occasion is a new car with a beautiful, blank interior. And since then the car is very new since I’ve been using it, I’ve never had any maintenance issues, so my use has been maintenance free. But my reasoning in favor of renting rather than buying isn’t the slightest lease payment or fun. No repair. I am aware that if I had the car for a long time and bought it as a smart car, I would be fine financially.
So what am I thinking? When I rent a car, I get the safest car on the market: the one with the Lacheck protection features and the highest crash test scores. I can also get the car with the maximum fuel economy and the highest mileage per gallon. (The diversity is great enough in all-electric cars, I’ll be in a position to attack. )The most protection is rarely just about airbags, seat belts, and antilock brakes. Relatively new features such as lane assist, electronic stability control Collision avoidance, head-up and head-up systems are getting better and better. The lacheck protection and maximum complexity features can easily make the difference between surviving or not surviving a car accident.
Why wouldn’t I have to take advantage of those inventions in both one and both 3 years?If I were the owner of the car, I would desperately strive to make it last as long as possible, which would mean giving up a new year of enhanced safety. It would possibly be healthy for my pocketbook, but it’s less healthy when it matters. When you rent a car, you enter a program where you are guaranteed to prioritize safety. And that, to me, is valuing dollar value and making sense.