New Car vs. Used Car

Here's the bottom line: there are very few cars that are worth buying brand new. Everyone knows that a new car loses thousands of dollars in value the moment you drive it off the lot.

But here's another fact. You should NEVER lease a car. You're pouring money into an automobile and you're not building equity in it as you should be. You're lining someone else's pockets.

So what's the solution? Always buy a used car. If you're willing to spend 20 grand on a new car, you're going to be shocked at the quality of car you can get for 15 thousand used. I'm talking about the difference between a brand new XTerra and a Mercedes SUV with 20 thousand miles on it.

This is one example where the right move is perfectly clear. You can spend less and appear to have spent more. You can save your money and have a nicer car.

So please. Never lease a car. Buy slightly used, look like a high roller, and be on your way to BEING a high roller all at the same time.