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Kevin O'Leary: Don't buy a car, do this instead
Sarah Berger | @sarahelizberger 10:03 AM ET Thu, 27 Sept 2018
https://www.cnbc.com/2018/09/27/shar...s-instead.html

Thinking about purchasing a new set of wheels? Pump the brakes, advises personal finance expert and star of ABC's "Shark Tank" Kevin O'Leary. It could take a major toll on your finances.

"You're thinking about buying a car. Let me give you a new idea: Don't," O'Leary tells CNBC Make It.

"Cars cost a fortune in maintenance and insurance and just the amortization, which means as they go down in value, you're losing money," O'Leary explains. "Let's say I pay $25,000 for it. Two years later, it might be worth only 12 [thousand dollars]."

Don't lease one either, says O'Leary.

Take public transportation if you can or do what O'Leary did.

"When my lease came up just a year ago on a Mercedes Diesel, a beautiful SUV that was 2 years old and I'd hardly ever driven because I used so many shared ride services, the dealer called me up and said, 'Kevin, your lease is coming up. I've got a brand new car you're going to love,'" O'Leary recalls. "And I said 'I'm going to pass; I'm going to drive this puppy back to you, and wave goodbye to it.' And now, I don't own it anymore.

"I use my phone to call Uber or Lyft and they take me around the city. I save a fortune. I feel good about it," O'Leary says. "I hate cars."