NEW YORK, Aug. 23, 2005
Car Buying Quandaries Cleared Up
Expert Offers Tips On New Vs. Used, Leasing Vs. Buying, And More
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Play CBS Video Video To Buy Or Lease A Car? As potential car buyers are being enticed by amazing incentives, Early Show financial contributor Dave Ramsey explains whether to buy new or used, or just lease.
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Interactive Motor Away Things to know before hitting the road.
When you're driving a leased car, says Ramsey, you're really "driving your financial dignity at retirement."
HOW MUCH CAR CAN I AFFORD?
A rule of thumb from Ramsey: Never spend more than half of your annual income on things that go down in value.
He recommends some Web sites to help you determine how much you can afford to spend on a car:
Kelley Blue Book
edmunds.com
carmax.com
"The consumer with the most information wins," said Ramsey.
SHOULD I CONSIDER GAS PRICES WHEN I GET A VEHICLE?
Yes, says Ramsey, but don't panic: "Gas prices are out of control and have us scared. But the further you drive, the more you need to think of gas mileage."
Ramsey hosts the syndicated radio program, "The Dave Ramsey Show," which focuses on helping people with their financial problems.
Last year, Ramsey's book, "The Total Money Makeover," was a bestseller for several weeks on The New York Times bestseller list.
Last fall, 60 Minutes did a profile of Ramsey. It will re-air this Sunday.
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