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Buying a new car is expensive enough without bringing thousands of dollars of debt from your old one along for the ride. Yet that's exactly what a growing number of Americans are doing, and personal finance expert Suze Orman says it's a mistake drivers need to avoid.
"For many of us, having a car is a necessity," Orman wrote on her website recently. "For some families, two are needed." But nearly 30% of vehicles traded in toward a new car still have a significant unpaid loan balance. Citing Edmunds data, Orman said the average amount still owed on those trade-ins earlier this year was nearly $7,000.
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Find out if your retirement plan is exposed to risks most investors overlook — get matched with a fiduciary adviser today.
#finance #nearly #suze
Buying a new car is expensive enough without bringing thousands of dollars of debt from your old one along for the ride. Yet that's exactly what a growing number of Americans are doing, and personal finance expert Suze Orman says it's a mistake drivers need to avoid.
"For many of us, having a car is a necessity," Orman wrote on her website recently. "For some families, two are needed." But nearly 30% of vehicles traded in toward a new car still have a significant unpaid loan balance. Citing Edmunds data, Orman said the average amount still owed on those trade-ins earlier this year was nearly $7,000.
Don't Miss:
Find out if your retirement plan is exposed to risks most investors overlook — get matched with a fiduciary adviser today.
#finance #nearly #suze
2 days ago
