Kevin O'Leary: Don't Ever Buy A Car

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. » Subscribe to CNBC Make It.: “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 u