"Cost a fortune": When Shark Tank investor Kevin O'Leary advised against purchasing a car

Shark Tank's Kevin O'Leary, via CNBC Make It, shared insights about why individuals should opt for ride-share services and renting cars rather than purchasing a car. Kevin shared essential insights via a video aired on September 18, 2018.

In the CNBC video clip, the Shark Tank investor emphasized how cars "cost a fortune" and that he "hates" them. Fans who follow the entrepreneur must know Kevin's curiosity and excitement about wristwatches and how often he changes them during a single day.

Chiming in on why everyone should go for "shared ride services," Kevin O'Leary mentioned renting a car instead of owning one.

"There's so many shared ride services today, even when you have to leave the city. You can rent one. Cars cost a fortune in maintenance, and insurance, and just the amortization, which means as they go down in value, you're losing money. Let's say you paid $25,000 for it. Two years later, it might be worth only 12. I hate cars," shared the Shark Tank investor.

---

Shark Tank investor Kevin O'Leary shares his thoughts on "renting" cars rather than purchasing

CNBC Make It's September 28, 2018 video, Kevin O'Leary: Don't Ever Buy a Car, features the Shark Tank mentor sharing insightful details. Mr. Wonderful initiates the discussion with a simple question, which he answers by himself:

"You're thinking about buying a car. Let me give you a new idea. Don't."

Kevin mentioned that there are many ride services everywhere in the city. Not only the individuals who are living in the city but also those exploring faraway places from the city can also "rent" a car.

Emphasizing how cars "cost" a fortune, and following that, additional charges such as maintenance and insurance are also there. The Shark Tank mentor also talked about amortization, meaning the car's value would be far less once you start using it, and as a result, you will lose money.

Kevin O'Leary stated that if you purchased a car for $25,000 but when you want to sell it, it won't be of the same value. After two years, the estimated price for the same care would be around $12,000.

He also revealed about his Mercedes and how he doesn't own it anymore:

"When my lease came up just a year ago on a Mercedes diesel, a beautiful SUV that was two 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 gonna love.' I said, 'I'm gonna pass. I'm gonna drive this puppy back to you and wave goodbye to it,' and now I don't own it anymore."

Further in the video, the Shark Tank investor mentioned a replacement he uses in his routine. He mentioned using Uber or Lyft to travel in and across the city. That way, he saves a "fortune" and feels good about it. He mentioned that he "hates" cars.

Referring to ride-share services, Kevin O'Leary mentioned that they were "still cheaper" even if you use them regularly. One of the prime reasons for doing such was, according to Mr. Wonderful, that individuals can choose "the level of luxury." It also means choosing to share your ride with someone else.

"I know people that would go miles for only $8. They're taking advantage of a system that's actually democratizing the cost of transportation. Why aren't you? The whole idea is pay off your debts by not buying stuff you don't need. You don't need a car."

The video concluded with the Shark Tank investor mentioning that using a subway would also benefit your work or routine commute. It can be used with shared cars, so individuals won't have to get "stuck parking 25,000 into a car." He asked that if he "doesn't need" a car, then why should you?

---

Fans can stream Shark Tank Season 16 and witness Mr Wonderful, aka Kevin O'Leary, investing in exciting new business ventures.