Grant Cardone Reveals 'There's only one car' in the US That Americans Should Buy

There's a long-standing debate about whether to buy or lease a car. Each option has its own pros and cons. The best choice depends on personal needs, preferences, and finances.

Real estate mogul Grant Cardone makes it clear: lease all but one car.

Cost-of-living in the US is high. Use these three 'real assets' to protect your wealth today. No matter what the Fed does or says.

Want to climb America's net worth ladder in 2024? Try these five money moves. They take just minutes to complete.

“There’s only one car you buy, and the rest you lease,” Cardone stated in a YouTube video.

Cardone bought a specific vehicle and shared his reasons.

“$150,000 Range Rover. It weighs 6,000 pounds. Section 179 of IRS says anything over 6,000 pounds, you can write off 100%. You could buy it on December 31, write it off that year, even though you didn't even drive the car,” he explained. “Boom! $158,000 you get to write it off, that day, against your earned income, if you have self-employment money, or an LLC producing other income.”

He practices what he preaches.

“I would pay cash for the Ranger Rover — we did,” he revealed.

Cardone, who often travels on a Gulfstream G650ER, also leases cars. He has a Rolls Royce Cullinan, starting at around $392,000.

Leasing also brings tax benefits.

“The Cullinan that I have is a leased vehicle. I leased it with no money. I put it on a 24-month lease — never longer than that. Whatever the payment is, if you can't handle that payment, don’t do it. And then every 24 months I trade that car in. Why do I do a lease rather than own? Because I can write off 100% of that lease payment every month against my business income,” he elaborated.