Grammy nominee Cardi B once bought a $500,000 Lamborghini in cash—here's why experts agree with her choice not to lease

Cardi B attends Day 3 of Bud Light Super Bowl Music Fest at State Farm Arena on February 2, 2019 in Atlanta, Georgia.
Kevin Mazur | Getty Images Entertainment | Getty Images

Cardi B is nominated for five awards at the 61st GRAMMYs on Sunday, including Record of the Year and Album of the Year.

But the rapper isn't just known for her music. She's also made headlines for her opinions on everything from motherhood to politics and taxes.

She's not afraid to be transparent about her own finances, either: In July, she posted a screenshot of her bank account to Twitter after fans claimed Cardi B and her husband, recording artist Offset, must have leased their matching Lamborghinis rather than buying them outright.

Some fans implied that there was no way they could afford two of them.

Cardi B proved otherwise: The photo revealed that she took out a cash deposit of $548,736.97 from her Wells Fargo checking account to pay for the car. She took down the tweet shortly after, but not before followers got screenshots.

Although half a million dollars is far more than the average person can afford to spend on a car, experts back Cardi B's decision to buy, not lease. Jay Leno, car aficionado and host of CNBC's "Jay Leno's Garage," advises against leasing. So does financial expert and former CNBC host Suze Orman.

"I always think it's better to buy a car," Leno tells CNBC. "Everyone seems to lease now. Everyone thinks you can write off this and write off that, and to a certain extent, you can. But at the end of the lease, you don't have anything."

The comedian and former host of NBC's "The Tonight Show" prefers own assets outright. "I don't carry debt. I own everything. I own my buildings. I own my cars. That way, if it ends tomorrow, I know what I've got," he says.

Orman calls leasing a car "the most stupid thing I've ever done with money."

Back in 1987, she leased a BMW 750iL in order to show off to the person she was dating. "There was a time that I was in a relationship with a very, very wealthy person and I wanted to impress this person and I didn't have money yet, so I went out and I leased a car," she tells CNBC.

Jay Leno has no debt thanks in large part to abiding by this one rule
Jay Leno has no debt thanks in large part to abiding by this one rule

Orman wasn't spending the money for the right reasons, and the $800 monthly payments ended up being more than she could afford.

"That's where I came up with this statement, you know: Don't spend money you don't have to impress people you don't even like, because the truth of the matter is later I didn't even like this person and I'm spending all of this money," she says.

While lease payments are typically cheaper per month, they still add up over time. Once you pay off your auto loan, you eliminate a fixed monthly cost and won't have to worry about a car payment until you buy again. If you're still leasing, that's another check you continue to write every month.

Like going out to eat all the time, small individual payments can become huge annual costs.

If you're debating which option is best for you, take the time to deliberate and weigh the pros and cons.

And before signing up for an expensive lease, consider Orman's advice and ask yourself, "When do you buy what you can afford versus what you need, when what you need is less than what you can afford?"

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Suze Orman: Why you should buy instead of leasing a car
Suze Orman: Why you should buy instead of leasing a car