If you're a longtime listener, you know that Clark has frequently bashed vehicle leasing. He's called it a recipe for financial disaster, and he's said it's only good if you like new wheels every few years or have a special factory-subsidized lease.

Well, the penny-pinching guru now has egg on his face.

Earlier this decade, automakers were really pushing leases on SUVs. The monthly payments were calculated based on what the automakers thought the vehicles would be worth 3, 4 or 5 years later.

But now that gas is so expensive, no one wants SUVs and their value has dropped severely. So the value of a typical SUV may be down $10,000 when you turn it in. Automakers are suffering billions in losses as a result. Chrysler has stopped all leasing completely, and both GM and Ford are seriously cutting back.

So if you ignored Clark's longstanding advice and leased an SUV, you look awfully smart right now. But this was an unusual circumstance. The reality is that domestic automakers can't afford the costs of leasing. The luxury European brands will still do them. But the real bargains in luxury cars are always used.

If you have need for an SUV -- because of your business or family life -- this is the best time to buy a used one. Zig when others zag.

Meanwhile, the best deals on fuel-efficient car are Korean -- Kia and Hyundai. But beware that neither really holds its value when it comes to resale.

Over the last few weeks, we've received hundreds of calls from people who wonder whether they should ditch their old gas-guzzling SUV/truck and buy a newer fuel-efficient vehicle to save money.

Clark usually says that it doesn't make sense to do so. But that's just general advice without looking at the numbers.

If you want to get really granular, Smart Money has a new interactive tool that features 11 variable fields where you can enter your trade-in value, gas mileage, daily driving distance, etc. The tool calculates how long it takes to start getting payback.

You may not like the answer you get. Sometimes the only way to make it work is to buy a used gas-sipper. In this respect, cars from Hyundai and Kia tend to depreciate much quicker than those from Honda and Toyota.

And if you're stumped on your trade-in value, know that Edmunds, Kelley Blue Book and others haven't stayed current with SUV/truck values. So deduct about 25% from whatever they say.

The car market continues to take a beating, with the latest blow coming from a horrible sales month in June. Fitch Ratings, meanwhile, has downgraded Chrysler and GM -- citing weak sales and rising fuel costs, among other things.

Ford is also struggling with collapsed sales. The F1 Series is falling further down the list, and Ford is delaying a new remake because they can't sell the old ones.

In short, any automaker that has had a heavy emphasis on unloved giant trucks and SUVs is hurting right now.

So what's a Big 3 automaker to do? Well, in the case of GM, they're offering sweeping rebates and great buying opportunities. Look for 0% interest on a 6-year loan and possible additional cash rebates.

Clark doesn't even like 5-year loans…and here they're pushing 6-year ones!

But here's the bottom line: If you are in the market for a new SUV or pickup truck, there's never been a better moment to buy one. You're also likely to steal great deals if you're looking at used vehicles.

One caveat: As Clark has mentioned before, you should try to get it in writing that your Chrysler warranty will be honored no matter what.

You've probably heard anecdotally that the cars we're buying have changed. GM, Ford and Chrysler are wounded ducks right now because so much of their business is in larger vehicles. New data shows that sales of the Big 3 have dipped below that of the smaller Asian cars for the first time ever.

The No. 1 selling vehicle is now the Honda Civic -- not the Ford F-Series pickup truck as it's been for years. In fact, sales of big SUVs are down to just 4% of the entire market.

People stuck in a new gas guzzler are always torn between keeping it and dumping it. Typically, you're better off keeping it and budgeting for the high gas prices. The reality is that fuel is still a small amount of the total ownership cost of a vehicle.

But if, for example, you have a 4-year old SUV, you may want to think about dumping it for a used fuel-efficient car. Depreciation will threaten your wallet more than the actual fuel costs.

Clark recently saw an analysis that found driving an SUV for 15K miles/year over a period of 5 years will cost you $100K. That factors in purchase price, maintenance and fuel.

The July issue of Consumer Reports has a cover story about gas-saving cars. There's a new top dog out there and it's the Hyundai Elantra SE. The No. 2 car is the Honda Civic EX (manual). Other top choices include the Toyota Prius, Mazda 3 and the Subaru Impreza. In the class of extra-small cars, the Honda Fit and Nissan Versa both got kudos.

The market for gas-guzzling vehicles is awful! Car companies like Chrysler and GM are trying 0% financing with rebates to try and pull consumers back in. You can get incentives on some vehicles, others will give you 0% financing, and some deals will give you both! Each company has a “summer drive,” so that they will advertise better deals for SUVs and trucks to make up for their high gas consumption. However, if you're thinking of buying an SUV but don't plan to own it for the life of the car, keep in mind that it is very tough right now to get rid of a used SUV. Practicality is now beating out style.

New statistics show that for the first time in almost 6 years, people are buying more cars than light trucks, which include SUVs, minivans, pick-up trucks and vans. That’s been the sweet spot in the car market for years, but now that’s shifted: Small cars are selling like mad, and big vehicles are not doing well at all. Cars.com does a list of the top ten cash back offers on the market, and Clark discovered that the discounts top 25% on several models. Number one is the Chevy Silverado, which is giving $4500 cash back (a 28.41% discount from the MSRP.) The Dodge Ram is giving a 28% discount ($6000 back) , the GMC Sierra a 27% discount, the Ford Freestar a 25% discount ($5000), and the list goes on. For those of you who want or need a large vehicle, there are some outrageously good deals out there for you. But the greatest deals are on the used ones - you can steal a deal right now. The flip side is that if you are buying a new SUV (or anything that’s not “in”), you’ll save a lot on your purchase, but you’ll get pinched on the trade-in value on your old one. If the vehicle you are trading in has enough years on it, however, the pinch you’ll suffer is not nearly as much in dollars as the benefit you get in dollars on the new one.

American automakers are doing horribly in the market these days. The latest report from GM shows that the sale of SUVs, pick-up trucks and mini-vans is down 31 percent. Ford is having the same problem. Pick-up truck sales are down by half. SUV sales are down more than 50 percent, with Explorer falling 57 percent. They were building all these cars because people really wanted them. But the market has shifted and people don’t want cars that guzzle that much gas anymore. GM, Ford and Chrysler simply don’t have those kinds of cars. The upside of this is that the companies are offering great deals on SUVs and bigger cars. If you like driving an SUV and don’t care about the gas cost, you can get a great deal. Used SUVs are literally a steal. Three-year-old SUVs are back on the market at rock-bottom prices because all of the leases are coming back to dealerships and they’re just sitting there.

Toyota continues to do well as an automobile company, in part because the company is innovative and invests in research and development. The company is now investing in plug-in hybrids, for example. These cars run on electricity for about 40 miles and they emit much less pollution. Most commutes are less than 40 miles, so you’d charge the car overnight and be good to go. If you’re going longer distances, the gas engine takes over. Clark thinks this idea has enormous promise. Toyota will have about 20 different plug-in models on the market in the future.

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In other car news, sale of mid-size SUVs are down drastically, according to the Dallas Morning News. Dodge Durango sales are down 40 percent; Ford Explorer sales are down 30 percent; GMC Envoy is down 23 percent and Jeep Grand Cherokee is down 18 percent. More people are buying “car-based” SUVs because they get much better fuel economy. Maybe we’re finally getting it.

GM is trying to come up with ways to make sure people are still buying big SUVs. Sales trends show that people are interested in smaller cars these days. The shock of gas prices has people buying smaller cars. So, GM is trying to hook people in California and Florida with cheap gas. The company is guaranteeing unlimited gasoline for $1.99 a gallon for the first year of ownership. If you drive a lot or must commute long distances, this is a huge deal for you. A few years ago, $1.99 seemed like an outrageous price for gas. Today we have a different outlook. But GM needs to sell cars and $2 must be the price point that works. In Florida, the deal pertains to the Chevy Impala, Buick LaCross, Chevy Monte Carlo and the Pontiac Grand Prix. Those are all mid-sized cars. In California, it’s the Chevy Suburban, Tahoe, the GMC Yukon and the Yukon XL. If it works, GM will certainly expand this program around the country. We’ll keep you posted.

A few weeks ago, Clark brought up the topic of raising taxes on gas to reduce our dependence on foreign oil and was voted down sorely in our recent poll. Evidently people aren’t ready to pay more for gas no matter what. Another idea came up in our meeting today that has Clark’s interest piqued and he wants to know what you think. In Communist China, the government is going to offer a tax rebate to people who drive smaller cars and is going to hike taxes on drivers with large cars. Clark likes this idea and would like to see it happen in the U.S. What do you think? Tell us in our latest poll.

A few years ago, Clark talked about the many tragic deaths that occur each year when someone driving an SUV runs over a child. That’s not driving down the street; it’s in the driveway of a home. Each year, 2,400 children are run over because someone backing up cannot see them. The high center of gravity on SUVs makes it very difficult to see that low on the ground. The good news is that there are now back-up cameras on some SUVs. But those who have older SUVs can by safety systems that sense when someone is behind the car. Some of them are very affordable, at about $40. Of course, another option is to back in to your driveway or garage instead of pulling in. That way, when you pull out, you are driving forward and can see kids or pets in your driveway. Although SUVs have been popularized as family style cars, they were never intended for that purpose. So you must be extra careful if you have one.

If you like to drive SUVs, you might want to read on. Prices on SUVs are dropping like a rock, with sales down about one-third just in the last few months. As a result, there are two fantastic opportunities coming your way in this market. First of all, the supply of SUVs greatly exceeds the demand right now, so the deals in the used vehicle market are great. Secondly, new SUV prices are decent as well. So, if you can stand the gas guzzling prices, now is the time to buy. Now, the drop in SUV prices has caused the opposite effect in the small used car market, where prices have gone up in the past few months. The value of hybrids has escalated quite a bit, as well. So hybrids are going to be pricier right now. But don’t overreact to that news. In the next two years, hybrids will come in all sizes and prices will level out. But if you need to buy right now, you should consider buying a non-hybrid small car or, better yet, a used SUV.

Clark had a call recently from a man who was concerned about how much money it took to fill up his SUV. The man was wondering if he should replace his SUV with something more fuel efficient to save on gas. Clark told the caller not to dump the SUV because in the end it wouldn’t be worth it. But afterward he thought about how much of a burden it is to fill up SUVs and other gas guzzlers these days. The advice still holds true in terms of replacing a vehicle, however. Forbes confirmed in a recent article that it doesn’t make sense to get rid of a car you still owe money on because of the price of gas. That’s because most of the cost of a car is not in the price of fuel. The majority of the cost is in the depreciation of the vehicle, the interest on the loan and the maintenance on it. Now, if you’re at a time when you would normally sell a car, it makes sense. But don’t just dump a car because gas prices are high. That’s an emotional reaction and it’s not a good idea.

The No. 1 cause of death among teenagers is car accidents. It’s one of the most worrisome thoughts for parents because it happens so often. Many kids are simply too inexperienced to handle themselves on the road. And traditional driving courses really don’t teach them what they need to know to navigate the roads. Clark has been a fan of the new schools known as “Extreme Driving” schools. They cost the same as a regular driving course – about $400. But in addition to traditional driving lessons, they also teach teens how to react in wet conditions and emergency situations. Clark recently made his 15-year-old daughter take this course. She was not happy about it, but he has seen a real difference in her driving since. But one note of caution. He watched the maneuvers the kids had to make and, time and time again, teens driving SUVs had trouble handling the cars. PLEASE don’t give your teen an SUV to drive. They are not experienced enough to handle these massive machines, and it could kill him.

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In other driving news, Kevin, one of Clark’s producers, received a ticket yesterday for not wearing his seatbelt. Kevin has become notorious for not wearing his seatbelt, claiming it’s something he just never learned. He was upset that he got a ticket because he’s trying to do a better job of wearing the seat belt. But Clark thinks it was well worth it. Kevin teaches a youth basketball team and Clark thinks he sets a bad example by not wearing his seat belt. What do you think?

The sale of SUVs is pretty low right now, and automakers are singing the blues. Because of high gas prices, people are choosing not to buy. It’s changing the mix of what people are interested in. But if you’ve had your heart set on an SUV, now is the time to buy. The overall SUV inventory is more than 20 percent above what dealers consider ideal. Automakers are cutting the production of SUVs and many vehicles are what are known as a “100-day supply.” Automakers want a 60-day supply, which means that as soon as cars get from the manufacturer to the dealership the cars are sold. Every day after 60 is too many, and breaking 100 means there are tons too many in supply. Car dealerships don’t have the money to keep vehicles on its lots for too long, so they will be offering discounts to get rid of them. Dealerships may also throw money at you to buy an SUV. But just remember that gas can cost a bundle.

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In other car news, about one-third of people are upside down in vehicles as much as $4,000. People are taking out longer loans, and they’re buying new vehicles before they’re done paying off the old loans. Long term, this is going to cause you a lot of financial pain. If you get bored with a car, don’t bail on it. Keep driving it and you’ll be better off in the future.

One of the main reasons people to buy SUVs in such large numbers is the perception that they are safer than smaller cars. If you are driving an SUV and it collides with a smaller car, the SUV driver will probably fare better. But there has been a big problem with these SUVs flipping over because of the vehicle’s high center of gravity. As a result, the government has designed rollover tests that allow people to see how well an SUV does. The safest vehicles earn a “5,” while an SUV with a “3” has a tendency to rollover. So far, no vehicles have earned a “5,” and one vehicle got a “2.” Would you believe it’s one of the Ford Explorer models? The company has spent years – and lots of money - trying to overcome the negative publicity it got in the past because of rollover problems. But the trouble seems to continue for Ford. The Sport Track 4x2 earned the lowest rating of any SUV. Check out safercar.gov to see ratings on all SUVs. Cars with a 3-star rating or lower are questionable. And, putting a teenager in an SUV is never smart no matter what the rating. They don’t know how to handle these vehicles, and the casualties involved are staggering.