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Are leasing cars better for older drivers? Part Of Leasing the Vehicle in this article is leasing a Vehicle
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5 minutes read. Published March 03, 2023
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the details of using loans to buy an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances with clear, well-researched information that breaks down otherwise complex subjects into digestible pieces.
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Leasing a car may not be the top choice for someone over 50 but it may be a better choice than purchasing a new vehicle for some. Seniors with fixed incomes that want to own a brand new car that has the latest safety features every couple of years or want to have a shorter term commitment to their vehicle may be benefited by leasing instead of the long-term commitment to purchase. 6 benefits of leasing There are several benefits that older people must consider when deciding if leasing a car is the right choice for them. 1. Lower monthly payment Leasing a vehicle usually requires a lower monthly payment and less upfront cost than purchasing the vehicle. The monthly payments are less due to the fact that when you lease, you’re only paying a portion of the total cost of the vehicle. «Although the price gap from leasing to buying has significantly narrowed in recent years…the monthly payment should be less expensive than buying a car,» states Ronald Montoya, senior consumer advice editor at Edmunds. The overall ownership costs throughout the lease may be lower because of the car being in the warranty of the manufacturer. Essentially, the primary costs that an older person must consider when leasing a car is whether the lease’s cost is affordable, the gas costs and the expenses associated with . The typical monthly rent payment for leases is around $578 . While the monthly payments may be lower, unless you opt to buy the car at the end of the lease term however, there will be vehicle payments for those who go from one lease to the next. This can be a problem for those who do not receive a regular income into. When planning a budget for a lease take note that even though monthly payments might be more affordable however, lease agreements can include additional costs, like fees for exceeding mileage limits that could be an issue if are planning to do a lot amount of travel or road tripping. 2. Choice to Buy Regardless of whether a car is purchased directly from the dealer or an older person takes over a car lease for the duration of the term, lessees are able to buy at the end of the term for the amount stated in the contract. If you’re considering whether to purchase it’s crucial to look at the leased car like you would if you were shopping for the purchase of a . Find out whether the car is priced similarly to other vehicles of the same make and model, in the same condition and has similar mileage. If that’s the case, then it may be a wise financial decision to buy. Remember that the cost will increase after the lease expires because the vehicle will no longer be under the same type of warranty. Repairs and maintenance will now be the responsibility of the owner. 3. Tax deductions for older adults who choose to lease a vehicle and who work part-time in retirement may benefit from tax deductions. This information can be checked ahead of time through the . If the vehicle is used to work, older drivers might be able to deduct some of the lease’s payment on tax returns, as well as the cost of vehicle upkeep as well as the depreciation on the vehicle. The tax deduction is only available to those who lease a car when they are semi-retired and working in some capacity , but is something worth considering. 4. The most recent models One of the benefits of leasing vehicles is the opportunity to get behind the wheel of the most modern vehicles in the market. The technology in automobiles are constantly evolving and provides a much safer drive than in the past. For those who are older, the added security of new features like backview cameras as well as parking assistance and lane departure alerts are extremely beneficial. If you lease long-term and then move between leases in the future, are sure to have the latest technology and safety features on the vehicles they drive. 5. Protection for warranty on car you lease will come with warranty protection on it. That means any anticipated repairs that the vehicle might require are covered and will not be a burden on your wallet. «With an leased car it is not necessary to worry about any out-of-warranty repairs, since the car will have its factory warranty throughout the term that you lease it,» claims Montoya. Warranty coverage like this is extremely beneficial for those who are older, particularly those who may be on an extremely tight budget as it takes away a lot of anxiety or uncertainty that comes with owning a vehicle. However, motorists will usually have to cover small maintenance items like oil changes and tire rotations. 6. Flexibility Since a lease is typically for three years or less and the car loan typically lasts five or more years, leasing can provide greater flexibility for those who aren’t certain of the amount of driving they’ll be doing in the next years. It could be easier for an older person to estimate their needs for driving just two years away However, it may be more difficult to forecast driving requirements over the course of five years as the needs of those who lease could change more drastically. Tips to secure the best deal Before signing on to a lease, make sure you’re getting the best deal you can. Here are some tips to help you do that. Negotiate the car price To obtain the most favorable deal on a lease car Try to negotiate the cost of the car on your own, just as if you were buying the car. Negotiating the selling price is important because it is the primary factor that determines the car lease payment. If you are planning to negotiate, ensure that you use Kelley Blue Book to better comprehend the current market prices and if you’re getting the best price. Find pre-negotiated prices. Another option is to utilize an online service that provides already-negotiated prices. Companies like AAA (American Automobile Association), Costco and TrueCar provide these services, or you can go through a local bank. Only take what you require. A variety of other factors impact the cost of lease payment which include the residual value of the car, the length of the lease and the mileage limitations. When considering a lease, you should be careful to only obtain one that comes with an adequate mileage allowance to avoid excess mileage charges. Be sure to not pay more than $1,000 in charges for obtaining the lease, which is commonly referred to as «drive-off» fees. Alternative options for renting a vehicle is to take over the lease from a person who wishes to end their lease early. A eliminates the need to negotiate the car lease and a deposit with the dealer because those steps have already been completed by the original lessee. It’s as simple as getting a takeover deal for the car you like and that comes with an affordable monthly cost. «There are sites that can assist with swapping your lease to an owner who is not yours,» says Montoya. «But lease swaps are not available for all brands.» The marketplace for leases SwapALease is one example. It offers a platform for lessees to can offer their lease for taking over and car buyers are able to browse cars for sale. But it is important to be attentive to the amount of miles left and the duration remaining on the lease to ensure that the lease will meet your needs. The bottom line: Leasing an automobile instead of purchasing could be a great option for older drivers, depending on your budget and the way you plan to make use of the car. Be sure to take into consideration the advantages and disadvantages of leasing before you sign on the»dotted line. Unless you plan to purchase the car at the end of the lease, you could be setting yourself up for a lifetime of car payment. If you’re planning to go with a leaseagreement, you should research the prices for the vehicle you’re interested in to ensure you get the best price feasible.
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely borrowing money to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers gain the confidence to control their finances by providing concise, well-researched, and clear data that can break otherwise complex topics into manageable bites.
Auto loans editor
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