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Are leasing cars better for older drivers? A part of leasing a Vehicle In this series Leasing is a Vehicle
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5 minutes read. The publication was published on March 03, 2023.
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls of using loans to buy the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances with precise, well-researched and well-written information that is broken down into complex topics into manageable bites.
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The idea of leasing a car might not be the top choice for someone over 50, but it can be a better alternative to buying a new car for some. Older adults on fixed incomes that want to own a brand new vehicle with the most recent security features every few years or who want less of a time frame for their car might be benefited by leasing instead of the long-term commitment of buying. Six benefits of leasing are a variety of benefits older individuals should take into consideration before deciding whether leasing a car is the best choice for them. 1. Lower monthly payment Leasing a vehicle typically requires an lower monthly payment as well as lower initial costs than buying an automobile. The monthly installments are lower because when you lease, you’re only paying a portion of the cost of the vehicle. «Although the price gap from leasing to buying has significantly narrowed during the past few years…the monthly cost is likely to be lower than purchasing a car» states Ronald Montoya, senior consumer advice editor at Edmunds. The overall cost of ownership during the lease may be lower because of the vehicle being covered by the warranty of the manufacturer. Essentially, the primary costs an older adult needs to think about with a leased car are whether the lease payments is reasonable, gas costs and the expenses associated with . The average monthly leasing payment of $578 . Although the monthly installments could be less, unless you decide to purchase the vehicle at the expiration of the lease and there are always the car payment for those who switch from one lease to another. This can be challenging for those who don’t have a regular source of income coming in. When planning a budget for a lease, keep in mind that even though monthly payments might be less costly however, lease agreements can include additional fees and expenses such as costs for exceeding mileage limits and this can be an issue if you plan to do a great amount of road-tripping. 2. Option to buy Regardless of whether a car is financed directly through a dealer, or an older person is able to take over a lease for the rest of the lease, lessees are able to buy after the expiration of their lease, purchase a car to purchase the exact amount stipulated in the lease. If you are considering buying, it’s important to consider the car you lease in the same way as if you were looking 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 with similar mileage. If this is the case, then it may be a wise financial decision to buy. Remember that the will go up after the lease expires since the vehicle will no longer have the same warranty. The cost of repairs and maintenance is now the owner’s responsibility. 3. Tax deductions Senior citizens who decide to lease a vehicle and are still working part-time while in retirement may benefit from tax deductions. This information can be viewed ahead of time through the . When using the vehicle to work, older drivers may be able to deduct a portion of the lease’s payment on their tax returns, as well as the expense of maintaining the vehicle as well as the depreciation on the vehicle. This tax deduction option is only available for drivers who lease their vehicle while in semi-retirement and still working in some capacity but is something worth considering. 4. New models The main benefit of leasing cars is the possibility to drive one of the latest vehicles on the market. The technology available in vehicles are constantly evolving and provides a much safer drive than in the past. For older people with a higher risk of injury, the newest features, like backview cameras as well as parking assistance and lane departure warnings, can be very valuable. If you lease long-term or who move from one lease in the future, are sure to always be equipped with the most recent technology and safety features on the vehicles you’re driving. 5. Vehicle warranty protection A lease vehicle comes with warranty protection. This means any expected repairs the vehicle may need are covered and will not come out of your pocket. «With the lease of a vehicle, you never have to worry about any non-warranty repairs, since the car will have its factory warranty throughout the term that you lease it,» says Montoya. Warranty coverage like this can be very valuable for older individuals, especially those on the tightest budgets, since it takes away a lot of uncertainties or financial stress that come with vehicle ownership. Drivers will, however, usually have to cover small maintenance items like oil changes and tire rotations. 6. Flexibility Since the lease typically lasts for 3 years or less and the car loan typically lasts five or more years, leasing can provide greater flexibility for people who aren’t sure the amount of driving they’ll be doing over the coming years. It could be easier for retirees to anticipate their needs for driving just few years into the future however it could take more effort to forecast driving requirements over the course of five years because these requirements could change more dramatically. Tips for getting the best deal. Before you sign lease, ensure that you’re receiving the most favorable deal. Here are a few tips to help you do that. Negotiate the cost of the car To get the best deal for a car lease attempt to negotiate the car price by yourself, exactly as you would when you purchase the vehicle. Negotiating the selling price is important because it is an important factor when calculating the car lease payment. Before you try to negotiate, be sure to check the Kelley Blue Book to better comprehend the current market prices and whether you are receiving the most favorable deal. Search for prices that have been negotiated. A different option is to go with an online service that provides already-negotiated prices. Companies like AAA (American Automobile Association), Costco and TrueCar offer these services, or you could go through the local bank. Only take what you require. A variety of other factors affect the cost of lease payments such as the residual value of the car and the duration of the lease, and mileage limitations. When considering a lease, you should be careful to only obtain one that comes with a large enough mileage allowance to avoid excess mileage charges. Also aim to pay no more than $1000 in fees for obtaining the lease, which is commonly referred to as «drive-off» charges. Alternative options for leasing cars is taking over the lease of someone who wants to get out of the lease earlier. This eliminates the need to negotiate the car lease and down payment with a dealer, since those steps are already taken care of by the initial lessee. It’s just a matter of finding a takeover deal on a car that you might prefer and which has an affordable monthly payment. «There are sites that can assist with swapping your lease to another owner,» says Montoya. «But lease swaps aren’t available on all models.» The marketplace for leases SwapALease, for instance, offers a platform for lessees to are able to offer their leases for taking over and car buyers are able to browse cars for sale. It is essential to be attentive to the number of miles remaining and the time remaining on the lease to ensure that the lease will meet your needs. The bottom line Leasing a car instead of buying could be a great option for older drivers, according to your budget and the way you plan to use the vehicle. But weigh the advantages and disadvantages of leasing before signing on the»dotted line. Unless you plan to purchase the car at the end of the lease period it could set yourself up for the possibility of never-ending car payment. If you’re considering going with a leaseagreement, you should research market prices of the vehicle you’re interested in to ensure you can negotiate the most favorable bargain possible.
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of borrowing money to purchase a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers feel confident to manage their finances by providing precise, well-researched and well-written facts that break down complex topics into manageable bites.
Auto loans editor
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