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Do you think leasing a car is best than renting a car for people who are older? The Benefits of Leasing a Vehicle In this series Leasing is a Vehicle
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive tools and financial calculators that provide objective and original content. This allows you to conduct your own research and compare information for free – so that you can make sound financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies that compensate us. This compensation could affect how and when products are listed on this site, including the sequence in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage or home equity products, as well as other products for home loans. But this compensation does affect the information we publish, or the reviews you see on this site. We do not contain the entire universe of businesses or financial offerings that could be open to you.
5 min read published March 03, 2023.
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of using loans to buy the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to control their finances through providing concise, well-researched, and clear information that breaks down otherwise complex subjects into digestible pieces.
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The idea of leasing a car might not be a top priority for someone over 50, but it can be a better option than buying a new car for certain. People with fixed incomes who want to get a brand-new vehicle with the most recent security features every few years or who want a shorter financial commitment to their car might benefit from leasing rather than the long-term commitment to purchase. Six benefits of leasing are a variety of benefits older people must consider when deciding if leasing a vehicle is the best choice for them. 1. Lower monthly payments Leasing a vehicle usually requires an lower monthly payment as well as lower initial costs than buying the vehicle. The monthly payments are lower since when you lease you only pay a small percentage of the total price of the vehicle. “Although the cost gap between leasing to purchasing has dramatically decreased in recent years…the monthly cost will be less costly than purchasing a car” states Ronald Montoya, senior consumer advice editor at Edmunds. The total cost of ownership throughout the lease may be less due to the vehicle being covered by factory warranty. Essentially, the primary costs an older adult must think about with a leased car is whether the lease payment is affordable, the cost of gas and expenses related to . The typical monthly leasing payment of $578 . Although the monthly payment may be lower, unless you opt to buy the car at the close of the lease, there will always be the car payment for those who switch between leases. This can be challenging for individuals who no longer receive a regular income into. When planning a budget for a lease, keep in mind that while monthly payments may be less costly, lease agreements include extra costs and charges, such as fees for exceeding mileage limits, which can be an issue if you are planning to do a lot amount of road tripping. 2. Choice to Buy Regardless of whether a car is purchased directly from the dealer or a person who is older who takes over a lease for the rest of the lease, lessees have the option to when they reach the conclusion of the term to purchase the exact amount stipulated on the contract. If you’re considering whether to purchase it is important to think about the car you lease as if you were shopping for the purchase of a . Determine if the vehicle is priced the same as other vehicles similar to the same brand and model, in the same condition and with similar mileage. If this is the case, then it may be a smart financial decision to buy. Keep in mind that the increase will occur once the lease ends since the car will no longer be under the same warranty. Repairs and maintenance will be the responsibility of the owner. 3. Tax deductions for older adults who choose to lease a vehicle and who are working part-time retired may be eligible for tax deductions. The information is available prior to time using the . When using the vehicle for work, older adult drivers might be able to deduct a part of the lease’s payment on tax returns, in addition to the cost of vehicle upkeep as well as the depreciation on the vehicle. The tax deduction is only available for drivers who lease a car during semi-retirement, and are employed in some capacity. However, it is something to think about. 4. New models The main benefit of leasing vehicles is the ability to drive one of the newest vehicles available on the market. The technology available in vehicles is constantly evolving, ensuring a much safer drive as compared to the past. For those who are older who are concerned about their safety, the newest features, like rearview cameras, parking assistance and lane departure warnings are extremely beneficial. People who lease for the 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. Warranty protection for your vehicle A car you lease will come with warranty protection. That means any anticipated repairs that the vehicle might require are covered and won’t come out of your pocket. “With an leased car it is not necessary to worry about out-of-warranty repairs, since the car will have its factory warranty for the duration of the lease,” says Montoya. Warranty protection like this is extremely beneficial for older individuals, especially those on an extremely tight budget as it takes away a lot of financial uncertainty or guesswork associated with vehicle ownership. However, motorists will generally have to pay for small maintenance items like oil changes and tire rotations. 6. Flexibility Because a lease is typically for 3 years or less and the car loan typically lasts five or more years, leasing can provide greater flexibility to those who aren’t certain of the amount of driving they’ll be doing in the coming years. It may be easier for retirees to anticipate their needs for driving just few years out However, it may be more difficult to predict driving requirements over the course of five years, because those needs could change much more dramatically. Tips for getting the best deal before signing lease, ensure that you’re getting the best deal possible. Here are a few tips for doing that. Negotiate the car price To find the most affordable price on a car lease Try to negotiate the car price by yourself, exactly as if you were buying the vehicle. Negotiating the sale price is crucial since it is the primary factor that determines the car lease payment. If you are planning to negotiate, be sure to check the Kelley Blue Book to better understand market pricing and if you’re getting the best price. Find pre-negotiated prices. Another approach is to use a service that offers pre-negotiated prices. Organisations like AAA (American Automobile Association), Costco and TrueCar provide these services, or you can use a local bank. Only take what you require. There are a variety of other variables that affect the cost of lease payments such as the residual value of the vehicle, the length of the lease, and mileage limits. When contemplating a lease be careful to only obtain the lease with sufficient mileage to avoid excess mileage charges. Make sure you pay no more than $1,000 in fees for obtaining the lease, which is commonly referred to as “drive-off” charges. Other options Another method of renting a vehicle is to take over the lease of someone who wishes to terminate the lease early. A eliminates the need to negotiate the car lease and a deposit with the dealer, because those steps are already taken care of by the initial lessee. It’s merely a matter of getting a takeover deal for a car that you might prefer and which has an affordable monthly cost. “There are websites that help in swapping your lease to the owner of another,” says Montoya. “But lease swaps aren’t accessible for all brands.” The marketplace for leases SwapALease is one example. It provides a platform where lessees can offer their lease for taking over and car buyers can browse the available vehicles. It is essential to be attentive to the remaining miles and the duration remaining on the lease to ensure that the lease will satisfy your requirements. The bottom line: Leasing the car instead of buying is a viable alternative for older drivers according to your budget and how you plan to use the vehicle. Be sure to consider the pros and cons of leasing prior to signing the contract. If you don’t plan to purchase the vehicle 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 by leasing, do your research on market prices of the vehicle you’re interested in so that you can negotiate the best deal feasible.
Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of taking out loans to purchase a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping their readers to control their finances with clear, well-researched information that breaks down otherwise complex subjects into digestible pieces.
Auto loans editor
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