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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 article is leasing a Vehicle







Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct research and compare information for free and help you make sound financial decisions. Bankrate has partnerships 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 website are provided by companies who pay us. This compensation could affect how and where products appear on this site, including, for example, the sequence in which they appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage home equity, mortgage and other home lending products. This compensation, however, does affect the content we publish or the reviews you read on this site. We do not contain the universe of companies or financial offerings that could be open to you.



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5 min read published March 03, 2023.
Written by Rebecca Betterton Written 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 using loans to buy a car.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing precise, well-researched and well-written information that is broken down into complicated topics into bite-sized pieces.









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The idea of leasing a car might not be a top priority for someone who is older but it may be a better alternative to buying a new car for certain. Older adults on fixed incomes who want to own a brand new car with the latest security features every few years or want an easier financial commitment to their car could benefit from leasing rather than the long-term commitment of purchasing. Six benefits of leasing are several benefits that older individuals should take into consideration before deciding whether leasing a vehicle is the best choice for them. 1. A lower monthly payment vehicle typically requires a lower monthly payment and lower upfront costs than buying an automobile. The monthly installments are lower since when you lease you're only paying a portion of the cost of the car. "Although the price difference between leasing to buying has reduced in recent years...the monthly cost will be less costly than purchasing a vehicle," states Ronald Montoya, senior consumer advice editor at Edmunds. The overall ownership costs throughout the lease could be lower because of the car being in the warranty of the manufacturer. Essentially, the primary costs that an older person must be thinking about when leasing a car is whether the lease payment will be affordable, gas costs and the expenses related to . The monthly average rent payment for leases is around $578 . Although the monthly payment may be lower, unless choose to buy the car at the expiration of the lease however, there will be car payments for those who continue to switch from one lease to another. This can be a problem for individuals who no longer receive a regular income in. When budgeting for leases be aware that, while monthly payments can be more affordable however, lease agreements can include additional costs, like fees for exceeding mileage limits and this can be an issue if you plan to do a great deal of traveling or road-tripping. 2. Choice to Buy Regardless whether the car is secured directly from a dealer, or a person who is older takes over a car lease for the duration of the term, the lessees have the option to when they reach the conclusion of the lease to purchase the exact amount stipulated on the contract. If you are considering buying it's crucial to look at the leased car like you would if you were shopping for the purchase of a . Check if the car is priced the same as other cars similar to the same brand and model in the same condition, and with similar mileage. If that's the situation, then it could be a good financial choice to buy. Keep in mind that the cost will increase when the lease is over because the vehicle is no longer covered by the same warranty. Repairs and maintenance will now be the responsibility of the owner. 3. Tax deductions Senior citizens who choose to lease a vehicle and work part-time retiring may qualify for tax deductions. This information can be checked prior to time using the . When using the vehicle for work, older drivers could be eligible to deduct a portion of the lease payment on their tax returns, along with the cost of maintenance for the vehicle and the vehicle's depreciation. The tax deduction is only available to those who lease their vehicle while in semi-retirement and still employed in some capacity. However, it is something worth considering. 4. The most recent models One of the benefits of leasing vehicles is the ability to get behind the wheel of the newest vehicles available on the market. The technology available in vehicles are constantly evolving and provides a much safer drive as compared to the past. For people who are elderly with a higher risk of injury, the newest features, like rearview cameras, parking assistance and lane departure warnings, can be very valuable. People who lease for the long term or who move from one lease in the future, are sure to have the most up-to-date technologies and safety features installed in the vehicles they drive. 5. Vehicle warranty protection A car you lease will come with warranty protection on it. That means any anticipated repairs that the vehicle might need are covered and won't come out of your pocket. "With an leased car you don't have to worry about any out-of-warranty repairs, since the car comes with a factory warranty for the entire duration of the lease," claims Montoya. This type of warranty can be extremely valuable for people who are elderly, particularly those on an extremely tight budget as it takes away a lot of uncertainties or financial stress that come with owning a vehicle. However, drivers will usually have to cover small maintenance items like oil changes and tire rotations. 6. Flexibility Since the lease typically lasts for three years or less and the car loan typically lasts five or more years leasing offers 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 an older person to estimate their requirements for driving few years away however it could be more difficult to anticipate driving needs over five years as these requirements could change more drastically. Tips for getting the best deal before signing a lease, make sure you're receiving the most favorable deal. Here are a few tips for doing that. Negotiate the price of your car to obtain the most favorable deal on a lease car Try to negotiate the price of your car on your own, much as if you were buying the vehicle. 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 know the market price and whether you're getting the best price. Look for pre-negotiated prices Another option is to utilize an online service that provides already-negotiated prices. Organizations such as AAA (American Automobile Association), Costco and TrueCar provide these services, or you can make use of a local bank. Only take what you require. Other factors impact the cost of lease payment such as the residual value of the vehicle, the length of the lease as well as the mileage limitations. If you are considering a lease, ensure that you choose the lease with an adequate mileage allowance to avoid excess mileage charges. Be sure to not pay more than $1,000 in fees that are associated with the lease, commonly called "drive-off" costs. Alternative options for leasing cars is taking over the lease of someone who is looking to end the lease earlier. This eliminates the need to negotiate the lease and a cash down with an agent, as these steps are already taken care of by the first lessee. It's just a matter of getting a takeover deal for the vehicle you want and one that has an affordable monthly cost. "There are sites that can assist in swapping your lease to an owner who is not yours," says Montoya. "But lease swaps are not accessible to all manufacturers." The marketplace for leases SwapALease is one example. It offers a platform for lessees to can offer their lease for takeover and car shoppers are able to browse cars for sale. It is essential to pay close attention to the number of miles remaining and the time left on the lease to make sure that the lease can fulfill your requirements. The bottom line is that leasing a car instead of buying could be a great option for older drivers, dependent on your budget and how you intend to use the vehicle. Be sure to take into consideration the advantages and disadvantages of leasing before signing on the dotted line. If you do not plan to buy the vehicle at the end of the lease period and you're setting yourself up for never ending vehicle payments. If you plan to proceed by leasing, do your research on the market price of the car you're interested in to ensure you get the best price possible.


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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 details of taking out loans to purchase a car.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers to manage their finances with concise, well-researched, and clear data that can break complex topics into manageable bites.






Auto loans editor




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