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Do you think leasing a car is more suitable than renting a car for people who are older? A part of leasing the Vehicle In this video series, you will learn about leasing a Vehicle







Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering financial calculators and interactive tools, publishing original and objective content. We also allow you to conduct your own research and compare data for free to help you make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that are advertised on this website are provided by companies that compensate us. This compensation can affect the way and where products appear on this website, for example for instance, the order in which they appear within the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other home loan products. But this compensation does not influence the information we publish, or the reviews appear on this website. We do not cover the entire universe of businesses or financial offers that may be open to you.



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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 specializes in assisting readers in navigating the ways and pitfalls of taking out loans to purchase an automobile.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to manage their finances by providing clear, well-researched information that breaks down complex topics into manageable bites.









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Leasing a car may not be the top choice for someone who is older, but it can be a better option than purchasing a brand new car for certain. Older adults on fixed incomes that want to get a brand-new car with the latest security features every few years or want less of a time frame for their car might be benefited by leasing instead of the long-term commitment of buying. 6 benefits of leasing There are many benefits that older people should consider before deciding whether leasing a vehicle is the right choice for them. 1. Lower monthly payments Leasing a car typically means the payment of a lower amount per month and lower upfront costs than buying the vehicle. The monthly payments are lower because when you lease, you're only paying a percentage of the total price of the vehicle. "Although the cost gap between leasing to buying has decreased over the last few years...the monthly cost will be less costly than purchasing a car" claims Ronald Montoya, senior consumer advice editor for Edmunds. The overall ownership costs throughout the lease may be less due to the car being in the warranty of the manufacturer. Essentially, the primary costs an older adult needs to be thinking about when leasing a car include whether the lease's cost is affordable, the cost of gas and costs associated with . The average monthly leasing payment of $578 . Although the monthly payment may be lower, unless you decide to purchase the vehicle at the expiration of the lease however, there will be the car payment for those who go from one lease to another. This can be a problem for those who don't have a regular paycheck coming in. When budgeting for a lease take note that while monthly payments may be less expensive but lease agreements also include costs and charges, such as fees for exceeding mileage limits and this can be an issue if plan to do a great amount of road-tripping. 2. The option to purchase a car irrespective of whether the vehicle is purchased directly from a dealer, or a person who is older takes over a car lease for the remainder of the term, lessees have the option to when they reach the conclusion of the lease to purchase the exact amount stipulated in the contract. If you are considering buying it's crucial to look at the car you lease in the same way as if you were looking for a . Check if the car is priced in a similar manner to similar cars similar to the same brand and model in the same condition and has similar mileage. If that's the scenario, then it might be a smart financial decision to purchase. Be aware that the price cost will increase once the lease ends because the vehicle will no longer be under the same warranty. The cost of repairs and maintenance will now be the owner's responsibility. 3. Tax deductions Senior citizens who choose to lease a vehicle and are working part-time in retirement may benefit from tax deductions. This information can be viewed prior to time using the . When using the vehicle for work, older adult drivers might be able to deduct a part of the lease payment on tax returns, along with the expense of maintaining the vehicle as well as the depreciation on the vehicle. This tax deduction benefit is only available to those who lease their vehicle while in semi-retirement and still working in some capacity , but is something to think about. 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 on the market. The technology in automobiles is constantly evolving, ensuring an even safer driving experience than it was in the past. For those who are older who are concerned about their safety, modern features, such as rearview cameras, parking assist and lane departure warnings can be very valuable. If you lease for a long time, cycling between leases to the next, will always be equipped with the most recent technologies and safety features installed in the vehicles they drive. 5. Protection for warranty on lease vehicle comes with warranty protection. It means that any repairs that the vehicle will need 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 as the vehicle is covered by the manufacturer's warranty for the entire duration that you lease it," says Montoya. This type of warranty can be extremely valuable for people who are elderly, particularly those with the tightest budgets, since it eliminates much of the anxiety or uncertainty that comes with vehicle ownership. However, drivers will generally have to pay for minor repairs like the rotation of tires and oil changes. 6. Flexibility Since leasing is usually for 3 years or less and the car loan is usually for five or more years, leasing can provide greater flexibility to those who are unsure the amount of driving they'll be doing over the coming years. It could be easier for a retiree to predict their needs for driving just two years into the future However, it may be more difficult to forecast the requirements for driving over five years, because the needs of those who lease could change more drastically. Tips to get the most favorable deal before signing a lease, make sure you're getting the best deal possible. Here are some tips to help you do that. Negotiate the car price To obtain the most favorable deal on a car lease, try to negotiate the price of your car by yourself, exactly like you would if you bought the vehicle. Negotiating the sale price is important because it is an important factor when calculating the cost of leasing the car. When you attempt to negotiate, however, make sure to use Kelley Blue Book to better comprehend the current market prices and if you're receiving the most favorable deal. Search for prices that have been negotiated. Another approach is to use a service that offers pre-negotiated rates. Organisations like AAA (American Automobile Association), Costco and TrueCar offer these options, or you may use a local bank. You can only get what you need. There are a variety of other variables that affect the cost of lease payments, including how much residual worth of the car and the duration of the lease, and mileage limits. If you are considering a lease, ensure that you choose a lease that has a large enough mileage allowance to avoid excess mileage charges. Be sure to not pay more than $1,000 in charges that are associated with the lease, also known as "drive-off" charges. Other alternatives to leasing a car is to take over the lease from someone who wants to end their lease earlier. This eliminates the need to negotiate the lease and down payment with a dealer, as these steps have already been completed by the first lessee. It's merely a matter of finding a takeover deal on the car you want and one that has an affordable monthly payment. "There are websites that help in the process of swapping your lease with an owner who is not yours," says Montoya. "But lease swaps aren't available to all manufacturers." The lease marketplace SwapALease is one example. It offers a platform for lessees to can sell their leases to purchase and buyers are able to browse cars for sale. However, it is crucial to keep an eye on the number of miles remaining and the time remaining on the lease in order to ensure that the lease will fulfill your requirements. The bottom line is that leasing the car instead of buying could be a great alternative for older drivers according to your budget and the way you intend to use the vehicle. However, you must take into consideration the pros and cons of leasing before you sign 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 the possibility of never-ending car payments. If you plan to proceed with a leaseagreement, you should research the prices for the vehicle you're considering so that you get the best price that you can.


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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of taking out loans to purchase the car they want.



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers to control their finances through providing precise, well-researched and well-written data that can break complicated topics into bite-sized pieces.






Auto loans editor




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