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Is leasing a car best to older motorists? A part of leasing the Vehicle In this series Leasing is a Vehicle







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5 minutes 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 to navigate the ins and outs of securely borrowing money to purchase a car.







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 take control of their finances with concise, well-researched, and clear information that is broken down into complicated topics into bite-sized pieces.









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A car that you lease might not be top-of-mind for an older person, but it can be a better option than purchasing a brand new car for a few. Older adults on fixed incomes who want to drive a new vehicle with the most recent safety features every couple of years or who want a shorter time frame for their car might benefit from leasing instead of the long-term commitment to purchase. Six advantages of leasing are several benefits that older people should consider before deciding whether leasing a car is the best choice for them. 1. Lower monthly payment Leasing a vehicle usually requires an lower monthly payment as well as less upfront cost than purchasing the vehicle. The monthly payments are less because when you lease, you only pay a small percentage of the total price of the car. "Although the price gap from leasing to purchasing has dramatically narrowed over the last few years...the monthly payments will be less costly than buying a car," states Ronald Montoya, senior consumer advice editor at Edmunds. The total cost of ownership throughout the lease could be lower because of the vehicle being covered by warranty from the factory. The main costs an older adult needs to think about with a leased car are whether the lease's cost is reasonable, gas costs and the expenses related to . The typical monthly lease payment is $578 . While the monthly payments may be lower, unless opt to buy the car at the end of the lease term, there will always be the car payment for those who move from one lease to the next. This can be challenging for individuals who no longer have a regular source of income coming into. When budgeting for a lease be aware that even though monthly payments might be less expensive, lease agreements include extra costs and charges, such as fees for exceeding mileage limits, which can be an issue if you plan to do a great amount of travel or road tripping. 2. Option to buy Regardless of whether the vehicle is secured directly from the dealer or an older person takes over a car lease for the rest of the term, the lessees have the option to after the expiration of the term for the amount stated on the contract. If you are considering buying it is important to think about the vehicle you are leasing in the same way as if you were looking for a . Determine if the vehicle is priced the same as other cars that are the same model and model, in the same condition and with similar mileage. If that's the situation, then it could be a smart financial decision to purchase. Remember that the increase will occur when the lease is over since the vehicle will no longer be under the same type of warranty. Repairs and maintenance will now be the owner's responsibility. 3. Tax deductions Older adults who lease a vehicle and who are still working part-time while retired may be eligible for tax deductions. The information is available prior to time using the . If the vehicle is used to work, older drivers may be able to deduct a portion of the lease payment on tax returns, in addition to the cost of maintenance for the vehicle and the vehicle's depreciation. This tax deduction benefit 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 drive one of the latest vehicles in the market. The technology used in cars is constantly changing and ensures more safety on the road as compared to the past. For older people with a higher risk of injury, the newest features, like reverseview cameras, parking assist and lane departure alerts are very beneficial. If you lease long-term, cycling between leases from one to another, can always have the latest technologies and safety features installed in the vehicles you're driving. 5. Vehicle warranty protection A car you lease will come with warranty protection. It means that any repairs the vehicle may need are covered and won't come out of your pocket. "With an leased car, you never have to worry about any out-of-warranty repairs since the vehicle comes with a factory warranty throughout the term of the lease," says Montoya. Warranty protection like this can be very valuable for those who are older, particularly those with the tightest budgets, since it takes away a lot of anxiety or uncertainty that comes with ownership of a vehicle. However, drivers will typically have to pay for minor maintenance such as tires rotations and oil changes. 6. Flexibility Because a lease is typically for three years or less and the car loan is typically for five or more years leasing may offer greater flexibility to those who are unsure the amount of driving they'll be doing in the next years. It could be easier for a retiree to predict their needs for driving just a couple of years into the future However, it may become more challenging to forecast driving needs over five years as these requirements could change more rapidly. Tips for getting the best deal before signing a lease, make sure you're receiving the most favorable deal. Here are some suggestions for doing that. Negotiate the cost of the car To find the most affordable price on a lease car attempt to negotiate the price of your car on your own, just as you would when you purchase the vehicle. Negotiating the sale price is important because it is an important factor when calculating the cost of leasing the car. If you are planning to negotiate, however, make sure to use Kelley Blue Book to better understand market pricing and if you're getting the best deal. Search for prices that have been negotiated. A different option is to go with services that offer already-negotiated prices. Organizations such as AAA (American Automobile Association), Costco and TrueCar offer these services, or you could make use of the local bank. You can only get what you need. A variety of other factors affect the cost of lease payment, including how much residual worth of the vehicle as well as the length of the lease and the mileage limitations. When contemplating a lease ensure that you choose a lease that has a large enough mileage allowance to avoid excess mileage charges. Make sure you pay no more than $1,000 in charges for obtaining the lease, also known as "drive-off" fees. Other alternatives to renting a vehicle is to take over the lease from someone who is looking to end the lease earlier. This eliminates the need to negotiate the car lease and down payment with a dealer because those steps are already taken care of by the initial lessee. It's as simple as finding a takeover deal on 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 offered to all manufacturers." The marketplace for leases SwapALease is a good example. provides a platform where lessees can offer their lease for takeover and car shoppers can browse the available vehicles. But it is important to pay close attention to the amount of miles left and the time remaining on the lease to make sure that the lease can fulfill your requirements. The bottom line Leasing the car instead of buying can be a good option for older drivers, according to your budget and how you plan to utilize the car. But take into consideration the advantages and disadvantages of leasing before signing on the dotted line. Unless you plan to purchase 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 market price of the car you're considering so that you can negotiate the best price that you can.


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Authored 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 taking out loans to purchase 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 late 2021. They are dedicated to helping their readers feel confident to take control of their finances with clear, well-researched information that breaks down complex topics into manageable bites.






Auto loans editor




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