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Is leasing a car best than renting a car for people who are older? A part of leasing the Vehicle In this series Leasing a Vehicle

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5 min read The publication was published on March 03, 2023.

Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ins and outs of securely 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 the end of 2021. They are passionate about helping readers gain confidence to take control of their finances with precise, well-researched and well-written information that breaks down otherwise complex subjects into digestible pieces.

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Leasing a car may not be top-of-mind for someone who is older, but it can be a better choice than purchasing a new vehicle for certain. People with fixed incomes that want to drive a new car that has the latest security features every few years or want to have an easier term commitment to their vehicle might be benefited by leasing instead of the long-term commitment of buying. Six benefits of leasing are a variety of benefits older people must consider when deciding if leasing a vehicle is the right choice for them. 1. Lower monthly payment Leasing a vehicle usually requires an lower monthly payment as well as less upfront cost than purchasing an automobile. The monthly payments are less due to the fact that when you lease, you only pay a small percentage of the total price of the vehicle. «Although the price difference between leasing to purchasing has dramatically narrowed in recent years…the monthly payments will be less costly than buying a car,» says Ronald Montoya, senior consumer advice editor for Edmunds. The overall cost of ownership during the lease might be lower because of the vehicle being covered by the warranty of the manufacturer. The main costs an older adult needs to think about with a leased car is whether the lease payment will be affordable, fuel costs, and other expenses related to . The typical monthly leasing payment of $578 . While the monthly payments may be lower, unless you decide to purchase the vehicle at the end of the lease term however, there will be the car payment for those who continue to go from one lease to the next. This can be a problem for those who do not receive a regular income into. When budgeting for leases, keep in mind that while monthly payments may be less expensive, lease agreements include extra fees and expenses such as charges for exceeding the mileage limit and this can be an issue if you are planning to do a lot deal of traveling or road-tripping. 2. Option to buy Regardless of whether a car is financed directly through a dealer, or a person who is older takes over a car lease for the duration of the term, the lessees can choose to purchase after the expiration of their lease, purchase a car to purchase the car at the price stated on the contract. If you are considering buying it is important to think about the leased car as if you were shopping for a . Check if the car is priced in a similar manner to other cars similar to the same brand and model in the same condition, and with similar mileage. If that’s the case, then it may be a wise financial decision to buy. Keep in mind that the increase will occur after the lease expires because the vehicle will no longer be under the same type of warranty. Repairs and maintenance will now be the sole responsibility of the driver. 3. Tax deductions for older adults who lease a vehicle and who are working part-time retired may be eligible for tax deductions. This information can be viewed in advance through the . When using the vehicle for work, older drivers might be able to deduct some 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 option is only available to those who lease a car during semi-retirement, and are working in some capacity , but is something to think about. 4. Latest models A major benefit of leasing vehicles is the ability to take control of the most modern vehicles in the market. The technology available in vehicles are constantly evolving and provides an even safer driving experience than in the past. For those who are older, the added security of new features like rearview cameras, parking assist and lane departure warnings, are extremely beneficial. If you lease long-term, cycling from one lease in the future, are sure to have the most up-to-date technologies and safety features installed in the vehicles you’re driving. 5. Warranty protection for your vehicle A lease vehicle comes with warranty protection. This means any expected repairs the vehicle may need are covered and won’t cost you anything out of pocket. «With an leased car, you never have to worry about out-of-warranty repairs, since the car is covered by the manufacturer’s warranty throughout the term of your lease» says Montoya. This type of warranty can be extremely valuable for older individuals, especially 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 generally have to pay for small maintenance items like tires rotations and oil changes. 6. Flexibility Since leasing is usually for three years or less , and a car loan is typically for five or more years leasing offers more flexibility for people who aren’t sure how much driving they will be doing in the next years. It could be easier for retirees to anticipate their needs for driving just two years into the future — but it might be more difficult to forecast driving requirements over the course of five years as those needs could change much more drastically. Tips to get the most favorable deal. Before you sign lease, be sure you’re getting the best deal possible. Here are some suggestions for doing that. Negotiate the price of your car to obtain the most favorable deal for a car lease, try to negotiate the car price on your own, just like you would if you bought the vehicle. Negotiating the price of sale is essential since it’s an important factor when calculating the cost of leasing the car. When you attempt to negotiate, be sure to check the Kelley Blue Book to better understand market pricing and if you’re getting the best price. 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 provide these options, or you may use the local bank. Get only what you need There are a variety of other variables that affect the cost of lease payment, including the residual value of the vehicle, the length of the lease, and mileage limitations. When considering a lease, you should make sure you only sign one that comes with 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, which is commonly referred to as «drive-off» charges. Other options Another method of leasing cars is to take over the lease from someone who is looking to terminate their lease early. It is no longer necessary to negotiate the lease and down payment with a dealer, because those steps have already been completed by the initial lessee. It’s merely a matter of finding a takeover offer on the vehicle you like and that comes with an affordable monthly payment. «There are websites that assist in the process of swapping your lease with an owner who is not yours,» says Montoya. «But lease swaps aren’t offered for all brands.» The lease marketplace SwapALease is one example. It provides a platform where lessees can sell their leases to taking over and car buyers can peruse available cars. But it is important to pay close attention to the remaining miles and the duration remaining on the lease in order to make sure that the lease can satisfy your requirements. The bottom line is that leasing a car instead of buying could be a great option for older drivers, according to your budget and the way you will use the vehicle. However, you must consider the advantages and disadvantages of leasing prior to signing the dotted line. Unless you plan to purchase the car at the end of the lease, you could be setting yourself up for the possibility of never-ending car payments. If you’re considering going with a leaseagreement, you should research the prices for the vehicle you’re interested in to ensure you can negotiate the best deal 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 ins and outs of securely using loans to buy an automobile.

The edit was done 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 to manage their finances through providing precise, well-researched and well-written facts that break down complex topics into manageable bites.

Auto loans editor

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