Lease or buy a vehicle? Which is better for seniors? The debate for either one seems good at the onset. Buying a vehicle allows you more freedom and you can drive as many miles as you like. Then you can sell it or trade it in. This is usually what customers are told when asking a car salesman. However, as a senior things are a little different and there may be some advantages to leasing.
Leasing the newest model of a car
Newer vehicles mean newer safety features such as rear view cameras and GPS, all with lower monthly payments. Newer models also have more airbags, another important safety feature.
Warranty protection saves on bills
Not having to worry about repair bills is a huge relief to most seniors. When leasing, there are usually several warranties available. Go for the one that covers the most. In the long run, it will save you money and headaches.
Monthly payments are lower
Leases are not quite as cheap as the advertisements make them out to be but they tend to be lower than car payment loans. Many seniors are on a fixed income and financially, leasing makes more sense for them.
For those who still like the idea of owning their own vehicle, there are several pros. If you have any scratches or dents on your car, you don’t have to worry about penalties at the end of your lease. Also, if your health should fail or you lose your driving privileges, it is easier to sell a car that has been paid for.
One other option that is available is to buy the car that you have leased. Usually these vehicles are in great shape and haven’t been driven for long. They can be well worth the price you pay for them. For more information on leasing or buying vehicles for seniors, click here.