Author Topic: Leasing for senior citizens  (Read 1228 times)

Offline Mike-NB

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Leasing for senior citizens
« on: August 26, 2008, 08:02:19 pm »
My father will be 80 soon and is still able to drive quite well.  He knows his limitations and acts accordingly.  Thus far, there are no apparent reasons that he will have to give up driving in the near future.  He owns an early-2000s (2001-2002?) Chrysler Sebring, which only has 50,000km on it.  There are no problems with the car.  He told me that he'd like to get a newer car and intends to lease something small, like a City Jetta, Civic, etc.  (I realize that leasing a domestic is changing.)  I don't know what his motivation for this is.  The car may be too big for him (I doubt that), he may just want something newer (no issue there...) or he may have plans to give it to a grandchild.  Whatever the reasons, I don't think their material to the purpose of my question. 

Apart from the obvious concerns (like death or a sudden change in his driving abilities) are then any downsides to someone of his age leasing a car?  I've never leased so I have no idea what to look for.  If he were to die during the lease period I presume that his estate would be on the hook for any costs to terminate the lease early. 

Being a bit of a car guy I'll have no problem helping him find a suitable car for his needs, but leasing is an unknown to me, and I think his age may cause other problems. 

Any advice will be appreciated.

Mike

Offline Ex-airbalancer

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Re: Leasing for senior citizens
« Reply #1 on: August 26, 2008, 08:08:03 pm »
I do not think leasing would be a problem because of his age

Offline Kirspin

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Re: Leasing for senior citizens
« Reply #2 on: August 27, 2008, 08:52:35 am »
If he lives in Ontario, he would have to re do his drivers examination before he could retain his license, now for leasing, it would have to be something other than a Chrysler or GM product as they are out of leasing period.

Offline tpl

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Re: Leasing for senior citizens
« Reply #3 on: August 27, 2008, 09:05:22 am »
Why lease if he can get 0% loans.   Retired people should not pay interest for no good reason any reason.
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