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Retirement Discussions / Retired Fools
|Subject: Re: Leasing a car?||Date: 3/12/2013 1:25 PM|
|Author: alstroemeria||Number: 18272 of 20208|
Would it be better for a 70 yr old woman who only drives around town and does not drive long distances to buy a new car, buy a 1-2 yr old used car, or lease?
My 87-yr-old mother drives just around town, a 14-year-old car (that she originally leased and bought at the end of the lease). Works for her. How many miles does this woman drive per year? Heck, she might save money by using buses and taxis.
What happens to a lease situation if someone passes away?
I imagine the decedent's estate owes the remaining payments on the lease unless there's a clause saying otherwise in the contract. What happens to anything anybody rents or leases when they die? I suggest asking on the Taking Care of Parents board and/or Buying/Maintaining a Car board.
Are there any age limits on car leases?
I doubt it. My mother leased a car in her 70s and could have in her 80s.
In a situation where the person leasing the car incurs unpaid debt, can the creditor garnish the leased car?
If this woman's in danger of getting over her head in debt or is already in trouble with debt, an additional monthly car payment is the last thing she needs. She should buy a used car for cash or do without a car.
If a car is leased rather than owned, I don't see how it could be garnished due to the innocent party involved (the dealership), but I don't know.
IMO, unless one owns a company that derives a tax benefit for leasing, it doesn't make sense to me. While you can often get a nicer car for the same monthly payment as buying and borrowing, but then you don't own a nice car at the end of the lease.
Unless this lady is pretty well off, she doesn't need a brand new or even a particularly nice car, just serviceable transportation to get her around town. I'm reasonably well off compared to the average American and bought a below-median-price new car 5 years ago and plan to drive it for another 5 or 10 years, and my husband drives a 10-year-old car with no plans to replace (we'll become a 1-car family when it dies--we're both retired). But I do know people who do without in other areas in order to own a very nice car. Me, I'd rather eat organic food and travel.
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