Leasing in Retirement: Why More Over-60s Are Saying Goodbye to Car Ownership

Leasing in Retirement: Why More Over-60s Are Saying Goodbye to Car Ownership

When we retire from work, our needs and our habits change. This is a period in our lives we have looked forward to for many years, and which we have worked hard towards. At the same time, a vehicle gives us a huge amount of freedom and independence and hence, in many cases is more important than ever when we retire. For this reason, how we use and finance a car is a major consideration in retirement.

One of the things we look forward to when approaching retirement is not having a daily commute, and not having that daily commitment to hit the road. But we now have a world of opportunity and can use a car to make longer journeys, to visit places we never had time to, and to go the extra mile to spend valuable time with friends and family. In short, we can take on more adventures and a car is our conduit to making that happen. Furthermore, we can now finance this much easier and enjoy much more freedom and flexibility by leasing a car in retirement.

The benefits of leasing a car in retirement

Owning a car can be a troublesome burden in terms of cost, hassle and time. Alternatively, leasing a car offers a huge amount of independence, which is ideal for your new retirement.

• Fixed monthly fee – Your motoring costs are all put together in one monthly fee for the duration of your lease term. This means your costs are predictable and easy to budget for now that your income stream has changed.

• Lower payment – Leasing is much cheaper than financing the purchase of a car, because you don’t have to pay for the cost of depreciation. You are simply paying a fee for the exclusive use of the vehicle for the duration of your lease term. A lower monthly fee means you can afford a better spec of vehicle for the same money, or means you can make motoring more affordable if your income is not the same as it was.

• No hassle – With leasing you have no hassle of ownership and having to dispose of the vehicle when you want to change it. You simply return it to the leasing company at the end of the lease. Furthermore, agreeing a lease deal is very simple and you can be driving your new car the same day.

• No long term commitment – In retirement you don’t want to be making a long-term commitment to anything. Lease deals can be from 12 months up to four years.

• New vehicles – You will always be driving a brand new vehicle with a lease deal, so the vehicle will be reliable and will have minimal impact in terms of servicing and maintenance.

• New technology – As a new vehicle you will always benefit from the latest technology, such as the very best fuel efficiency, performance and safety features.

Considerations when leasing a car in retirement

If you are thinking about leasing a car in your retirement, there is still a lot to think about. There are also some common concerns for people looking to switch to leasing. Here we have listed and addressed some of these considerations:

• No age limit – Contrary to popular belief, there is no upper age limit for leasing a vehicle, anyone can do it as long as they have a full and valid UK driving licence. Indeed, retired people are often more attractive to a leasing company because they are in more stable financial circumstances and have a longer credit history than younger drivers.

• Types of vehicle – Most leasing companies, such as Pink Car Leasing, are able to offer a wide range of leasing vehicles, and you can choose the vehicle that suits your needs. In retirement this may need to be a vehicle capable of doing both short runs for shopping and daily chores, but also longer trips for holidays and visiting friends and family. Fundamentally you want a vehicle that is comfortable, reliable and has low running costs, and these are all achievable with a lease agreement from Pink Car Leasing. We can also point you towards other benefits, such as an automatic car to make driving much easier, and user-friendly tech and infotainment to make the drive safe and enjoyable.

• Trade-in – If you are new to leasing some leasing companies will allow you to use your existing vehicle in part exchange. In many cases this will more than cover the initial upfront payment you need to make for the lease agreement.

Lease a car in your retirement from Pink Car Leasing

Leasing a car in retirement is a great way to enjoy driving and provide the freedom and independence you have craved all these years, without any long term commitment and in an affordable way to also deliver comfort, convenience and flexibility.

Pink Car Leasing offers a great range of lease vehicles suitable for people in retirement, and which suit different styles of driving and motoring needs. These include the Honda Jazz, BMW 5 Series, Renault Captur, Volvo XC40 and the MG ZS. So check out our range of great leasing deals at Pink Car Leasing and make the most of your retirement.