Leasing a car could be risky for seniors
If you're a senior over the age of 80 interested in leasing a car, know your risks
Should you buy or lease your new car in Canada?
Looking for a new car? What you should know about leasing versus owning.
Q: “Are seniors made aware of the risk of leasing a vehicle should their licenses not be renewed on account of a health condition after they turn 80? Dealers usually suggest using a lease takeover service, which can be time consuming and costly for a senior who has just lost the ability to drive.”
—Concerned Senior, Ottawa
A: Few seniors will accumulate the mileage allowance included in a car lease, and most do not need to change a vehicle every three to five years. The car companies currently guarantee that you can walk away from a lease if a vehicle is written off after a theft or collision. Perhaps we need to consider writing similar “walkaway” protection into standard leasing agreements for seniors after age 80.
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