The Retiree’s Guide to Buying a Car

Seniors driving

Buying a car – whether new or used – is a big decision. As you enter your retirement years, your needs and finances change. Here are some tips you might find useful when buying a car in your retirement years.

New or Used?

You look forward to your retirement years and being able to splurge on whatever you want. This is OK some of the time, but other times it can definitely be in your best interest to hold back. These days, even last year’s models are heavily discounted, letting you have all the modern luxuries without having to break the bank. It is also much better for the environment to buy used, and you can even find one from your past that holds special meaning.

Small or Large?

A lot of people choose to travel after they retire. This can be national, or international travel, and can play a role in what type of car your buy. If you are looking to drive around the country visiting exotic and off-the-road locations, a more rugged 4×4 might be best for you. They are built for safety and freedom of movement.

If you will be doing most of your travelling overseas and will just be using the car for day-to-day errands when at home, something small and petrol-efficient may be preferable.

Luxury and Features

Senior sitting in a passenger seat

When raising kids, your car was all about getting you from point A to point B. Now you are retired, you can choose a vehicle built for a luxury experience. These days, most cars automatically come with air-conditioning, radio, phone charging capabilities, electric windows, and all of the features that you used to dream of. However, the engineering and design qualities of certain luxury car brands may have a special place in your heart – this could be the time to splurge on what you have always wanted.

Considering Cost

Australian Money sticking out of a purse

Of course, the cost does come into the equation. Look into how much financing the car will need in terms of outright purchase or loan, maintenance, petrol, registration, etc. Some businesses offer discounts for those with a seniors card, so don’t forget to ask.

Research and Compare

Make a list of all of the features you need, and all of the features you would like to have in your new car. Compare and contrast them, making sure to read online review websites to see how they shape up.

Making a big purchase like a car should also be fun. Take your time with the important stuff, but remember it is your money and your time to enjoy yourself.

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