Senior citizens on a fixed income must pay special attention to what they spend on a vehicle. Most older adults have good credit scores, which makes them eligible for lower interest rates. In addition, because they are on a fixed income, they can calculate exactly what they can afford when it comes to a monthly payment. Seniors who have significant savings can also save money on the monthly payment with a large down payment, something younger buyers may have difficulty managing. If you have a very large amount in savings, you could actually pay cash for the car, eliminating interest and fees, but could result in depleting your savings too quickly.

Purchasing a used car is one way older people can save money when they need to purchase a new vehicle. However, there are cautions before you sign on the dotted line. Be sure to do some research. There have been reports of dealerships taking advantage of older people and charging them far more than the car is worth. Be sure you are aware of the standard value of any used car and refuse to pay more than that at the dealership. Ignore statements like “this deal is good only today” as this is likely untrue. Sometimes, leaving the lot is the only way to get a salesperson to know you are serious. Shop around. Other dealers in the area may have a similar used car, so be sure to talk to them as well and get a written quote that you can use as leverage at another dealer. It is usually not recommended that you arrange financing for a used car with the dealer. If you are a member of credit union, they often have the best rates and easier approval processes. Arrange your financing before you ever step foot on the lot to give you even more leverage with the salesperson.

If you are in the market for a new vehicle, the following are the top three rated new cars for older adults:

• Subaru Forester – if you are looking for an SUV, the Subaru Forrester gives you a commanding view of the road. It is also designed to make it easy to get in and out, something that is important to older people. If you often drive with your grandchildren in the backseat, the rear seat reminder lets you know they are back there, keeping you from leaving a pet or child in the backseat.
• Honda Fit – this sporty hatchback offers a lot of cabin space for such a small vehicle. The seats are wide and provide a lot of support. The doors are large which makes it easy to get in and out of while controls on the dash are simple and easy to understand.
• Toyota Camry – this is a brand with a strong resale value, but also the quality you want in a midsize car. The seats are large and comfortable and the controls are easy to understand. The trunk has a low lift over, making it a better design for older adults.

These are the top three used cars for senior citizens:

• Buick Encore – one of the most popular in the Buick line, the Encore gives you a luxurious look at an affordable price. It is easy to get in and out of with a significant amount of cargo space. It also has a good gas mileage rating.
• Ford Fusion – a great used car, the Ford Fusion has all-wheel-drive and sits lower to the ground than a standard SUV. The front seats offer power height adjustment and it is also available in a hybrid model.
• Mazda CX-5 – with excellent dynamics and a simplified control system, the Mazda CX-5 is an excellent option as a used vehicle. It has outstanding fuel economy and offers a comfortable ride.

If you prefer a leased vehicle, these are the top three options:

• Subaru Impreza – with an average lease payment of $215 per month for 36 months and around $2,000 down, this is a great deal if you want a leased car. The car offers all-wheel-drive and a 152-horsepower engine. It comes with Apple CarPlay or Android Auto standard as well as many standard safety features.
• Hyundai Sonata – just $219 per month for 36 months with just under $4,000 down, the Hyundai Sonata has an above-average interior and an outstanding infotainment system that is easy to use.
• Buick Encore GX – not only is this a great used car for seniors, but it also comes in a great lease option. Just $199 per month for 24 months and about $5,100 due at signing, the Buick Encoure GX has a surprisingly roomy interior for its size. In addition, if you are a current Buick lessee, the upfront costs drop to $3,600.

Another option if you are in the market for a new vehicle is to consider leasing. When you lease, you pay a monthly payment for a set number of years. At the end of the term, you can simply take the car back to the dealer and turn it in. At that time, you can lease a newer car or you may be able to buy the one you are currently leasing. By updating your car every few years, you have a car that is always under warranty plus you can take advantage of newer options. You won’t need a large down payment and lease payments are often lower than financed purchases. Keep in mind that if you have health issues that could cause you to stop driving before the lease is up, it may be difficult to get out of it. Leases also come with mileage limits and if you go over that limit, you may face penalties when you turn in the car. If you are someone who keeps cars for decades, leasing may actually cost you more than if you simply took out a loan and paid off the vehicle.

The best way for older adults to save money on their next car purchase, whether new, used or leased, is by registering for BestSeniorDiscounts.com. There is never a registration fee and you can begin saving immediately. Sign up today and begin saving on everything from cars to travel to hearing aids and more.