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Many senior drivers own vehicles they can't manage

Posted on Friday, January 11, 2013 at 9:44:13 PM

Old age often comes with a number of ailments that can affect an individual's ability to operate a vehicle. In fact, a recent study conducted by AAA found that the vast majority of senior drivers own vehicles that don't meet their needs.

However, there are a number of automobiles on the market with features that make driving less of a task and more of a luxury for senior motorists. These amenities include dashboards with large controls, keyless entry systems and six-way adjustable seats that make it easier to get in and out of vehicles.   

Some older drivers may think they can't afford the purchase of a vehicle once they leave the workforce and make the transition to a fixed-income. But Home Loan Investment Bank's Daniel Murphy begs to differ. 

"Just because someone is on a fixed income does not mean they will not qualify for financing on a new or used vehicle," Murphy explains. "As long as a potential borrower meets the specific lending guidelines with regard to income and creditworthiness … why not finance? Rates are at a historic low for both used and new. Many dealers are offering rebates as a financing incentive on new cars. I would always recommend financing the least amount possible. This way there is extra monthly cash flow for unexpected expenses."

Prior to purchasing a car, consumers are encouraged to test out the vehicle no matter how old they are. This will ensure they get an automobile that meets their needs.