The number of people over the age of 60 is expected to double over the next 20 years in India. The stats are clear: the population is ageing, and an increasing number of people need to consider their post-work life and financial plans. Few things in life represent more of a cost than a vehicle, and while second-hand models can be bought cheaply, they are still a considerable investment that must be carefully factored into your retirement funds.

Remember, expensive doesn’t necessarily mean better. Cutting edge, modern safety features are being integrated into cheaper and cheaper cars these days. It isn’t worth breaking your retirement plans for a flashy speedster when you could get the same safety and functionality from a more affordable model. In your post-work life, your resources are limited, and to maintain a comfortable lifestyle you must plan for every eventuality. Without a steady income, large purchases become increasingly risky. You should factor this into your plans and your research when buying, as well as any repair costs. A vehicle that is easier to repair will be less damaging to your finances in the case of a collision or break down, things that you must plan for.

It can be difficult to make sense of all the features new cars have, but by properly researching each model before you buy, you’ll be making sure your big investment is worthwhile. Do not underestimate the value of these features: with age comes slower reaction times that can impact your ability to stop quickly. While it is true that older drivers are often safer than their younger counterparts, the incidents of crashes do rise slightly with old age. More concerning, however, is the danger these crashes pose to older drivers who are much  more likely to be seriously injured. Modern safety features may well save you money in repair bills too, as a lot of the technology is aimed towards avoiding scrapes and small collisions that could damage the exterior.

For retirees, the question of finance often comes down to leasing versus buying a car. There are a number of advantages and disadvantages to both that depend strongly on your circumstances. Leasing usually gives you access to each year’s latest models and all of the safety features that come with them. That alone might be enough of a reason, as these features become more and more important for those entering old age. Leasing also works out at cheaper monthly payments with the added benefit of warranty protection, allowing you to avoid costly repair bills. Finally, the ability to hand the car back in when you are no longer comfortable operating it is valuable in and of itself, and prevents you from being stuck with an investment you can’t benefit from.

Regular drivers may find buying to be the more economical option. Leasing companies often add fees at the end of the agreement for things like exceeding the maximum number of miles. So if you’re an active driver with plans to travel regularly, buying may well work out cheaper. In this case, there are car loan schemes designed specifically for pensioners. They are offered by many banks, and as India’s population continues to grow older, it is likely that competition will increase and interest rates may fall, making them an even more affordable option.

A car is a big investment and an important choice that must be properly factored into your retirement. Whether buying is the right option for you is something you must consider strongly. You may find that it isn’t worth it compared to leasing, especially since most people don’t keep the same car for more than seven years.