How to Find Transportation That Seniors Can Afford

Affordable transportation is often a concern for senior citizens. Some seniors go without basics to make car payments they can’t afford for a car with little or no equity. Others need affordable replacement transportation but don’t have the income to finance a car. What are some options for these seniors?

How to find transportation that seniors can affordFinancing a car from a dealer might not be the best option or even possible for a senior with lower income. Dealers generally sell used cars “as is.” If it later has mechanical problems, then the dealer is not responsible.

When you finance a car, in addition to high-interest payments, you are required to carry costly insurance coverage. What can you do if you can’t afford a car payment and yet need transportation?

What to Look for on Craigslist

The Craigslist website is the free modern version of want ads where you live. Advertisements include detailed descriptions and photos. You can find reliable transportation through Craigslist often for around $1,000 or less.

Visit the Craigslist subsite for your location and click on the cars and trucks link under the for sale section.

Type “runs good” in the search bar. In the left-hand menu, you will see three links to search by: all, owner, and dealer. Click on the owner link to search for cars advertised by owners only.

For Sale by Owner

Why search for a car sold by an owner and not a dealer? Many used cars are purchased by dealers at auction. They have no idea what the real condition of the car is.

Private owners won’t represent a car as being in good condition unless it actually is in good condition. After all it’s their car.

If you go this route, the car you purchase may not be the newest car, but frankly, car styles change little nowadays from year to year. You bought it from the person who owns that car, who represents that it “runs good.”

Lower Insurance Costs

If you purchase a car for no more than $1,500, your insurance costs will be less. If the car has a major mechanical problem in a year or two, so what, you can junk it. Just think of the payments you’ll have saved. But it will likely last much longer.

What if you already have a car with a payment you can’t afford? If it’s worth more than what is owed, you could sell the car and buy a less expensive car. But what if the car is worth less than what is owed?

The contract allows you to return the car to the lender. When the car you financed is surrendered or repossessed, there is usually a deficiency or extra amount owed on the loan after the car is sold by the lender.

Transportation That Seniors Can Afford

Federal laws protect seniors’ income, including Social Security, retirement, pension, disability and VA benefits. Even if you happen to be sued for the balance of a car loan after it is repossessed, your income can’t be garnished.

Seniors don’t have to go without necessities to maintain a car payment they can’t afford. And if you need a car and can’t afford a payment, check out Craigslist. It just may solve the transportation problem.

This article was provided by our content partners at MoneyTips.com. Photo ©iStockphoto.com/chameleonseye

Read More

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

Join our newsletter

If you like Critical Financial, subscribe and get our latest content via email.

Powered by ConvertKit

Share this post:

Related Posts

Leave a Comment

*

May the 4th Be with You: Star Wars Swag on Amazon

May the 4th Be With You: Star Wars Day Swag

It began as the punniest holiday ever but quickly grew into an earnest (if somewhat random) celebration of the long-running (and still... more →
People count the money to buy a house in future success.

Avoiding Mortgage Scams: Don’t Fall for Unreasonable Promises

If it sounds too good to be true, it probably is. That’s sound advice for almost all aspects of life, including the search for... more →
Eat for free for a whole month via the meal kit companies discounts for new customers.

How To Get a Month of Free Food: 9 Meal Kit Companies Offering Discounts to New Customers

Play your cards right and you might be able to line up a month’s worth of free meals if you were to try out all nine of the meal... more →
Generate extra cashflow -- here are 97 ways.

96 Awesome Ways to Generate Extra Cashflow

Who doesn’t want more money nowadays? We’ve got you covered on that front. Here comes a long list of different ideas on... more →
Valentine's Day gifts that won't destroy your budget

Valentine’s Day Crafts Are Romantic Rescue from Crazy Inflation

Fall for the hype this week and you’re out an average of $143.56 for Valentine’s Day. Crafts and other do-it-yourself tactics... more →

Ultimate Guide to Bitcoin — FREE Ebook!

Have we got something for you: a free ebook about bitcoin! more →
Get a flu vaccine.

Why You Need To Get a Flu Vaccine Right Now

Flu vaccines aren’t just for the elderly  anymore. Here are 25 reasons you should go get vaccinated. more →
Financially successful

Acquire the Trait All Financially Successful People Have

Financially successful people tend to all have a lot of self-discipline. Improving your discipline in one area of your life often spills... more →

What’s the Best Free Recipe App?

The Apple Store and Google Play together offer more digital cookbooks than you probably have room for on your mobile device. So which... more →
New tax law might slow down housing market.

What Will the New Tax Law Do to the Housing Market?

The new tax law will have a profound impact on the housing market, although in ways that go beyond the deductibility of mortgage interest... more →

4 in 5 Households Will Get a Tax Cut in 2018

Four out of five U.S. households will get a tax cut as a result of the legislation that President Donald Trump signed into law today. more →
Will bitcoin reach $100,000?

When Will Bitcoin Reach $100,000?

Bitcoin has accelerated its pace of appreciation in recent months, and if the current levels between $15,000 and $19,000 make you itch... more →
The Dow Jones topped 24,000 -- now what?

The Dow Jones Crossed the 24,000 Threshold. Now What?

Stocks appear to be increasing in volatility, yet the markets closed on Monday, December 4 with the Dow Jones Industrial Average is... more →
Peer mortgage

Should You Get a Peer-to-Peer Mortgage?

If you can’t get approved for a home loan from a bank, you might want to look into applying for a peer-to-peer mortgage. more →
Investment gifting is awesome.

4 Things To Know Before You Donate an Investment

While donations of any kind are appreciated, gifting investments benefits both the giver and the receiver. Here are four key things... more →
Are you wondering: What's the Relationship Between the Stock Market and Federal Debt?

What’s the Relationship Between the Stock Market and Federal Debt?

Wouldn’t it be wonderful if gains in the stock market could actually reduce U.S. government indebtedness? If that were true,... more →
healthy living, frugal and healthy, cheap and healthy

Combine Health and Frugality into Your Diet

There’s an easy way to tell what a person is like. Just take a look at the conveyor belt as they checkout at the grocery store. What’s... more →