Upon retirement, it is time to budget . That’s because most retirees are on a limited or fixed income, a personal combination of Social Security, individual savings and work-related compensation like 401(k)s and pensions. If retirees wish to still be mobile, owning a car can be a great option, so long as the monthly payments are not too high — ideally under $300.
“Buying a car as a retiree can quickly prove to be a daunting task because the truth is, not everyone understands or sees why their unique needs and preferences are must-haves,” said Peter Dubois, general manager at Find by Plate . “From affordability, to easy navigations and maneuver, to comfort, to reliability and durability and safety. Fact is, buying a car as a retiree is a big deal because it’s one of those huge purchases where a do-over might not always be an option.”
The Toyota Corolla is a go-to pick due to its low maintenance costs, reputation for reliability and fuel efficiency, according to Blake Shaw, automotive expert and blog writer at the All About Wheels Blog .
“The Toyota Corolla is an excellent choice for retirees,” Shaw said. “Payments under $300 per month are easily achievable with a fair purchase price and a variety of financing options. […] Everyday driving is made easier with its comfortable ride and user-friendly features.”
8. Chevrolet Malibu
Dubois noted that “…for a mid sized sedan with a spacious interior, that is affordably priced, this fuel-efficient car also meets all the basic needs and preferences that retirees have in a car.”
Not only has Chevrolet maintained its reputation for being durable and reliable, in Dubois’ experience it is also known for its lower maintenance costs.
“Additionally, thanks to a very responsive steering making it easier for retirees to maneuver tight spaces, plus its advanced safety features, this car easily stands out as one of the most attractive options for retirees on a budget,” said Dubois.
In Shaw’s professional opinion, another great option for retired seniors on a limited budget is the Honda Civic.
“The Civic has a reputation for being dependable and long-lasting, and it also has excellent gas mileage and a roomy cabin,” Shaw said. “It is a flexible vehicle that can manage both short trips around town and longer vacations. One way to keep monthly payments manageable is to finance a used or certified preowned Civic.”
6. Subaru Outback Premium
There is one model year in particular that Dubois recommended retirees looking to save money on car payments do some research on: the 2015 Subaru Outback Premium.
Dubois went on to say that “…though being older, this 2015 model remains an excellent choice for retirees on a budget. Though its fuel efficiency is slightly lower than its more recent models, this model still offers a competitive fuel efficiency, and for whatever points this might have cost this car, it makes up for in comfort and familiar[ity].
“Also, with an average price of $21,000, retirees can be sure of a monthly payment that is under $300 for this durable, reliable and perfectly safe car,” Dubois added.
5. Hyundai Elantra
“Modern features, great gas mileage and a strong warranty make the Hyundai Elantra a great buy,” Shaw highlighted. “You will not have to sacrifice comfort or safety for this small sedan. Within a $300 monthly budget, you can discover many newer model years that are more than suitable.”
4. Kia Soul
The Kia Soul is an eye-catcher thanks to its roomy cabin and distinctive styling.
“With a starting price of $19,000, spacious interior that supports a very comfortable seating, less expensive to insure thanks to its affordable price and safe and easy to navigate features, this compact vehicle has all the features that makes it a practical option for retirees on a $300 monthly car payment budget,” Dubois said.
Shaw agreed. “It gets excellent gas mileage and comes with a solid warranty, making it a sensible option. The elevated seating position and easy entry make it especially suitable for retirees. Financing a recent model year can keep payments manageable.”
3. Mazda3
As Shaw pointed out, the Mazda3 has received high marks for its sporty handling, luxurious cabin and safety features. This is ideal for any age demographic on a budget, but particularly for retirees who want to have all the bells and whistles of a luxury car while still having some money left over to fill it up.
“It is a luxurious and entertaining vehicle, perfect for retirees who want to spice up their daily commute,” said Shaw, who noted that payments for used Mazda3 models can be kept under $300 with some financing options.
2. Chevrolet Spark Activ
For Dubois, the Chevrolet Spark Activ is another affordable car that guarantees a $300-or-less-per-month payment and would be an excellent choice for retirees looking to purchase a newer vehicle.
“With a starting price of $15,000, the 2022 model is both easy to handle and affordable to maintain, making it an excellent choice for retired seniors,” Dubois remarked.
1. Ford Focus
“The Ford Focus is an excellent choice because it combines practicality, efficiency and style,” said Shaw, who made sure to note how the Focus is “…a budget-friendly choice that gives you all the features you need.
“Thanks to its comfortable interior and user-friendly entertainment system, retirees will love it. There are a lot of used models available, so it is not hard to find one that fits your budget,” Shaw added.
If you are a retiree looking to buy a new car and keep your monthly payment below $300, Mohan Babu, a savings specialist at Dealhack , shared a few tips for the shopping and buying experience:
“Always prioritize safety features such as adaptive cruise control, lane-keeping assist and automatic emergency braking.
Consider the total cost of ownership, including insurance, maintenance and fuel costs, to ensure the vehicle fits within your budget.
Take advantage of seasonal promotions and manufacturer incentives to get the best deal possible.”
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