Great Lease Deals On Used Wheels

Great Lease Deals On Used Wheels

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Many people struggle with the decision to buy a new car, or lease one. But what you may not realize is that it's also possible to lease a used car. Leasing a used vehicle is an attractive option for drivers wanting an affordable alternative to get behind the wheel of a luxury sedan or SUV.

Leasing any vehicle, new or used, can be a complicated procedure, so do some homework to help you find the best deal. Begin with price research.

When you research price, focus on the initial market value and the estimated residual value. These are the vehicle's key figures. It's harder to predict these figures with used cars, because there are no pre-determined factory sticker prices and the residual percentages are determined by the subjective current retail value. That's why it's important to gather several value estimates and then find a median price. You can find this information by visiting local dealers or searching online at sites like cars.com and edmunds.com.

Comparing the used car lease with a lease on a new car of the same make and model is another way to pin down a good estimate. This tactic provides an overview of the differences between new and used car leases. Similar to leasing a new car, a used car lease is naturally more attractive when the residual value depreciates the least. It's easier to find a leasing bargain with a high-end luxury vehicle that holds its value.

Next, it's important to verify the initial mileage and the overall condition of the vehicle. The maximum mileage on the used vehicle you choose should not exceed 12,000 miles a year. If the car is three years old with 50,000 miles on the odometer, you can bet it's probably not your best choice for a used vehicle lease.

In addition to actual mileage, check for signs of excessive use, like worn seat fabric and damaged interior elements, worn pedal pads and a dirty engine, which can indicate poor maintenance or even an odometer roll-back. Even if the car is being marketed as certified, it's in your best interest to have it thoroughly inspected by a qualified mechanic you know and trust.

Gap coverage is a type of insurance that is offered on a new car lease to protect the driver against vehicle loss, theft or damage. However, this type of coverage is not typically offered on a used car lease. Your automobile insurance policy may only cover the value of your car at the time of loss, and not cover the amount owing on the lease. This difference can run into thousands of dollars.

For your own peace of mind, try to arrange your own gap coverage policy before agreeing to a used car lease. You can make these arrangements through an automobile insurance company or directly with the dealer.

If you've always wanted to drive a high-end car, but can't manage the high payments, consider a used car lease. It can be just what you need to get you cruising in high style.


About the Author:
Michael Trusthold is an author for several popular automotive web sites, on used car Houston and Colorado road trip issues.
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