Are you struggling with the decision whether to buy or lease a new car? You many not realize that leasing a used car is another option that's available to you. Leasing a used vehicle is an attractive option for drivers who want an affordable alternative to driving a luxury sedan or truck. 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. You can also find a good estimate by comparing the used car lease with an available lease on a new vehicle of the same make and model. This information provides an overall picture of the differences between the new and used car leases. Just like leasing a new car, a used car lease will be more attractive when the residual values are expected to depreciate the least. Your chance of finding a bargain is better with a high end, luxury vehicle that will hold its value. Your next step is to verify the initial mileage and the overall condition of the vehicle. The used vehicle that you choose should not have mileage that exceeds 12,000 miles per year. If you find a three-year-old care with 50,000 miles on the odometer, keep shopping. It's not your best choice for a used vehicle lease. After you've verified the mileage, look for signs excessive use. Check for worn seat fabric, damaged interior elements, worn pedal pads and a dirty engine. These can all indicate poor maintenance or a potential odometer roll-back. The car may well be marketed as "certified", but it's still in your best interest to have it thoroughly inspected by a trusted and qualified mechanic. Gap coverage is a type of insurance offered on a new car lease that protects the driver against vehicle loss, damage or theft. This type of coverage is not usually offered on a used car lease. Automobile insurance policies will typically only cover what your car is worth at the time of loss, rather than what's owed on the lease. The 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 price payments, a used car lease can be just what you need to ride in high style.
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Are you struggling with the decision whether to buy or lease a new car? You many not realize that leasing a used car is another option that's available to you. Leasing a used vehicle is an attractive option for drivers who want an affordable alternative to driving a luxury sedan or truck.
Michael Trusthold is an author for a variety of well-known automotive web sites, on used car Chicago and road trip to Florida issues. This article is available as a unique content article with free reprint rights.
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