Great Lease Deals on Used Wheels

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.

Price research should be focused on initial market value and the estimated residual value, the vehicle's key figures. These figures can be harder to predict with used cars, as there are no factory-set sticker prices and residual percentages are determined by subjective current retail value. For this reason, it's important to find several value estimates, and find a median price. Visit local dealers for this information, or try online tools such as 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, you should verify the accumulated mileage and assess the overall condition of the vehicle. The maximum mileage on the used vehicle you choose should not have exceeded 12,000 miles a year. For example, if the car is three years old with 50,000 miles on the odometer, 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.

Once you've leased a used vehicle, you'll need to insure it. Gap coverage is a type of insurance offered on new car leases, and designed to protect the driver against vehicle loss, damage and theft. This type of coverage is not usually offered on a used car lease, and your policy may cover only what your car is worth at the time of loss, rather than what's owed on the lease. As you can imagine, the difference can run into thousands of dollars.

Try to arrange your own gap insurance on the used car lease, for your own peace of mind. These arrangements can be made directly with the dealer or through an automobile insurance company.

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.

Article Source: http://www.moneyarticlelibrary.com

Contributor Michael Trusthold is an author for several well-known automotive web sites, on used car and road trip subjects.
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