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You're dreaming of driving a high end car, but can't manage the high price. Did you know that you have the option of leasing a used car? A used vehicle lease can be a great option for drivers who need an affordable alternative to driving a big ticket truck or luxury sedan. 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. 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. 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 been dreaming of driving a high end car, but can't manage the high monthly payments, a used car lease can be just what you need to cruise in high style.
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Contributor Michael Trusthold is an author for a variety of well-known automotive web sites, on used car for sale and road trip planning subjects. This and other unique content car lease articles are available with free reprint rights.
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