While used car leasing is an overall small segment of the used car sale industry, for many buyers, the ability to get a decent, running car at a very low upfront cost is an extremely beneficial asset.
Apart from the considerably low prices and the option of returning the vehicle at the end of the contract, leasing a used car also has numerous other benefits, one of which being the potentially lower monthly payments, due to less severe depreciation.
Why Is Used Car Leasing a Good Choice?
Used cars offer, by definition, much better bargains than newer ones. Although the financial risks can sometimes be considered greater, since you don’t always know what one of these cars’ value will be after say, 5 years, leasing still allows you to purchase a vehicle in good working order that you’re not forced to pay for, except in smaller chunks, provided on a monthly basis.
One of the greatest benefits of used car leasing is the number of options you have at your disposal for finding these vehicles. While dealers are considered to be the more sensible source to go for, in many cases, a private party may also want to get out of a lease, seeking to pass the car on to someone willing to continue the payments.
These offers are highly sought after on the internet, and can provide an even better overall deal than leasing from dealers. Aside from the fact that you’ll have to pay even less than the original lessee would have, sometimes there is also a cash rebate that lowers future monthly payments, allowing you to get the car with an even less substantial investment than anywhere else.
Of course, you do have to be careful whenever you choose such offers, and sometimes even when leasing from a dealer. After doing some research on the car, the owner and the dealer, however, you’ll find that it’s easy to spot any potential foul play that may otherwise end up ruining your plans.
Used Car Leasing Tips
The most important advice you can follow for leasing a used car is to always check the warranty before accepting an offer. Warranties should be comprehensive and lasting at least as long as the leasing period. Also, keep track of the mileage limits provided in the contract. Anything over that limit will cost a little extra.
The vehicle history is another significant factor that should help you determine whether to lease that specific car or not. Any mention of the car having been involved in an accident or having its odometer rolled back is a clear red flag when it comes to leasing offers. A used car vehicle report will only cost you $20-25, and could potentially save you from far more problematic expenses down the line.
Finally, before signing the lease, make sure you have the car inspected by a licensed mechanic. A full diagnostic check should be done to rule out any hidden defects the car may have.
For people who are on a budget, but would still like to have a good car that can be relied on, these steps are crucial for determining whether or not a leasing contract should be accepted, and you’ll find that overall, the expense of the lease is often a far better prospect than making a full purchase.