Yes, You Can Lease a Used Car
If you were ever under the impression that you could only lease new cars, you may want to to think again. This is simply because leasing works for used cars as well. The only difference between a used car and an new car lease is that the former would mean a cheaper monthly payment.
An important element of investing in a lease vehicle is its depreciation cost. Given the fact that vehicles depreciate greatly throughout the first three years, it only makes sense that you lease a used vehicle and take a much smaller hit on its depreciation. Although, if you do consider leasing a used car, it is vital that you invest in one that is marked or safeguarded with the required certification.
Tips to Consider When Leasing a Used Car
Now that you’ve probably made up your mind and want to lease a used car, make sure to run through these important tips before making any decision:
Lease the Right Vehicle
Even while you take the time to scrutinize the make, brand or model, it is vital that you invest in a car that isn’t too old or a new one that is probably just out on the market. While the newer vehicles could cost significantly more, older cars could drill a hole in your pocket with maintenance expenses. If you do end up leasing a vehicle that is older than three years, you can expect to deal with quite a lot of repairs in the future. Make sure to invest in vehicles that age anywhere between one and three years.
It is extremely important that you also look through the vehicle thoroughly or have it inspected before leasing it. You could either do it yourself or have a professional take a look at the car for you. This would especially be the case for old cars. In case of a problem with the car, make sure to have the owner fix it before you lease it. You do not want to be held against anything later on.
If you’re leasing a used vehicle for the very first time, make sure to strike a great deal with the vendor. Consider a short lease period, preferably something less than a year. This is simply because it’s your first attempt and that it would be best to understand how the process works and the models you are comfortable with. Imagine leasing a vehicle for three years and not liking the feel of it! Yes, you would be stuck with it for the whole three years!
In all, leasing a used vehicle is absolutely safe given the fact that you’ve chosen to invest through a reliable and efficient dealer. Take time to research and understand what you will be investing in. If time permits, read through the reviews of the services before making your decision. It would also be wise to clear up all payment-related details before signing a deal or contract.