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Great Lease Deals on Used Wheels

By: Michael Trusthold

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, it's important to verify the initial mileage and the overall condition of the vehicle. The maximum mileage on the used vehicle you choose should not exceed 12,000 miles a year. If the car is three years old with 50,000 miles on the odometer, you can bet it's probably 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, arrange your own gap coverage before entering into a used car lease. You can make these arrangements 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.cursebustersound.com/article

Michael Trusthold is an author for a variety of popular automotive web sites, on used car Chicago and road trip to Florida issues.
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