| Leasing used cars explained |
Leasing used cars explained
Leasing a used vehicle can be an attractive deal in many ways, no least
getting you into that luxury model or SUV, for lower monthly payments than
a brand new one. Be prepared, however, to do some more homework to dissect
a good deal.
As with new car-leasing, your price research should focus on the key
figures that are the initial market value and the estimated residual value
of the used car. This is harder to predict since there is no factory-set
sticker price on used cars, and the residual percentage is very much pegged
to a subjective current retail value. Use different sources to get a rough
idea of the value of the used car: your local dealerships, internet
car-evaluating tools, such as Edmunds.com and Cars.com, to name but a few.
Another way to pin down a good estimate is to compare the lease on your
given car to a lease on a new-car with the same make and model. This should
give you a better picture of the difference between leasing new and going
for used. Just like leasing a new car, used vehicle leasing is more
attractive when residual values depreciate the least. You stand a better
chance of finding a bargain in the high-end, luxury vehicles that keep
their values better as used cars.
Next, you need to check the initial mileage and the overall vehicle
condition. The maximum mileage on a used car should be no more than 12,000
miles a year. A 3-years old car with 50,000 miles on the clock is very
unlikely to make a good used-vehicle lease. Check for signs of excessive
use, like worn seat fabric, worn pedal pads and dirty engine, which might
indicate that the odometer has been rolled back. If the car is not
certified, you need to get it thoroughly inspected. Ask your dealer for a
manufacturer-sponsored certification program or have your car certified by
a qualified mechanic or inspection service.
Most used-car deals don't come with gap coverage. This is a special type
of coverage, normally offered on a new auto-lease, to cover the consumer if
the leased vehicle is lost, stolen or damaged. Typically, auto-insurance
policies cover only what your car is worth at the time of loss, not what
you still owe on the lease. The difference could run into thousands of
dollars. For peace of mind, do not enter into any used-car lease without
gap-coverage. Arrange it separately with either the lease dealer or your
auto-insurance company.
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