Leasing Used Cars Explained

Leasing a used vehicle can be an attractive deal inNext, you need to check the initial mileage and the
many ways, no leastgetting you into that luxuryoverall vehiclecondition. The maximum mileage on a
model or SUV, for lower monthly payments thanaused car should be no more than 12,000miles a year.
brand new one. Be prepared, however, to do someA 3-years old car with 50,000 miles on the clock is
more homework to dissecta good deal.veryunlikely to make a good used-vehicle lease.
As with new car-leasing, your price research shouldCheck for signs of excessiveuse, like worn seat
focus on the keyfigures that are the initial marketfabric, worn pedal pads and dirty engine, which
value and the estimated residual valueof the used car.mightindicate that the odometer has been rolled back.
This is harder to predict since there is noIf the car is notcertified, you need to get it
factory-setsticker price on used cars, and the residualthoroughly inspected. Ask your dealer for
percentage is very much peggedto a subjectiveamanufacturer-sponsored certification program or
current retail value. Use different sources to get ahave your car certified bya qualified mechanic or
roughidea of the value of the used car: your localinspection service.
dealerships, internetcar-evaluating tools, such as andMost used-car deals don't come with gap coverage.
Cars.com, to name but a few.This is a special typeof coverage, normally offered
Another way to pin down a good estimate is toon a new auto-lease, to cover the consumer ifthe
compare the lease on yourgiven car to a lease on aleased vehicle is lost, stolen or damaged. Typically,
new-car with the same make and model. Thisauto-insurancepolicies cover only what your car is
shouldgive you a better picture of the differenceworth at the time of loss, not whatyou still owe on
between leasing new and goingfor used. Just likethe lease. The difference could run into thousands
leasing a new car, used vehicle leasing isofdollars. For peace of mind, do not enter into any
moreattractive when residual values depreciate theused-car lease withoutgap-coverage. Arrange it
least. You stand a betterchance of finding a bargain inseparately with either the lease dealer or
the high-end, luxury vehicles that keeptheir valuesyourauto-insurance company.
better as used cars.