Smart Used Car Leasing

You're dreaming of driving a high end car, but can't manage the high price. Did you know that you have the option of leasing a used car? A used vehicle lease can be a great option for drivers who need an affordable alternative to driving a big ticket truck or luxury sedan.

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.

When you research price, focus on the initial market value and the estimated residual value. These are the vehicle's key figures. It's harder to predict these figures with used cars, because there are no pre-determined factory sticker prices and the residual percentages are determined by the subjective current retail value. That's why it's important to gather several value estimates and then find a median price. You can find this information by visiting local dealers or searching online at sites like cars.com and edmunds.com.

Another way to pin down a good estimate is to compare the used car lease with a lease on a new car of the same make and model. This will give you an overall picture of the differences between new and used car leases. Just like leasing a new car, a used car lease is more attractive when residual values depreciate the least. You will have a better chance of finding a bargain with a high-end, luxury vehicle that holds its value.

Next, you should verify the accumulated mileage and assess the overall condition of the vehicle. The maximum mileage on the used vehicle you choose should not have exceeded 12,000 miles a year. For example, if the car is three years old with 50,000 miles on the odometer, it's probably not your best choice for a used vehicle lease.

In addition to the car's mileage, check for signs of excessive use like worn seat fabric and a damaged interior, worn pedal pads and a dirty engine, all indicative of poor maintenance or an odometer roll-back. Even if the car is being sold certified, it's in your best interest to have it thoroughly inspected by a qualified and trustworthy mechanic.

Gap coverage is a type of insurance that is offered on a new car lease to protect the driver against vehicle loss, theft or damage. However, this type of coverage is not typically offered on a used car lease. Your automobile insurance policy may only cover the value of your car at the time of loss, and not cover the amount owing on the lease. This difference can run into thousands of dollars.

Try to arrange your own gap insurance on the used car lease, for your own peace of mind. These arrangements can be made 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://mylilpeanut.com

Contributor Michael Trusthold loves writing for a variety of up and coming automotive web sites, on used car for sale and road trip planning subjects.
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