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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. As with new car leasing, you need to do some research to help secure the best deal. First and foremost is 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. You can also find a good estimate by comparing the used car lease with an available lease on a new vehicle of the same make and model. This information provides an overall picture of the differences between the new and used car leases. Just like leasing a new car, a used car lease will be more attractive when the residual values are expected to depreciate the least. Your chance of finding a bargain is better with a high end, luxury vehicle that will hold its value. Your next step is to verify the initial mileage and the overall condition of the vehicle. The used vehicle that you choose should not have mileage that exceeds 12,000 miles per year. If you find a three-year-old care with 50,000 miles on the odometer, keep shopping. It's 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 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 been dreaming of driving a high end car, but can't manage the high monthly payments, a used car lease can be just what you need to cruise in high style.
Article Source: http://www.share.onlypunjab.com
Michael Trusthold is a regular columnist for several popular car and truck web sites, on used car search and free road trip planner issues. This and other unique content car lease articles are available with free reprint rights.
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