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Is Leasing a Used Car a Good Option?

Leasing a used car has all the benefits like that of leasing a new car, but it differs slightly in some aspects. Some attention has to be paid to the details before leasing a used car.

Generally, people who cannot afford leasing a new car, who lease for personal things will consider leasing a used car. Read this article to know a few things to consider before leasing a used car.

Things to consider before leasing a used car
True market value – Check whether the car you have chosen has any value in the present market. It should not be less than 24 months old, because condition of the car will not be good. Already it is used by many people, so chances of risks will be higher. If you choose a very old car in terms of validity, check whether it has VAT options or not, specially in case of choosing a leased car for business purpose.

Condition of the car – Check with your dealer, if the car is in a working condition. Don’t try to neglect this issue, otherwise it may be an extra burden on your shoulders in terms of maintenance and repairs.

Warranty – Most of the used car leasers will not give warranty about the car condition, so make sure that you get maximum on car repair and maintenance during the lease agreement.

Mileage – Generally, some used car models will not give mileage to that of a new car, so check with the dealer about the number of miles a car can give. If it gives less mileage, then it is better not to lease such cars.

Beware of scams – Some dealers or leasers may cheat you by hiding some information and conditions in the lease agreement. So be careful while signing the lease agreement.

Benefits of leasing a car
There are many benefits of leasing a car, which are mentioned below:

Enjoy driving – Some people like to drive old model cars that they have never tried. So for them leasing a used car is a good option.

Enjoy within your budget – Leasing used car comes with low monthly payments. If it is for business purpose, then leasing out a used car is a good option, because you can save some money.

Low monthly payments – You need to pay low monthly payments when leasing a used car, and for leasing a new car the monthly lease payments are high. However, the amount depends on the car model and the purpose for what it is being used.

Updated: March 20, 2015 — 2:53 am

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