Used Car Lease Tips

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Used Car Lease Tips - By: Michael Trusthold, Posted on: 2007-08-21

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.

Your price research should be focused on the vehicle's key figures: the initial market value, and the estimated residual value. It's a little harder to determine these figures on used cars, because there are no factory-set sticker prices and the residual percentages are determined by subjective current retail value. For this reason, it's important to find several estimates and then determine a median value. You can find the information you need online at sites like cars.com and edmunds.com, and you can visit local dealerships.

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.

Next, it's important to verify the initial mileage and the overall condition of the vehicle. The maximum mileage on the used vehicle you choose should not exceed 12,000 miles a year. If the car is three years old with 50,000 miles on the odometer, you can bet it's probably not your best choice for a used vehicle lease.

After you've verified the mileage, look for signs excessive use. Check for worn seat fabric, damaged interior elements, worn pedal pads and a dirty engine. These can all indicate poor maintenance or a potential odometer roll-back. The car may well be marketed as "certified", but it's still in your best interest to have it thoroughly inspected by a trusted and qualified 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://higradesearch.com

Writer Michael Trusthold is an author for several well-known automotive web sites, on sell used car and plan a road trip topics.
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