Leasing used cars explained

Leasing used cars explained

Leasing a used vehicle can be an attractive deal in many ways, no least 

getting you into that luxury model or SUV, for lower monthly payments than 

a brand new one. Be prepared, however, to do some more homework to dissect 

a good deal.

As with new car-leasing, your price research should focus on the key 

figures that are the initial market value and the estimated residual value 

of the used car. This is harder to predict since there is no factory-set 

sticker price on used cars, and the residual percentage is very much pegged 

to a subjective current retail value. Use different sources to get a rough 

idea of the value of the used car: your local dealerships, internet 

car-evaluating tools, such as Edmunds.com and Cars.com, to name but a few. 

Another way to pin down a good estimate is to compare the lease on your 

given car to a lease on a new-car with the same make and model. This should 

give you a better picture of the difference between leasing new and going 

for used. Just like leasing a new car, used vehicle leasing is more 

attractive when residual values depreciate the least. You stand a better 

chance of finding a bargain in the high-end, luxury vehicles that keep 

their values better as used cars. 

Next, you need to check the initial mileage and the overall vehicle 

condition. The maximum mileage on a used car should be no more than 12,000 

miles a year. A 3-years old car with 50,000 miles on the clock is very 

unlikely to make a good used-vehicle lease. Check for signs of excessive 

use, like worn seat fabric, worn pedal pads and dirty engine, which might 

indicate that the odometer has been rolled back. If the car is not 

certified, you need to get it thoroughly inspected. Ask your dealer for a 

manufacturer-sponsored certification program or have your car certified by 

a qualified mechanic or inspection service.

Most used-car deals don’t come with gap coverage. This is a special type 

of coverage, normally offered on a new auto-lease, to cover the consumer if 

the leased vehicle is lost, stolen or damaged. Typically, auto-insurance 

policies cover only what your car is worth at the time of loss, not what 

you still owe on the lease. The difference could run into thousands of 

dollars. For peace of mind, do not enter into any used-car lease without 

gap-coverage. Arrange it separately with either the lease dealer or your 

auto-insurance company. 

Leasing used cars explained

بقلم محمد عمايرة

محمد عمايرة 14 سنه ، مدون أردني مهووس بالتقنيه والتكنولوجيا الحديثه ويهتم بكل ما هو جديد في عالم التقنية والانترنت

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