As more and more families are choosing to rent a home instead of investing a large amount of money into purchasing a house, the same can be seen with leasing a used car. Young adults today are enticed by the lower monthly payments and the ability to change vehicles often. If you are thinking about leasing a used car there are several important considerations.
One of the first questions you need to ask when leasing a car is if the vehicle is covered with a bumper to bumper warranty for the entire length of the contract. Since you will not own the car when the contract is fulfilled, you do not want large out of pocket expenses for repairs.
The second question you need to ask is to see a Carfax report. You are leasing a used car which means someone else has been driving it. You need to know if the vehicle has been in a major accident or has major repairs. Although a Carfax report cannot guarantee the automobile doesn’t have problems, it will give you some basic background information.
A third question to ask includes looking at all of the small print and fine details. How many miles are you allowed to drive during the lease? Can you live with that mileage? If there is damage to the vehicle, how will that be dealt with at the end of the lease? Can you choose to buy the car at the end of the lease? How much will you be paying overall by the end of the contract?
Before you make the final decision to lease a used car rather than leasing a new car or buying outright, ask all of the important questions. This option is very appealing to drivers who enjoy the prestige of driving a new car every couple of years. Also, since most used car leases are for luxury vehicles or popular SUVs, you probably will not have to worry about a large amount of depreciation. Since the cars value determines the amount of your monthly payments, make sure the value is accurate. Overall it is personal choice that will determine whether you should lease a used car. Just make sure you understand the contract and enjoy driving a great car.
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