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Leasing a used car is a great way to enjoy slow vehicle depreciation. Because the depreciation is much slower, you are able to enjoy a lease that will not cost a lot. The downside is that it may be more difficult to locate a lease for used vehicles although not impossible. With the inventory of used vehicles being limited for leasing, the market has become even smaller. The good thing is that when you lease a used vehicle, you will be able to save more on a monthly basis. When you plan to obtain a used vehicle that is still pretty new and has very little mileage, then leasing a used car may be perfect for you.
Leasing A Used Vehicle
When you want to lease a used vehicle, then you will need to know how to lease a used car. There are also a few steps to take in order for the lease process to be a success. While the lease process can be seen as similar to a new vehicle lease, you still need to take some steps to find the best deals. Below are the steps to take in order to lease a great used vehicle.
Investigate The Options Available For Leasing
Used car leases may not be found at all dealers. When the vehicle is certified pre-owned from a franchise you will have a better chance of obtaining a used vehicle lease. It is also a good idea to contact the dealer ahead of time to ensure leases are available for their used vehicle inventory. Make sure to research each model that may interest you for leasing. Also, it is important to never choose a single model before checking out every other dealer that offers used vehicle leases. It is a good idea to see what is for sale online through sites that provide auto-resale value. When you have an idea of how much the vehicle is worth, you will have an advantage by being more informed and be able to negotiate a lot better.
Visit A Franchised Dealer For Your Lease
Dealers who are a franchise are able to offer a used vehicle lease for Certified Pre-Owned vehicles. This is because they do not sell more than one brand. Also, the standards for Certified Pre-Owned are distinct to the manufacturer.
Although visiting a franchise dealer is a great place to start while in search of a lease for a used vehicle, you need to be aware of possible vehicle shortages. You need to be aware that there may be more difficulty with leases.
Conduct Your Negotiations
Now that you have a dealer that you want to work with and the leases are available for the vehicle that you want, you need to begin to negotiate the lease amount. Just like a new vehicle lease, the lease for a used vehicle also takes cost into consideration which resembles the manner in which a loan interest rate is calculated. This is able to be negotiated as well as the residual value and mileage limit. The process of negotiating for the used vehicle lease is the same as it would be if you were buying the vehicle. This is why it is important to ensure that the price is fair when it comes to the down payment, cost, taxes, and any other fees.
Review Your Lease Contract Thoroughly
Once you have completed your negotiations the dealer will draw up the lease contract. It is important to review your lease contract thoroughly. You should be in agreement with the maintenance, fees, and limits that are listed and ensure that they are what you had agreed upon during your negotiating. Look out for any additional items that may be optional. An extended warranty may not be needed when the lease will have its manufacturer warranty.
Your contract will also list what the vehicle’s value and depreciation may be once the lease ends. Ensure that these amounts are also what you expect to see based on your research.
Take Over Existing Used Vehicle Leases
When you are researching vehicles for lease, you may also find existing leases that others are trying to get out of. If you do find someone, you will need to go through the lease process and be approved for the lease and it may involve paying a fee to be transferred to you.
As you set out for a used car lease, make sure to do your research on the models that interest you. While you can easily find a dealer that will allow you to lease a used vehicle, it may be difficult and depends on many circumstances such as the market.