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Author:
Chris Snow

By leasing a used vehicle, you can obtain a luxury model car or an SUV at much lower monthly payments than are imposed when you buy a new one. However, you must do your homework in order to find the best deal available.

When researching leasing costs, pay close attention to the initial market value and the estimated residual value of the used car you are considering. This value is more difficult to predict for used vehicles than for new ones because there is no "sticker price" as set by a factory on a used car. You can use a variety of sources to obtain a rough estimate of the used vehicle's value, however. These include local dealerships and online car evaluation tools; a quick search on the Internet will find a host of these car evaluation tools and most are provided free of charge. You can also get a good estimate by comparing the lease on a used car to a lease on a new car of the same model and make. Used vehicle leasing is best when residual value has depreciated least. You'll find better bargains at the luxury end of the vehicle market where cars retain their value better.

Initial mileage and overall vehicle condition should be two other things to consider when leasing a used automobile. With a used car, the maximum mileage should total no more than 12,000 miles per year. A car that is three years old with 50,000 miles is not a good leasing deal. You should also examine a vehicle for worn fabric on the seats, worn pedal pads, or a dirty engine. These are signs of excessive use and might indicate a rolling back of the odometer. If the used car has not been certified, it should be inspected. You can ask the dealer for a certification program sponsored by the manufacturer or have it certified by a qualified service or mechanic.

Most used-car lease arrangements do not include gap coverage. Gap coverage is a special kind of insurance that is usually offered on new-auto leases. It protects the consumer if the leased automobile is lost, damaged, or stolen. Car insurance policies usually only cover what the car is worth at the time of the loss or damage and not what you may still have owing on the lease. This difference could total thousands of dollars. Therefore, you shouldn't consider a used-car lease that does not include gap coverage. This coverage can be arranged separately, either with the lease dealer or with your own car insurance company.

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A Quick Note From The Publisher... If you like the article above, you may be interested in the following article which is also related to Used Cars In Detroit... Buy Certified Used Cars! One of the best car buying tips for anyone is to check into certified used cars. Here is an example of a General Motors certified used car, it may differ from other manufacturers. A General Motors certified used car gets a strict 110 point inspection at the dealership from the tip of the exhaust to the cup holders and if there is the smallest of problems, it does not get certified until fixed. A certified used car has less than 60,000 miles and no more than 5 years old. A certified used car with GM receives an extra 3 month or 3000 mile warranty. If the car is under warranty when you purchase it, the certified warranty is added to the end. So instead of having a 36 month, 36000 mile warranty, the certified car has a 39 month, 39000 mile warranty. A certified GM car also receives roadside assistance just like a new car under warranty. A little known fact about certified used cars is that you have 3 days or 3000 miles to determine if the car is right for you. If in this time...