At Kia of Coatesville , we’ve noticed a trend in the Coatesville, Lancaster, and Reading areas in the past several years: many more drivers are opting for leases instead of purchasing outright. Leasing your next car is certainly a great option.
However, did you know that you’re not just restricted to leasing new? You can lease used, too! In this article, we’re going to tell you all about it.
About Leasing a Used Car
Leasing a new car has a lot of pros to it. However, leasing used does, as well. If you’re looking for a more economical option, this would be it. The key difference between general leasing and buying is that while you have to pay off the full MSRP when purchasing, leasing only requires you to pay for the amount of depreciation the car amasses while you have it. In a standard lease, you’re paying for the depreciation on a brand-new car. In the first year alone, it may lose 19% of its value!
However, when leasing used, a lot of the heftier depreciation has already passed. The overall value is lower, and your payments will be, too. Of course, just like in a regular lease, your used car lease will have some limitations. For example, you’ll only be able to put so many miles on it a year. If it incurs excess wear and tear, you’ll probably be liable for the damages.
If You Didn’t Know You Could Lease Used…
While leasing has grown to be such a popular option, used leases are still a bit rarer. In fact, that may be why you haven’t heard of it before. Despite this fact, however, you most certainly can lease a used car. So, how does leasing work in the first place?
Well, unlike with purchasing a car, where you’re paying for the full MSRP of the vehicle, a lease only requires you to pay for the value of the depreciation the car undergoes during your lease term. Like in any lease, you’ll have a few limitations to watch for.
Since the car is not yours, you can’t modify it. You also won’t be exempt from penalties for excessive wear and tear. Perhaps the major restriction on a lease is the mileage. Over the course of your lease term, you’ll only be allowed to drive a given number of miles.
If these limitations will make little difference to you, then you’ll just get to reap the leasing benefits: a short-term commitment with lower payments and no-hassle trade-ins.
Certified May Be the Way to Go
When you select a used car to lease, you’ll notice a trend among the available candidates. Despite being used, they’re all a bit “newer” and lower in miles—many, in fact, will be certified pre-owned cars!
This is because these vehicles, despite undergoing some depreciation, still hold a fair amount of value. They’ve been refurbished by the dealership, and in some cases, may even still have a warranty.
Used Leases Are Always High-Quality
One of the reservations a driver may have about leasing used is that the car already has a decent number of miles (and years) on it. So, can you really expect the value to hold up in it?
Since you’re buying from a reputable dealership that has thoroughly inspected and refurbished the car, like certifying it, the answer is yes. As long as you care for your used lease by providing it with the proper maintenance, there shouldn’t be any problems.
Things to Consider Before Leasing Used
Though you can rest assured that the used car you’re leasing is of a good quality, there’s still a couple things you’ll want to research before buying. First and foremost, make sure you get the details on the warranty, if there is one.
You need to know what’s covered in case repairs are needed down the line. You’ll also want to get a vehicle history report for the car. The dealership may have inspected and repaired the car, but you should still know how the previous owner took care of it.
Check These Out Before Leasing
Leasing a used car might be sounding better and better. However, before you go ahead and choose one of your own, be sure to inquire about these two things:
- Warranty: You need to know what is covered in the car before you sign a lease for it.
- Vehicle history report: It’s always a smart idea to get the skinny on how the car fared with its previous owner.
Is Leasing Used the Right Choice for You?
So, those are all the facts about leasing a used car. Do you think it may be a good option for your needs and lifestyle? Coatesville, Lancaster, and Reading, PA, drivers interested in learning more should contact the Kia of Coatesville team. We’ll fill you in on the rest of the details. Get in touch today for more information!
Talk to Our Finance Team to Learn More
Now that you’ve got the fact, you might be thinking it’s time to lease your own used car here in the Coatesville, Lancaster, and Reading areas. Before you do, however, we urge you to ask a few more questions.
The finance team at Jim Sipala’s Kia of Coatesville has all the answers that you’re looking for. Contact them today to learn more about leasing a used car!