Yes, You Can Lease a Used Car
If you’re new to the city and not too keen on buying a brand-new vehicle for yourself, you could as well consider leasing one. Even while you are expected to pay taxes along with your monthly payment, you would be paying considerably less when compared to a brand-new vehicle purchase. Either way, before you get into the investment, it is important that you understand the pros and cons that tag along!
Pros of Leasing a Used Car
Own a Luxury Car
If you have a slight weakness for luxury cars but have never had a chance to buy one, you should consider leasing one. Not only will your spending be a fraction of the actual cost of the vehicle but you will have the chance to own it for a couple of months or a few years, depending on the contract you sign.
Trade Cars Easily
By leasing a car, you have the option of either renewing the contract and using the same vehicle or exchanging it for a new car. If you’re someone who likes trying out new car models, a lease may do you good. The best part about trading in the leased car is that you wouldn’t have to run around and get a whole lot of paperwork done. Leasing a vehicle would mean an easy and quick process.
Leasing a vehicle would give you the privilege of opting for a short lease, sometimes even a few months. This would differ from one vendor to another, so make sure to confirm this bit before signing any contract.
Cons of Leasing a Used Car
Most dealers or vendors would impose an acquisition fee with the lease fee. It is vital that you always ask your vendor or dealer if such a fee is included in your contract. Make sure to clear up all details before finalizing the car lease, especially when it comes down to the finances of the contract.
Leasing an extremely old car is a big no-no. Make sure to lease vehicles that age between one and three years. Leasing anything beyond three years would only result in frequent visits to the mechanic.
Expensive in the Long Run
Leasing a used car could get expensive in the long run, especially if you intend on leasing the vehicle for longer than three years. If you do intend a long lease, you should consider buying a brand-new car. This way, you would be investing in an asset that you can sell in the future with promising returns.
In all, take the time to understand what suits your needs and how you will best be able to save up your finances. List your requirements and understand if a short or long lease would do the job for you or if buying a brand-new car altogether would just make sense. Additionally, take the time to review the services you choose. If time permits, speak to friends or relatives who have invested in similar services.