Consumer

Leasing a Used Car: A Quick Guide

A car is a big investment. It’s one of those purchases you want to really contemplate before taking the final plunge into vehicle ownership. There are so many things you have to consider before buying a car such as your budget, the size of your family and other key factors. In this guide, you’ll be better informed about choosing the car that’s best for you.

Consider Your Budget

When you’re looking at used cars, obviously, you want to lease a car that you can afford. Before you start shopping, write down your budget for a car. What’s the most amount of money you can afford for a down payment and monthly payments. Do not forget to consider additional costs such as car insurance and registration fees, as well as long term considerations like fuel economy estimates.

In many cases, you need a down payment to show lenders that you’re capable of making regular payments. The amount of your down payment will depend on your credit rating and the total lease price of the car. Customers with bad credit or no credit should consider a buy here pay here dealership, where their credit history will not be as important. Some lenders don’t require a down payment but keep in mind that you may have a higher monthly payment.

Think About Your Needs

Choosing the right car will depend on you and/or your family’s needs. Do you have multiple kids? Then, a minivan or SUV may be a great option for you as they’re more spacious and have more seating. If you travel long distances quite often, you may want to go with a car that’ll be good on gas. If your car isn’t fuel-efficient, you’ll constantly be filling up your gas tank, which can get expensive.

Don’t Hesitate to Test Drive

If you’re looking for a used car, you never know what kind of damage the owner put it through before trying to sell it. This is, of course, more of a problem if you’re going through a private owner. However, even when leasing a used car off the lot, you should remain vigilant and learn how to spot a lemon. You might be eager to get your car on the road, but it’s important to know if it’s in good shape first. Just as you should try on clothes to see if they fit before checking out at the register, you should test drive your car to make sure it runs and is safe to drive. One of the benefits of leasing from a dealership, if you buy from a private owner and it turns out that they sold you a junk car, there’s no going back; you’re stuck with it.

Purchase an Extended Warranty

An extended warranty will kick in after your initial warranty expires and covers the cost of certain repairs. Let’s say you lease a used car and it starts having problems – a test drive can’t predict future issues. Imagine that your car’s power steering pump needs to be replaced or your AC has gone out. A bumper-to-bumper warranty will cover these kinds of repairs. While extended warranties won’t cover every repair or routine maintenance like oil changes, new tires or new brakes, they’ll prevent a huge dent in your pocket when paying for some repairs.

Leasing a car requires heavy consideration. Vehicles aren’t cheap and there is no one-size-fits-all car on the market. Therefore, you have to do some searching before landing on the right car that will fit your budget and meet your unique needs.

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