If you are considering on leasing a used car, then it would be in your best interest to weigh in the advantages and disadvantages of doing so. By looking objectively at the pros and cons of used car leasing, you would be in a better position to make an informed decision.
Advantages of used car leasing
No down payment
Most of the time, in used car leases you would not be required to make a down payment. In rare cases where you would be required to, the amount would be small and far less than what you would have to put down for a brand new car.
Another advantage of leasing a used car is that you do not have to worry about depreciation. It is the dealer who has to contend with the car’s value depreciating and not you. You can drive a better car Getting a used car lease can afford you the opportunity to drive a car than in normal situations would be beyond your reach. In fact, you would find that many used cars for lease are luxury vehicles such as Range Rovers, Porsches, and BMWs and not cheap cars. In addition, you can also have the option of getting a certified pre-owned vehicle, that is, cars which are in great working condition. Warranty There is also the possibility of you getting the warranty for free as part of the used car lease offer. This means that you will not have to worry about paying for costly maintenance fees as these would normally be covered in the warranty.
Disadvantages of used car leasing
Abide by the predetermined mileage allowance One disadvantage with leasing a used car is that you would have to abide by a predetermined annual mileage allowance. If you go beyond the limit, you would be required to pay a penalty fee. Take care of the vehicle With a used car lease, you are expected to take good care of the vehicle's condition and appearance. Once you return the car, ideally it should be in the same condition in which it was in when you first got it. If it got damaged under your care and the warranty does not cover it, you would be responsible for having the car repaired or restored. No customisation is allowed Another downside to leasing a used car is you are not allowed to customise the vehicle in any way.