How to Lease a Used Car and the Mistakes to Avoid

how to lease a used car

Are you thinking about leasing your used car, but aren’t quite sure how to do it?

Leasing a used car can be a great way to save some money. But, you need to make sure you’re doing it the right way. What do you need to know?

Check out this guide to discover how to lease a used car and the top mistakes to avoid.

Make Sure the Car is Under Warranty

One of the biggest mistakes people make when leasing a used car is not checking the warranty.

If you lease a used car with an expired warranty, then you may be on the hook for any repair bills. This is why we suggest leasing a certified pre-owned car that comes with a warranty from the dealership.

If you can’t afford a certified pre-owned car, then at the very least, you should buy an extended warranty for the used car. An extended warranty, also known as a service contract, helps to cover certain unexpected expenses.

When buying an extended warranty, just be aware that they’re not all created equal. Make sure you know everything that the warranty covers before purchasing.

Remember What Leasing Really Means

A lot of people sign up for a lease on a used car without understanding what leasing really means. Remember, leasing is basically like renting in that when you lease a car, you don’t own it.

Oftentimes though, if you still need a vehicle when the lease ends, you can either extend the lease or purchase the car. When you return your car at the end of the lease, it’s also important to keep in mind that you can be charged for excessive wear and tear.

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If you plan on leasing for a long time, it may be smarter to buy. You can check out this loan calculator to help you figure out which option makes more financial sense.

Shop Around Before You Lease

Typically, it’s more difficult to find a lease for a used car than it is for a new car. However, this doesn’t mean you should go for the first lease offer that comes across your table.

Just as you would when buying a car, make sure you do your research beforehand. Since you’re choosing to lease used, do some research into the best used car options.

Also, consider what you’ll be using the vehicle for. Are you merely trying to get from point A to point B? Or, are you going to be taking the car with you on road trips up the mountain?

Asking yourself these questions can help inform your final decision.

Insure Your Lease

Another common mistake people make is not realizing that they need to buy insurance for their lease. Just as you would with any other vehicle, you still need to purchase car insurance for your leased car.

To figure out the minimum amount you need in insurance, you’ll want to look into your state’s specific laws.

How to Lease a Used Car: Are You Ready to Lease?

Now that you know how to lease a used car, it’s time to start shopping for your vehicle. Before you know it, you’ll be driving off the lot with your leased car.

If you’re looking to lease or buy a car in the Lynchburg, Virginia area, be sure to check out our inventory.

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