Leasing a vehicle instead of taking out an auto loan gives drivers the opportunity to drive a new car with less expensive payments. While most consumers associate leasing with new cars, used car leases are also available for those who would rather avoid leasing a brand-new car. Used car leasing offers several benefits that can make getting a different car a more pleasant experience.
Total Lease Payments
The total lease payments on a used car are much lower than those on a comparable new car. This is because cars depreciate the most during the first model year. When you lease a vehicle, you are paying for the amount the car depreciates in value during the time you drive it, so the biggest chunk of depreciation has already occurred when you lease a vehicle that is at least 1 year old.
Fewer Recall Notices
After a vehicle manufacturer releases a new model year, it collects information to evaluate the quality and performance of its vehicles. When it receives information about a defect or safety issue, it sends out recall notices so that the vehicle owners or lessees can have the problems fixed. When you lease a used vehicle, some of these defects and safety issues will have already been taken care of. This means you spend more time driving your vehicle and less time in the dealership's repair shop.
Less Stringent Credit Requirements
Because a used vehicle is less valuable than a new car, some leasing companies are willing to approve lease agreements for customers with less than perfect credit. A few are even willing to lease vehicles to customers without a credit check at all. This gives credit challenged drivers the opportunity to lease a late model vehicle. It also gives them the opportunity to rebuild their credit by making timely payments.
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