CAR LEASING AND CAR LEASING DEALS AND CAR LEASING ADVICE
Leasing a used car is trickier than leasing a new car. Used cars do not have MSRP (manufacture’s suggested retail price) stickers on them, which makes it more difficult to estimate their cost. The capitalization cost is a guess based on the current market value of the car. Different dealers will give different quotes, and you have to shop around to get the best deal.
Leasing a car for a short term is always more economical. For a person who assumes a short-term lease, there are plenty of advantages. If the original lessee has already made a down payment, then the assumer is saved that amount in monthly payments.
However, this does not mean that it is entirely smooth riding for people with bad credit. Typically, leasing companies charge higher interest rates leasing cars to people who have a poor credit history.
A short-term car lease also proves to be more economical than buying a car for a short time by taking a loan. If we compare the same make of vehicle, same time, same terms and same down payment, it is observed that a leased car will cost 30-60% less than a car taken on loan.
There is an upside to leasing used cars. Cars depreciate quickly in the first two years. After that, cars depreciate by a small percentage each year. That means, if you lease a used car, much of the depreciation is already over. Monthly payments are significantly lower on used car leases than on new car leases because of this.
Leasing a used car does not necessarily imply that the leaser’s financial situation poor. It may just be the lure of lower monthly payments. Leasing a used car is not bad when you consider you’ll be making significantly lower payments that won’t eat into your other household expenses. But one should be wary and take a trusted expert with you who can examine the car’s condition and protect you from getting trapped by the dealer’s confusing jargon.
Resource Author Francisco Rodriguez H.
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