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| Used Car Lease - Leasing a Used Car | |||
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Although most car leases are for new cars, used-car leasing is not uncommon. Most of the same benefits apply. Used-car leases can apply to any used car, regardless of where it is acquired: from a dealer, or from an individual. However, it is more difficult to find a lease companies who provide such leases. Most lease companies restrict used-car leases to vehicles that are no more than three years old and have average mileage, and are in good condition. Luxury vehicles are frequently leased used. Since many luxury models retain high resale values, they make good lease vehicles. Used-car leases are more difficult to evaluate than new-car leases. There are no standard residual values for used cars because mileage and initial condition can vary considerably. Further, interest rates tend to be higher than for new-car leases. Therefore, one of the best ways to evaluate a used-car lease is to compare it to a new-car lease for the same make/model vehicle. Used car dealers don't often have lease companies that they work with, as new-car dealers do. Therefore it is up to the used-car customer to find a lease company, especially if the car is acquired from an individual. For more information, see: Used Car Leasing
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