Preferably, you should look for a vehicle that has a low monthly payment, is within your city or area, and has at least 1,000 miles available to driver per month. Sometimes you are able to find a lease that is a steal. Yet, you need to be aware of all the aspects of a deal. This includes the residual as well as the allotment of miles left on the lease term.
Below are some of the popular criteria customers search for:
• Monthly Installments
A lot of people ensure if the monthly installments are lower than a new car lease. Even if that’s not the case, you are not bound to put any money down on the used car lease so it can still work for you. Remember, a cash incentive and other offers can greatly affect the monthly installment on a car lease assumption.
• Cash Incentives
Owing to their circumstances some sellers want to quit their lease as early as possible. Thus, to make the lease more attractive, they offer buyers incentives usually in the form of cash. The incentives can range from a few thousand dollars to one or more months’ payment. In fact, some seller list lower monthly installments because they already include the cash incentive. Meaning, the actual installment may be higher than listed. To be certain, you can directly connect with the seller and ask questions before setting it down in black and white.
• Mileage Cap
When it comes to lease, mileage restrictions do apply and it varies for every vehicle, so make sure you pay attention to this. In a case where more miles are available in a month than the average lease, this deal is worth considering, especially if you plan on driving more miles. If possible, look for lease deals on mileage allotments.
• Vehicle’s Location
Is the car in proximity to you? If not, there are quite a few options that can work for you. You can pick the car up yourself by driving or flying to the vehicle and taking it home. If that isn’t feasible, then it can be shipped nationwide for between $500 to $1,000.
• Buyout Option
The residual price is the value the car is available for at the expiry of the lease. At times, you can find a great residual price on a vehicle at the end of the contract. However, in other cases, the buyout price can be on the high side, which means buying the vehicle will cost you more should you decide to buy it at the end of the lease tenure.
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