Should You Lease A Used Car?

When you’re on the hunt for your next car to define the next few years, every driver’s journey is as unique as their needs. With a sea of shiny cars and tempting deals out there, it’s not always about how much you can save. Sure, the price tag matters, but it’s also about snagging that dream car or model you’ve been eyeing, or getting the performance and reliability you need in your daily drive. That’s why there’s been a new wave of motorists who are now turning their attention to alternative methods to acquiring the car they desire.

Another option that has gained notoriety in recent years that looks to throw a curveball for leasers is used car leases. These deals are exactly what the name implies, allowing you to save on renting a vehicle by opting for one that is a couple of years broken in rather than fresh off the lot. In this article, we will look into the finer details of leasing a second-hand car, weigh up the pros and cons of the deal and determine whether it is a worthwhile alternative to a new car lease.

Can You Lease A Used Car?

A used car lease works similarly to a new car lease in which you rent a car usually between a long term of 1 to 5 years. You pay an initial payment followed by a monthly fee that altogether totals the expected value depreciation of the car and has a specified pre-agreed mileage cap that you cannot drive over. At the end of the agreement, simply return the car to the dealership and the lease is completed.

Nonetheless, with a used car lease, the type of cars you have access to leasing will typically be those entering their second lease contract, but sometimes it can also be ex-demo cars used at dealerships and showrooms as display models. Leasing a second-hand car will likely come with breakdown and MOT cover just in case something goes wrong.

Is It Worth Leasing a Used Car?

On paper, leasing a used car is an attractive prospect. It means the cost of the lease is lower, and allows you to switch cars more often.

However, there are several problems with the deal when it comes to convenience and reliability. For one, used cars available on lease can be up to five years old. Based on data from NimbeFins, the average UK motorist drives around 6,600 miles per year, which, if extended over 5 years, equates to 33,000 miles on the dash that you could be driving for a few years.

The selling point of leasing a car rather than buying one is saving you from the headache of later-life repairs and part degradation. If you lease used, you could open yourself back up to those problems. The monthly fees you’ll save over a new car lease could be negated by the repair costs needed to upkeep a used car. You’ll have to factor in MOT tests, which are required after the car has been driven for three years. If you’re dead set on leasing a car, why not save the trouble and spend a little more for the peace of mind of a new car?

Is It Better to Lease a New or Used Car?

New car leases are worth the small bump in monthly costs for their numerous advantages. One of the most significant benefits is the assurance that comes with a brand-new, undriven vehicle. You get a vehicle that’s right off the manufacturing line, equipped with the latest technology, safety features, and often higher fuel efficiency. This not only enhances your driving experience but also ensures you’re up to date with the latest automotive advancements.

Moreover, new cars are less likely to encounter mechanical issues compared to their used counterparts. This means fewer worries about breakdowns and repairs, which can be both time-consuming and costly. The warranty that typically accompanies a new car lease further sweetens the deal. Most new cars come with a manufacturer’s warranty that covers a significant part of your lease term, providing peace of mind against unexpected repair costs.

In contrast, while leasing a used car might seem economically appealing at first glance, it carries its own set of challenges. Apart from the potential for higher maintenance and repair costs, there’s the consideration of MOT tests required for cars over three years old. These can add unexpected expenses and inconvenience to your leasing experience.

Conclusion

When weighing the pros and cons of leasing a new versus a used car, it becomes evident that each option caters to different priorities and circumstances. If you prioritise reliability, the latest features, and a hassle-free driving experience, a new car lease might be the more appealing route, despite the slightly higher costs. On the other hand, if upfront savings are your main concern and you’re willing to potentially deal with more maintenance issues, a used car lease could be a viable option. Ultimately, the decision hinges on what you value most in your driving experience and how much you’re willing to invest for comfort, reliability, and peace of mind.

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