Leasing used cars is a rapidly growing concept, primarily because it’s possible to get excellent deals on almost-new vehicles, particularly luxury cars and SUV cars. The logic of used car leasing is this: If leasing is based on the depreciation of a vehicle’s value, then it should be less expensive to lease a used car that has already seen its most rapid depreciation during its first year. Used-car leasing can apply to any used car, regardless of where you obtain it: from a dealer, from the Internet, or from an individual.

How to compare deals :
One of the best ways to evaluate used-car leasing is to compare your used-car lease quote to a new-car lease quote for the same make/model vehicle. New-car manufacturers promotional incentives, rebates, and discounts often can temporarily make a new-car lease the better deal. So always compare before you decide.

Research Your Vehicle :
Once you’ve decided on a particular vehicle, do your homework to determine a fair price. Just like new-car leasing, getting the right price is key to a good deal.You can find used vehicles in your newspaper classifieds, in “autotrader” magazines at your supermarket, or in local used car lots. However, the best way to find used cars is online — by searching on the Internet for used cars for sale.

Inspect Your Vehicle :
If you acquire your car from an individual, or from a car dealer who does not certify his cars, it is recommended that you have the car fully inspected by a qualified mechanic or inspection service. In most cases, your lease company will require an inspection anyway and there is no need for a separate inspection.

Get Your Lease Financing :
You have two alternatives to financing your lease:

1. Accept the lease company used by the dealer from whom you acquire the vehicle. However, be aware that few dealers arrange leases on used cars. Therefore, this is not always an option.
2. Arrange your own lease financing. This way, you find the car you want at a dealer or from an individual, negotiate your best price, and get a check from a lease provider/broker, credit union, or bank.

Gas Protection :
Just as with a new-car lease, you need “gap” protection to cover you if your leased car is stolen, destroyed, or totaled in an accident. Your insurance company will only pay what the car is worth, not what you still owe on the lease. The difference could be considerable, depending on how far along you are in your lease.

Most leases, even used-car leases, now come with no-cost gap protection included. If yours doesn’t, check with your car insuance company. Some offer it, some don’t.

Before Signing The Contract :
Take extra care in reading over your lease contract. Look for errors, extra charges, add-on fees, and blank spaces. Used-car leases don’t have the same legal disclosure requirements as new-car leases. If you don’t like what you see, don’t sign. Once you’ve signed, there’s no “grace” period in which you can back out of the deal.