Leased Cars for Sale vs. Off Lease Cars for Sale

October 16, 2013

Find how to save by taking over someone else lease. Understand the respective pros and cons of used leased cars for sale and off lease cars for sale.

Car Leasing

If you are looking for cheap cars, then you may be interested in previously leased cars for sale. These cars have often been with the company for many years, and may be the equivalent of a second or third hand car. You may be able to afford this type of car, as they can be very cheap and you may get a great deal. Companies sometimes advertise their leased cars for sale in the backs of local newspapers or magazines, or you may be in contact with someone who knows that a deal is available. Looking to buy leased cars from a car leasing company is one way to save a lot of money on your purchase of a vehicle.

Looking for a used car? Start Here >>

Look Around
If you are determined to find the best deals on leased cars for sale in your area, then you should begin by doing some research. Look at the car leasing companies, inquire whether they have any leased cars for sale and then inspect the cars which are on offer. Some of the cheapest leased cars are those which have been used a lot, and you can cut a deal on vehicles like this. Make sure that the car is properly inspected by a garage before you make any commitment to buy from a company.

Attend an Auction
Another way of finding leased cars which can be bought is through bankruptcy auctions. Leased car companies are sometimes rather unstable industries, and there can be a connection between a business that deals in leased cars and bankruptcy. If a local leasing firm has gone under in your area, then you may be able to buy a car from the auction of the company's goods. It is not uncommon for banks to sell off the assets of small businesses which have gone under, and a leased cars auction can be the best way to find a great car for a reduced price.

Complete the Deal
When you have found the leased car that you want to purchase you should also take out some of your savings to put into insurance for the car. You may find that some companies are unwilling to offer insurance on leased cars that have now been purchased, so you might need to shop around for a while before you find the perfect deal. Persistence is the key here, as there will probably be an opportunity for insurance with some company, even if you have to look online to find one.

Finding Leased Cars for Sale
Whether you go local or rely upon a national agency to sell you a car which was previously leased, you should always check out the quality and age of car they are offering, and maybe have it taken to a garage before you make the purchase. Cheap former lease cars will be ones which have been used by the company for a long time, so there will probably be some wear and tear which may need to be repaired before you buy it and have to pay for the work.

Off Lease Cars for Sale: Taking Over Someone's Mistake

Off lease cars for sale can often be a good deal for the consumer looking for a reliable car. These cars are those that have been leased by someone, but they wanted to opt out of their lease before the term was due. Because of this the dealership has a car for sale at a discounted rate. However, there are some things to think about before buying lease cars for sale.

Off Lease Cars Are Used Cars
When someone doesn't want to continue with their lease any longer they will return it to the dealer. This means that the car is used. It has depreciated in value, has mileage on the car's engine and may be in need of repairs. However, there are still good deals to be had if you know what to look for.

Take Over a Lease or Buy Outright?
When there is a lease option still available on the car, you have the option of taking out a short-term lease on the car. You simply take over the payments left on the car. This can be anywhere from 6 to 18 months, but most usually in the 12 month range. You can buy the car outright for the depreciated value, but looking into the short-term lease will help you decide whether or not if you are going to like the car after you drive it for the length of the lease.

Check the Car's Value
Before buying the leased car for sale, check the value of the car itself. Look at the Kelley Blue Book website or go to Edmunds.com. These places will help you determine if the asking price for the car is worth purchasing.

Look over the Car's History
Leased cars for sale are turned in for a reason. These reasons can vary. However, there are a few main reasons that cars are returned. Not being able to continue with payments, or constant mechanical problems. Before you buy a leased car, or take over the lease, check with the dealer for the car's history. Check the maintenance and the work done on the car over the duration of the lease.

Related Questions and Answers

How Much Does a Car Depreciate on Average?

With any possession, the value of car will depreciate the longer the car stays in your ownership. Cars depreciate faster than property, as they are used daily, and driving will make the car lose value. While you will be able to sell a house for the purchase price, you will never be able to do that with a car, unless it is a collector's item. Cars depreciate at a different rate, depending on its original value and how well it has been taken care of. If you live at the ocean and the car is damaged and driven hundreds of miles daily, it will depreciate faster than a car that has been kept under cover and driven only on weekends.

Is There a Charge to Return a Leased Car Early?

You may find the car of your dreams, but will be unsure to return the leased car you have been driving for the past few months. When you sign a lease contract, you will be held liable for charges if you return a leased car before the expiry of the contract. You may even be asked to pay for damage the car sustains during the lease, but they may have to pay for it. Lease terms are stipulated in the contract, so it is best to read the fine print, as each lease agreement is different in certain points. Returning a leased car early could be costly and it is best to speak to the dealer.

How Do You find a Car's Maintenance History?

Car maintenance history may be provided to you by the owner through the records that they have been keeping for the car. This may however not always be 100% accurate, and you can always get confirmation on the information provided by checking the used car history record by the VIN number. This is a comprehensive report that lets you know inspection results, accidents it may have been involved in, odometer reading, previous use (e.g., taxi), among other details. To order this report you will simply need to have the VIN, which is the vehicle identification number, and pay a fee for the report.

Need a Car Loan?

It only takes a minute.
Comments