| With depreciation hanging like a dark cloud over new | | | | obtaining the complete vehicle history. Checking the |
| car purchases, cost-saving deals provide smart | | | | vehicle's physical condition is also necessary; otherwise |
| alternatives to eager car buyers. | | | | buying a used car could potentially waste your money |
| Car buyers now have the option to either buy a used | | | | if you don't do your research. In most countries, it is the |
| car or lease any vehicle without having to worry about | | | | leasing company's responsibility to take proper action in |
| losing the car's value over the years. Though both | | | | order to get redress if you happen to lease a vehicle |
| alternatives lessen the financial cost, there are big | | | | that turns out to be a lemon. |
| differences that car buyers may consider | | | | Warranty and Insurance. A pre-owned vehicle usually |
| advantageous or disadvantageous, depending on their | | | | has little coverage, limited to only a couple of months. |
| situation and needs. | | | | Insurance is cheap for used cars and will depend |
| Decide which alternative is best for you. Here's a brief | | | | mostly on the type of coverage suited for you. A |
| comparison between buying a used car and leasing. | | | | good deal for leased cars would include "gap |
| Cost and Ownership. Buying a used car is the | | | | insurance" or waives "gap liability." Through this, you'll be |
| cheapest way to own a vehicle since you avoid the | | | | saved from paying the difference between what you |
| depreciation hit. Monthly payments are worth the cost | | | | owe under the lease and what the dealer can recover |
| because you are eventually guaranteed vehicle | | | | on the vehicle if ever it is stolen or totaled. |
| ownership. On the other hand, monthly payments on | | | | Maintenance and Repairs. Since used cars have limited |
| leasing won't get you equity since you have to return | | | | warranty, certain maintenance on your purchased |
| the vehicle by the end of the lease term. If you decide | | | | vehicle could be more expensive. By thoroughly |
| to buy the car at the end of the lease-term, you would | | | | checking the used cars' history and condition, you could |
| have to pay a substantial amount which would cost | | | | minimize spending unnecessary repair costs. Lease |
| you more than if you had bought the vehicle initially. | | | | agreements specify who pays for maintenance and |
| Penalties. You won't have to worry about penalties | | | | repairs during the lease term, but most charge you to |
| when buying a used car. Once the vehicle ownership | | | | fix the excess wear and tear when you return the |
| has been transferred to your name, you won't have to | | | | vehicle at lease-end. |
| answer to anyone as long as you keep your end of | | | | Cheap options could work well if you choose the one |
| the bargain in pay offs. If you drive extensively, you | | | | which works best according to your needs, wants, and |
| may want to rethink on getting a lease since most | | | | budget. If you want to own a vehicle without having to |
| leasing companies charge a penalty fine upon | | | | spend much, then buying a used car is your best |
| exceeding the annual mileage limit-12,000-15,000 miles. | | | | option. But if you feel like driving a different car every |
| Breaking a lease early would also cost you a hefty | | | | few years without having to go through the hassle of |
| early termination fee. | | | | reselling it, lease a car. Between buying used cars and |
| Vehicle Condition. An important part of any used car | | | | leasing, it's a matter of weighing the pros and cons. |
| purchase is to make sure that its title is clear by | | | | |