Source: don't lease a used car! | News
Leasing is often a dicey option for new cars, let alone used ones.
Although leasing is economically attractive because it typically offers less (or no) money down and lower monthly payments than purchasing a vehicle, leasing also includes a lot of fees: end-of-lease fees, mileage fees, wear-and-tear, damage deductions, etc.
In fact, consumer advocate Clark Howard (www.clarkhoward.com) advised consumers should only consider leasing a new vehicle if a manufacturer is offering to subsidize the lease or if a dealership is offering excellent leasing incentives in order to move a bloated inventory.
But Howard added consumers should never consider leasing a used vehicle.
"Used car leases are being pushed because it's hard to figure what you're actually paying," said Howard, referencing an article in The Los Angeles Times. "The imputed interest rate is hidden, and you don't know if you're paying massive charges.
"Moreover, the legalities of the used car lease contracts put you at a disadvantage if later you have a dispute with the seller."