Are you looking for a car with low mileage and a low price point? Lease return vehicles might just be your best option.
Most lease return vehicles have undergone consistent preventative maintenance, as the company that leased the vehicle invests in the maintenance of their products. Purchasing a lease return vehicle can be a great way to buy a car with high value while paying a significantly lower amount than one would pay when purchasing a brand new car.
Part 1 of 2: Find a lease return vehicle
Step 1: Decide where to buy. When buying a lease return vehicle, it is important to research your options when choosing where to buy from.
Automotive dealerships: Most automotive dealerships offer leasing services to their customers, and handle all of their lease returns in-house. For this reason, they are likely to have a regular selection of lease return vehicles available for purchase. This is a great option for those who need help financing, as a large dealership will most likely be flexible on pricing and financing methods. Call your preferred dealerships to set up an appointment and view all your options.
Rental companies: Companies that rent vehicles to customers on a daily and weekly basis usually offer their vehicles for purchase to the public once the cars in question are a few years old. These cars tend to go through consistent and preventative maintenance when in the company’s circulation, and are usually in great condition, even by the time they are being sold.
- Tip: Contact your local vehicle rental companies or check your local newspapers for rental listings.
Step 2: Do your research. Go through advertisements online and find the prices of lease return vehicles. Even if the advertisements are not what you are looking for, you can get an idea of the approximate retail values of lease return vehicles. This research will help you find the best deal in your area and better bargain with your salesperson.
- Tip: If you need financing, it is worth researching all possible sources before you buy. While the company that is selling the car might have financing options, it is worth checking to see if another bank or institution can draft a loan agreement with a lower interest rate.
Part 2 of 2: Test drive the lease return vehicle
Step 1: Visit and test drive. After you find some cars that you are interested in, book appointments and take a look at the vehicles in person.
Tip: Be sure to look at all the other lease return vehicles available at each vendor, and make it a point to test drive every car you are interested in.
Note: Make a special note of the car’s mileage, lease return vehicle, and usage history.
Step 2: Pre-purchase inspection. When you are ready to purchase, go through every sales document and contract in full.
- Note: Ask for a Carfax report and a pre-purchase car inspection from a qualified mechanic before signing any documents.
Lease return vehicles are worth considering if you are looking for well maintained vehicles with low mileage and high value. Buying a lease return vehicle can save you a lot of effort and help you avoid the frustration that comes with having to purchase a used car. Ensure that you do some research and test drive some lease return vehicles before selecting one that is best for your driving needs.
This article originally appeared on YourMechanic.com as How to Purchase a Lease Return Car and was authored by Olivia Marsh.