One can certainly consider leasing a used car in New Jersey but the process can be complicated in comparison to leasing a new car in NJ. One way in which you can consider leasing a used car is to take over a pre-existing lease from another person, in order to avoid any complications. There are many services by which you can locate leases wherein other drivers wish to get out by selling their lease to a new driver.
Leases on used cars usually require third-party financing options, as dealership financing typically applies to new vehicles only. Also, leasing a used car, lowers the capitalized cost because it’s valued lower than a new vehicle and increases the residual cost as the car has already lost much of its value in the first year or two. Hence, leasing a used car in New Jersey is an attractive option for many drivers. Take a look at the reasons why leasing a used car in New Jersey is a better option than buying one.
Benefits of Leasing a Used Car
Besides lower capitalized cost and higher potential residual value, there are many more benefits of leasing a used car in New Jersey that include:
In the event that you participate in a lease swap or take up over someone else’s lease, you tend to enter the lease in the middle of its terms. So, you could have as minimum as a year or two left with you that allows you to try the vehicle for a much shorter period.
Get more car
High-end vehicles are ideal used cars to lease as these typically maintain their value. They might not fall into your budget, but with leasing, you can definitely get your hands on them.
Trade it in
In the event that you own a vehicle and intend to trade in you can either do that in a private affair or negotiate a trade-in value with a dealership where you decide to change your ride. If you consider the leasing option, the terms have already been negotiated. Also, if the lease is up, it becomes easy to trade it in on either another leased vehicle or towards a purchased vehicle.