Hello Hackrs!
What are the watchouts when leasing a “new” car that has been in an accident? The dealership fixed everything in their collision shop and leasing it as a new car. Do i treat it like a new car when i run it through my worksheet? I’m guessing there will be a better MSRP discount due to the accident on file. But will i run into anything else when i return this at the end of lease? It a GM car and i do not plan to buy it out. thanks!
Make sure the selling price reflects a vehicle with an accident. Besides that it doesn’t matter. Many people get in accidents in leases and return them with no issue. As long as it’s repaired properly that loss of value is the banks problem not yours. One of the good reasons to lease. An minor accident can lower value by upwards of 20%
Do you have an idea of extent of accident? What parts were replaced?
Pull the carfax on it. While not perfect, it will suggest the extent of the damage. Minor or better and I wouldn’t worry about it.
thanks all. still waiting for the report from when it was fixed. they said the cost exceeded 4% of MSRP at the time (this is not current model year and its a loaner). i’m guessing it was fixed and i wouldnt be able to see anything during my test drive. but i wanted to see whether it would become an issue during lease return. based on the comments so far, i’m guessing this is a non issue as long as its something cosmetic that they cleaned up