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How to lease a used car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering you interactive financial calculators and tools as well as publishing objective and original content. This allows users to conduct research and compare information for free to help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that are featured on this site come from companies that compensate us. This compensation could affect how and where products appear on this website, for example for instance, the order in which they be listed within the categories of listing in the event that they are not permitted by law. Our mortgage, home equity and other products for home loans. This compensation, however, does have no impact on the information we publish, or the reviews you see on this site. We do not contain the entire universe of businesses or financial deals that may be available to you.
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4 min read Published on December 11, 2022.
Writer: Kellye Guinan Written by Personal and Business Finance Contributor
Kellye Guinan is a freelance editor and writer who has more than five years ‘ experience within personal finances. She also works full-time as a librarian at the local library in which she assists the community get information on financial literacy, as well as other topics.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to take control of their finances through providing precise, well-studied information that breaks down complex topics into manageable bites.
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Used cars depreciate at a slower rate than new vehicles, making them a good option when you’re looking for a cheap lease. They’re difficult to find but the lack of available used cars have further reduced the market. Additionally, you might not recoup the amount you pay for the down payment, which you won’t get back when the lease expires. But, you could end up saving some money each month. If you’re in the market for newer vehicles that haven’t seen a lot of damage, a second hand lease on a car could be the best option for you. Three steps to lease a used vehicle Leasing a pre-owned vehicle is . You’ll have to research the vehicle and discuss the deal in conjunction with your dealer. However, since they’re more rare and more expensive, there’s more legwork involved in finding a good deal. 1. Explore lease options. Some dealers do not offer leases on used cars. You are more likely to locate leases for certified pre-owned (CPO) vehicles that are typically only offered by an authorized franchise dealer. It is also recommended to contact or email prior to time to ensure that the dealer is able to set up used leases for cars. Find out about the most recent models you may want to lease. Most importantly compare shop. Even if you’re not buying the car, check what they are selling for on sites like Edmunds or Kelley Blue Book. This gives you a good base to negotiate from. 2. Negotiate with the dealer Once you have found a dealer who offers used car leases, and you’ve priced shopped, it’s now time to . Similar to a brand new car lease, the cost of the used car lease is based on an amount of money — similar to the interest rate on a loan. You’ll be able to negotiate this with regard to mileage limits in addition to the residual amount. Negotiation is similar to purchasing an automobile. You want to ensure you’re receiving a fair price for the total price, which includes taxes, fees and money you are putting down. 3. Be aware of the contract. Your contract should include charges, mileage limits, what maintenance is or isn’t covered and . Keep an eye out for any other add-ons you don’t would like to include. Extended warranties can be useful in certain situations, however most CPO cars include a manufacturer’s warranty. This will also include the expected depreciation and any residual values at end term of your lease. Make sure these are the same as your agreed numbers before signing. The disadvantages of leasing a second-hand car Other than limited inventory Many of the disadvantages of leasing a car used are similar to . The car you lease will cost less monthly than purchasing, however, it will not save you as much as . Like buying new instead of used, a lease that is used has a higher cost of return than a new lease. It is also your responsibility to pay of any damage that is beyond what your dealer would consider “normal.” This is contingent on the terms of your lease but expect to pay extra for any dings or scratches when your lease ends. Maintenance expenses are another significant one. Maintenance visits, oil changes and any other expenses not covered by warranty is your responsibility. Leases for used cars are not common and require extra work to find an auto dealer who offers them. And since there is also a shortage of semiconductors, there’s less inventory and this could be a further obstacle to obtaining a great deal. Limits on mileage are among the biggest drawbacks for those who are a commuter or love driving. The lease agreement will restrict you to between 12,000 and 15,000 miles per year and may charge additional fees in the event that you exceed. What are the differences between car loans are different from leases Car loans require an upfront fee which is then followed by installment payments for a set time. Leases involve a lower upfront price, while the lessee is solely responsible for the depreciation of the car during the lease period. Both loans and leases loans have their fair share of pros and cons. The key differences are in terms of monthly payments and maintenance, as well as mileage , and ownership. Payments for monthly: Monthly payment for leases on cars are generally less because you pay for the use of the vehicle. When you take out the car loan you are paying to own the car. Maintaining: This is generally covered by leases for vehicles but purchasing a vehicle will make you accountable for all costs and requirements for maintenance. Use and mileage: Leases include mileage and other charges related to the lease. Buying a car has no mileage limit but excessive mileage may affect the car’s sale or . Alternatives to leasing a second-hand car There are two main alternatives: to buy it outright, or explore lease swaps. Buy used The best option for financial security is typically to . You will own the car at the end of your contract and you have the choice of selling the vehicle or drive it to the expiration date. This opens you to depreciation as well as the possibility of becoming upside down on your loan. But for many, it’s the most convenient way to get an affordable vehicle. If you fall in love with your leased car it is likely that you’ll have the option of buying it at the time the lease ends. So, leasing used could be a great way to make the cost of a few low monthly payments before committing to purchasing a vehicle. Lease swaps Websites that trade leases such as LeaseTrader can assist you in finding excellent deals from those who want to terminate their lease in the early hours. The cars you find might not be “used” according to dealer standards but they’ve had some activity from a different owner. Steps next, research recent cars and the dealers that are in your area. It’s not difficult to locate a used car lease, but in the current climate, it can be difficult. Once you find a second-hand car lease, ensure it is a budget-friendly option that suits your driving style. Find out more
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Written by a Personal and Business finance contributor
Kellye Guinan is a freelance editor and writer with over 5 years experience working in the field of personal financial matters. She also works full-time as a worker at her local library, where she assists the community gain access to information on financial literacy, in addition to other subjects.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers gain the confidence to control their finances with concise, well-researched, and clear data that breaks otherwise complicated subjects into digestible pieces.
Auto loans editor
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