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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 better financial decisions by offering you interactive tools and financial calculators that provide objective and unique content. This allows users to conduct research and compare data for free to help you make sound financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies who pay us. This compensation can affect the way and when products appear on this site, including, for example, the sequence in which they be listed within the categories of listing in the event that they are not permitted by law for our mortgage, home equity and other home loan products. But this compensation does affect the information we publish, or the reviews that you see on this site. We do not contain the entire universe of businesses or financial deals that may be accessible to you.
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4 min read. Published 11 December 2022
Authored by Kellye Guinan. Written by personal and Business Finance contributor
Kellye Guinan is a freelance editor and writer with more than five years ‘ experience within personal financial matters. She also works full-time as a employee at the library in her town where she helps her community get information on financial literacy, as well as other subjects.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances through providing precise, well-studied information that breaks down otherwise complicated topics into bite-sized pieces.
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The value of used cars decreases more slowly than new vehicles, making them an excellent choice for those looking for a low-cost lease. They’re difficult to find but the lack of available used cars have further reduced the market. In addition, you may not get back the amount you put into the down payment which you’ll not receive when your lease ends. But, you could be able to save some money each month. If you’re looking to purchase newer cars that haven’t had many years of wear and tear, a used car lease could be right for you. 3 steps to lease a used vehicle Leasing a pre-owned vehicle is . You’ll need to investigate the vehicle and bargain in conjunction with your dealer. However, since they’re more rare than other vehicles, there’s more work involved in locating the best price. 1. Find lease options. Not every dealer offers leases on used cars. You are more likely to locate leases for certified pre-owned (CPO) vehicles that are typically only available at the franchise dealer. It is also recommended to call or send an email ahead of time to make sure that the dealer is able to set up used leases for cars. Research the latest models that you might like to lease. Most importantly compare shop. Even if you’re not buying the car, check what they are selling for on websites like Edmunds as well as Kelley Blue Book. This gives you a good base to negotiate from. 2. Talk to the dealer once you’ve found an agent that provides used car leases and you have priced shopped, it’s now time to . Like a new lease on a car, the price of a used lease for a car is determined by the money factor, which is similar to the interest rate of a loan. You’ll be able to bargain this, along with the mileage limit as well as residual values. The negotiation process is similar to buying an automobile. You need to make sure you’re getting a fair deal on the total cost, which includes tax, fees, and cash you’re paying. 3. Pay attention to the contract Your contract should include charges and mileage limits, as well as the extent to which maintenance is covered, and a . Keep an eye out for any additional fees that you do not would like to include. Extended warranties are useful in some circumstances, but most CPO cars include a manufacturer’s warranty. It also includes the expected depreciation as well as the any residual values at end of the lease. Verify these correspond to your contracted numbers prior to signing. There are disadvantages to leasing a used vehicle Other than the limited supply Many of the disadvantages of leasing a used vehicle are the same as . A leased car will still cost less than buying, but it won’t save you the same amount as . Similar to buying a brand new car or an used vehicle, a used lease will have a higher rate factor than a new lease. You are also responsible of any damage beyond what is considered «normal.» This will depend on your contract but you can expect to be charged extra for any dings or scratches once your lease is up. Maintenance expenses are another significant one. Maintenance visits, oil changes and other costs not covered under warranty will be your responsibility. Used car leases are uncommon therefore it’s going to take extra work to find a dealer that offers them. Also, since there is an insufficient supply of semiconductors, there’s less inventory, which could mean another hurdle to finding a good bargain. Limits on mileage are among the biggest drawbacks for those who have a long commute or like driving. The lease contract you sign will restrict your mileage to 12,000-15,000 miles per year — and come with extra fees in the event that you exceed. How do car loans and leases differ Car loans involve an upfront cost followed by installment payments spread over a predetermined period. Leases involve a lower upfront cost, and the leasee is solely responsible for depreciation on the car during the lease period. Both leases and loans have plenty of pros and cons. The key differences are regarding monthly payment, maintenance, use or the mileage and ownership. Monthly payments payment for leases of cars are usually lower since you only pay to use the car. When you take out the car loan you pay for the right to own the vehicle. Maintaining: This is typically included in leases but purchasing a vehicle makes you responsible for all costs and requirements for maintenance. The use and mileage of leases include mileage and other charges related to the lease. The purchase of a car is not subject to a mileage limit but excessive mileage may affect the car’s sale or . Alternatives to leasing a used car There are two main options: buy it to buy it outright, or explore lease swaps. Buying used The most economical option 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 end. This opens you to the possibility of depreciation, and also of being upside down on your loan. For some, leasing is their best method to afford a car. If you love your leased car then you’ll likely have the option to buy it at the end of the lease term. So, leasing used could be a great way to earn some low monthly payments before you commit to buying a vehicle. Lease swaps Sites for trading leases like LeaseTrader can help you find great deals from those looking to end their lease contract in the early hours. The vehicles you discover might not be «used» according to dealer standards, but they will have had some activity from a different owner. Next steps Prepare to research new models and dealers in your local area. It’s not hard to find a used car lease however, in the current climate it’s a challenge. And once you do find a used car to lease, make sure that it’s an affordable choice that is compatible with your driving style. Learn more
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Written by Business and personal finance contributor
Kellye Guinan is a freelance editor and writer with more than five years ‘ experience within personal financial matters. She is also a full-time librarian at the local library, where she assists people in her community get information on financial literacy, among other subjects.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers feel confident to control their finances by providing precise, well-researched and well-documented facts that break down otherwise complex topics into manageable bites.
Auto loans editor
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