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How to lease a used car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering you interactive tools and financial calculators as well as publishing objective and original content, by enabling you to conduct research and compare information for free and help you make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that are featured on this website are provided by companies that compensate us. This compensation could affect how and where products appear on this site, including such things as the sequence in which they appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage or home equity, and also other products for home loans. This compensation, however, does affect the information we provide, or the reviews you see on this site. We do not contain the entire universe of businesses or financial deals that may be open to you.
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4 min read Published December 11, 2022
Written by Kellye Guinan Written by Personal and Business Finance Contributor
Kellye Guinan is a freelance editor and writer with over five years ‘ experience within personal finances. She also works full-time as a librarian at the local library where she helps her community gain access to information on financial literacy, in addition to other topics.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to manage their finances with precise, well-studied information that breaks down otherwise complex subjects into digestible pieces.
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Used cars depreciate in a much slower manner than new cars, making them an excellent choice when you’re looking for a cheap lease. They’re difficult to find however, and the limited available used cars have further shrunk the market. In addition, you may not recoup the amount you spend on the down payment that you will not get back when the lease expires. Still, you could end up saving every month quite a bit. If you are looking to purchase more modern vehicles that haven’t experienced many years of use and wear, then a used lease might be the right choice for you. Three steps to lease a used car . Leasing a second-hand car is . You’ll have to research the vehicle and discuss the deal directly with the seller. But since they are rarer than other vehicles, there’s more legwork involved in finding an affordable price. 1. Find lease options. Some dealers do not offer leases on pre-owned cars. You are more likely to find leases on certified pre-owned (CPO) automobiles that are usually only offered by a franchise dealer. You should also call or email ahead of time to ensure the dealer sets up used car leases. Find out about the most recent models that you might like to lease. Also do a comparison shopping. 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 start in negotiations. 2. Contact the dealer for negotiations Once you have found an agent that provides used car leases and you have price shopped, it’s time to . Similar to a brand 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 on a loan. You will be able to negotiate this with regard to mileage limits in addition to the residual amount. The process of negotiation is similar to purchasing the car. You want to ensure you’re receiving a fair price for the total cost, which includes tax, fees, and amount you’re putting down. 3. Make sure you read the contract carefully. Your contract should include charges, mileage limits, the maintenance that is and isn’t covered, and a . Pay attention to any add-ons that you don’t would like to include. Extended warranties are useful in certain situations, however the majority of CPO vehicles have a manufacturer’s warranty. It will also include the anticipated depreciation amount and residual value at the conclusion of the lease. Verify these correspond to your contracted numbers before signing. Drawbacks of leasing a used car Other than limited inventory The drawbacks of leasing a used car are identical to . The car you lease will cost less than purchasing, but it won’t save you the same amount as . Just like with buying new or an used vehicle, a used lease has a higher cost percentage than a brand new lease. Also, you are responsible for any wear and tear above what is considered «normal.» It will depend on your contract but expect to pay extra for any dings or scratches after the lease expires. Maintenance costs are another major one. Maintenance visits, oil changes and other costs not covered under warranty is your responsibility. Used car leases are uncommon, so it will take additional effort to locate a dealer that offers these. Also, since there is an insufficient supply of semiconductors, there’s less inventory, which could mean another obstacle to obtaining a great deal. Limits on mileage are among the biggest drawbacks for those who have a long commute or like driving. The lease agreement can limit your mileage to 12,000-15,000 miles per year and come with extra fees if you go over. How do car loans are different from leases loans require an upfront fee which is then followed by installment payments spread over a predetermined time. Leases involve a lower upfront expense, but the lessee is only responsible for depreciation on the vehicle over the lease term. Both loans and leases loans come with many advantages and disadvantages. The most significant differences lie in terms of monthly payments, maintenance, use or the mileage and ownership. Monthly payments: Monthly payments for leases of cars are usually lower since you only pay to use the car. With the car loan you pay for the right to own the car. Maintaining: This is typically included in leases however, purchasing a car will make you accountable for all costs and requirements for maintenance. Use and mileage: Leases have mileage and other fees related to the lease. A car purchase does not have a mileage limit , but a high mileage may affect the car’s sale or . Options to rent a second-hand car There are two main options: either buy the car either buy the car outright or consider lease swaps. A used car is the most financially sound option is generally to . The car will be yours at the expiration of your contract, which gives you the option to either sell it or drive it until the close of the contract. This opens you to depreciation and the potential of becoming upside down on your loan. However, for most, this is the easiest method to afford a vehicle. Of course, if you fall in love with the car you lease then you’ll likely be able to purchase it at the time the lease ends. So, leasing used could be a viable option to make some low monthly payments before you commit to buying a car. Lease swaps Sites for trading leases like LeaseTrader can help you find great deals from those looking to terminate their lease in the early hours. The cars you come across might not be «used» in the eyes of dealers, but they will have seen some action from another owner. Next steps Prepare to research new models and dealers in your local area. It’s not hard to locate a used car lease, but in the current market it’s a challenge. Once you find an used vehicle to lease, ensure it is a budget-friendly option that suits your lifestyle. 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 of experience in personal financial matters. She’s also a full-time worker at her local library where she helps the community gain access to information on financial literacy, as well as other topics.
The edit was done 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 to manage their finances by providing concise, well-researched, and clear information that breaks down complex topics into manageable bites.
Auto loans editor
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