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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 choices by offering you interactive financial calculators and tools as well as publishing objective and original content. We also allow you 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 Money The offers that appear on this website are provided by companies who pay us. This compensation can affect the way and where products appear on this website, for example such things as the order in which they may appear within the listing categories and other categories, unless prohibited by law for our mortgage and home equity products, as well as other home lending products. This compensation, however, does have no impact on the content we publish or the reviews appear on this website. We do not include the universe of companies or financial deals that may be accessible to you.
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4 min read Published 11 December 2022
Writer: 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 finances. She’s also a full-time employee at the library in her town in which she assists the community get information on financial literacy, as well as other subjects.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to control their finances through providing concise, well-researched and well-constructed information that breaks down otherwise complex topics into manageable bites.
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Used cars depreciate at a slower rate than brand new ones, which makes them an excellent choice when you’re looking for a cheap lease. They’re difficult to find however, and the limited availability of used cars has diminished the market. Furthermore, you may not be able to recover the money you pay for the down payment — which you’ll not receive when the lease expires. But, you could be able to save some money each month. If you’re seeking newer vehicles that haven’t seen a lot of use and wear, a used car lease could be right for you. Three methods to get a lease on a secondhand vehicle Leasing a pre-owned car is . It is necessary to research the car and discuss the deal directly with the seller. But since they are rarer than other vehicles, there’s more work involved in locating an affordable price. 1. Research lease options There are a few dealers that offer leases on pre-owned cars. It is more likely that you will locate leases for certified pre-owned (CPO) vehicles that are usually only available at a franchise dealer. It is also recommended to call or email ahead of time to make sure that the dealer can arrange used car leases. Find out about the most recent models that you might like to lease. Also compare shop. Even if you don’t intend to purchase the car, take a look at the price they’re selling for on sites like Edmunds and Kelley Blue Book. This will give you a great base to negotiate from. 2. Talk to the dealer once you’ve found a dealer that offers used car leases and price shopped, it’s time to . Similar to a brand new lease on a car, the price of an used car lease is based on a money factor — similar to the interest rate of a loan. You’ll be able to bargain this, along with limitations on mileage as well as residual values. Negotiation is similar to purchasing an automobile. It is important to ensure that you are getting a fair deal on the total price, which includes fees, taxes and the cash you’re paying. 3. Be aware of the contract. Your contract will include fees, mileage limits, the extent to which maintenance is covered, and a . Keep an eye out for any add-ons that you don’t want included. Extended warranties are useful in certain situations, however most CPO automobiles have a manufacturer’s warranty. This will also include the expected depreciation as well as the remaining value when you reach the end of the lease. Make sure these are the same as your agreed numbers prior to signing. There are disadvantages to leasing a used car Other than limited inventory Many of the disadvantages of leasing a used vehicle are the same as . The car you lease will cost less per month than purchasing, however, it will not save you as much as . Similar to buying a brand new car versus used, a lease that is used will come with a higher of return than a new lease. It is also your responsibility to pay for any wear and tear that is beyond what the dealer considers «normal.» The amount is contingent on the terms of your lease but expect to pay extra for any dings or scratches after the lease expires. Maintenance costs are another big one. Maintenance visits, oil changes and other costs not covered under warranty will be your to pay for. Leases for used cars are not common, so it will take more effort to locate an auto dealer who offers them. Additionally, due to an insufficient supply of semiconductors, there is less inventory overall which can be another issue in locating a suitable deal. Limits on mileage is one of the bigger drawbacks if you are a commuter or enjoy drives. Your lease contract will limit your mileage to 12,000-15,000 miles per year — and come with extra fees when you exceed. What are the differences between car loans are different from leases loans have an upfront cost followed by installment payments for a set time. Leases involve a lower upfront price, while the leasee is responsible only for depreciation on the vehicle over the lease period. Both leases and loans have plenty of advantages and disadvantages. The main differences are in the form of monthly payments, maintenance, use or mileage , and ownership. Monthly payments: Monthly installments for leases on cars are generally lower since you only pay for the use of the vehicle. With a car loan you are paying to own the car. maintenance: The cost of maintaining is usually covered by leases for vehicles however, purchasing a car is a responsibility for the entire 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 excessive mileage affects the car’s resale or . Alternatives to leasing a used vehicle There are two primary options: either buy the car outright or look into lease swaps. Buying used The most economical option is usually to . You will own the car at the end of your contract that gives you the option to either sell the vehicle or drive it to the expiration date. This opens you to the possibility of depreciation, and also of becoming upside down with your loan. For many, it’s the best method to afford a car. If you are in love with your leased car it is likely that you’ll be able to purchase it at the expiration of the lease. Thus, leasing used may be a great way to earn some low monthly payments before you commit to a vehicle. Lease swaps Websites that trade leases such as LeaseTrader can help you find excellent deals from those who want to end their lease contract early. The vehicles you discover may not necessarily be considered «used» by dealer standards, but they will have seen some action from another owner. Next steps Prepare to research recent cars and the dealers that are in your area. It’s not hard to find a used car lease however in the current marketplace, it can be difficult. And once you do find a used car to lease, make sure it’s a budget-friendly option that suits 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 of experience in personal financial matters. She also works full-time as a employee at her local library, where she assists people in her community get 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 feel confident to manage their finances through providing precise, well-researched and well-documented data that breaks complicated subjects into digestible pieces.
Auto loans editor
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