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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 tools and financial calculators as well as publishing objective and original content. This allows users to conduct research and analyze information for no cost – so that you can make informed financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site are from companies that pay us. This compensation may impact how and when products appear on this site, including such things as the order in which they appear within the listing categories and other categories, unless prohibited by law. Our mortgage, home equity and other home lending products. However, this compensation will affect the information we publish, or the reviews that you see on this site. We do not contain the vast array of companies or financial offerings that could be available to you.
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4 min read Published December 11, 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 of experience in personal financial matters. She’s also a full-time worker at her local library in which she assists the community get information on financial literacy, as well as other subjects.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to control their finances through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.
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Used cars depreciate at a slower rate than new vehicles, making them an excellent choice for those looking for a low-cost lease. They’re difficult to find though, and limited used car inventory has further diminished the market. Furthermore, you may not recoup the amount you spend on the down payment, that you will not get back when the lease expires. But, you could save every month quite a bit. If you are seeking newer cars that haven’t had much wear and tear, a second hand car lease could be right for you. 3 steps to lease a secondhand car Leasing a used car is . You’ll need to investigate the car, and then negotiate directly with the seller. Since they’re rarer, there is a little more effort involved in finding an affordable price. 1. Find lease options. There are a few dealers that offer leases on used cars. You’re more likely to locate leases for certified pre-owned (CPO) automobiles that are usually only offered by the franchise dealer. You should also contact or email prior to time to ensure that the dealer can arrange used car leases. Find out about the most recent models you may want to lease. Most importantly do a comparison shopping. Even if you’re not buying the car, check the price they’re selling for on sites like Edmunds and Kelley Blue Book. This gives you a good start in negotiations. 2. Contact the dealer for negotiations Once you’ve found a dealer who offers used car leases and priced shopped, it’s now time to . As with a new car lease, the cost of the used lease on a vehicle is based on an amount of money — similar to the interest rate of a loan. You will be able to negotiate this with regard to the mileage limit and residual value. The negotiation process is similar to buying a car. You need to make sure you’re getting a fair price on the overall cost, including taxes, fees and cash you’re paying. 3. Make sure you read the contract carefully. The contract you sign will contain fees 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 can be useful in certain situations, however the majority of CPO cars include a manufacturer’s warranty. It also includes the expected depreciation as well as the any residual values at conclusion period of lease. Verify these correspond to your contracted numbers prior to signing. There are disadvantages to leasing a used car Other than limited inventory Many of the disadvantages of leasing a used car are the same as . A leased car will still cost less per month than buying, but it won’t save you the same amount as . Just like with buying new versus an used vehicle, a used lease will have a higher rate factor than a new lease. It is also your responsibility to pay of any damage that is beyond what your dealer would consider “normal.” The amount will depend on your contract but expect to pay extra for any scratches or dings once your lease is up. Maintenance costs are another big one. Repairs to your engine, visits to a mechanic and any other expenses not covered by warranty is your to pay for. Used car leases aren’t common therefore it’s going to take additional effort to locate a dealer that offers these. Also, since there is a shortage of semiconductors there is less inventory overall and this could be a further obstacle to obtaining a great deal. Mileage limits are one of the biggest drawbacks for those who are a commuter or like driving. Your lease contract will restrict your mileage to 12,000-15,000 miles per year — and will charge you extra if you go over. How car loans as well as leases are distinct loans have an upfront cost followed by installment payments for a set time. Leases have a lower initial price, while the leasee is responsible only for depreciation on the car over the lease period. Both loans and leases loans come with plenty of advantages and disadvantages. The key differences are in terms of monthly payments, maintenance, use or mileage , and ownership. Monthly payments: Monthly payment for car leases are typically less because you pay for the use of the vehicle. When you take out a car loan you pay for the right to own the vehicle. Maintenance: Maintenance is usually covered for leased vehicles however, purchasing a car will make you accountable for all charges and maintenance requirements. The use and mileage of leases come with mileage and other costs that are associated with the lease. Buying a car has no mileage restriction, however excessive mileage affects the car’s resale or . Other options to lease a used vehicle There are two primary options: either buy the car to buy it outright, or explore lease swaps. Buying used The most economical option is usually to . You’ll own the vehicle at the end of your contract and you have the choice to sell it or drive it until the end. It opens you up to depreciation as well as the possibility of becoming upside down on your loan. For some, leasing is their most convenient method to afford a vehicle. Of course, if you fall in love with your leased car, you will likely be able to purchase it at the time the lease ends. Thus, leasing used may be a viable option to make the cost of a few low monthly payments before committing to a vehicle. Lease swaps Sites for trading leases like LeaseTrader will help you locate excellent deals from those who want to end their lease contract early. The cars you find 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 cars and the dealers that are in your area. It’s not hard to find a used vehicle to lease however, in the current market it’s not easy. If you do locate an used vehicle to lease, make sure that it’s an affordable option that fits your lifestyle. Find out more
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Written by Personal and business finance contributor
Kellye Guinan is a freelance editor and writer who has more than five years of experience in personal finances. She’s also a full-time worker at her local library, where she assists the community gain access to information on financial literacy, as well as other subjects.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to manage their finances through providing concise, well-researched, and clear facts that break down otherwise complex topics into manageable bites.
Auto loans editor
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