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How to lease a used car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering you interactive financial calculators and tools that provide objective and unique content. This allows you to conduct research and compare data for free to help you make informed financial decisions. Bankrate has agreements 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 site come from companies that compensate us. This compensation may impact how and when products are featured on this site, including for instance, the sequence in which they be listed within the categories of listing, except where prohibited by law. Our mortgage and home equity products, as well as other home lending products. This compensation, however, does have no impact on the information we publish, or the reviews that you see on this site. We do not cover the universe of companies or financial offers that may be open 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 finance. She also works full-time as a librarian at the local library where she helps her community gain access to information on financial literacy, as well as other topics.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to control their finances with clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces.
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Used cars depreciate in a much slower manner than brand new ones, which makes them a good option for those looking for a low-cost lease. They’re difficult to find however, and the limited availability of used cars has reduced the market. Additionally, you might not get back the amount you spend on the down payment, that you will not get back at lease end. Still, you could save quite a bit each month. If you are looking to purchase more modern vehicles that haven’t experienced much damage, a used lease on a car could be the best option for you. 3 ways to rent a secondhand car . Leasing a second-hand car is . You’ll have to research the car and negotiate directly with the seller. But since they are rarer than other vehicles, there’s more work involved in locating an affordable price. 1. Find lease options. There are a few dealers that offer leases on pre-owned cars. You are more likely to get leases on certified used (CPO) automobiles, which are generally only offered by 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. Research the latest models you may want to lease. Most importantly compare shop. Even if you aren’t buying the vehicle, look up the prices they’re listed for on websites like Edmunds or Kelley Blue Book. This will give you a great base to negotiate from. 2. Contact the dealer for negotiations Once you have found an agent that provides used car leases and you have priced shopped, it’s now time to . Similar to a brand new lease on a car, the price of the used lease on a vehicle is based on a money factor — similar to the interest rate for a loan. You can negotiate this along with the mileage limit as well as residual values. Negotiation is similar to purchasing an automobile. You need to make sure you’re receiving a fair price for the overall cost, including tax, fees, and amount you’re putting down. 3. Make sure you read the contract carefully. The contract you sign will contain fees, mileage limits, what maintenance is or isn’t covered and a . Keep an eye out for any additional fees that you do not wish to be included. Extended warranties are useful in certain circumstances, however, the majority of CPO cars come with a manufacturer warranty. This will also include the expected depreciation and residual value at the conclusion of the lease. Verify these correspond to your contracted numbers prior to signing. The disadvantages of leasing a second-hand vehicle Other than the limited supply The drawbacks of leasing a used vehicle are identical to . A car leased will cost less per month than buying, however it won’t cost you as much as . Like buying new versus an used vehicle, a used lease has a higher cost percentage than a brand new lease. It is also your responsibility to pay of any damage 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 once your lease is up. Maintenance expenses are another significant one. Oil changes, mechanic visits and other costs not covered under warranty are your responsibility. Leases for used cars are not common therefore it’s going to take extra work to find dealers that offer these services. Additionally, due to a shortage of semiconductors there’s less inventory, which could mean another obstacle to obtaining a great deal. Limits on mileage are among the most significant disadvantages 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 if you go over. How car loans and leases differ Car loans require an upfront fee that is followed by installment payments spread over a predetermined time. Leases involve a lower upfront cost, and the leasee is responsible only for depreciation on the car during the lease term. Both loans and leases loans have plenty of pros and cons. The most significant differences lie regarding monthly payment maintenance, usage, the mileage and ownership. Monthly payments: Monthly installments for car leases are typically lower since you only pay to use the car. When you take out a car loan you are paying to own the car. Maintaining: This is generally covered for leased vehicles but purchasing a vehicle makes you responsible for all maintenance requirements and fees. Utilization and mileage: Leases have mileage and other fees associated with the lease. The purchase of a car is not subject to a mileage restriction, however 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. A used car is the most financially sound option is generally to . The car will be yours at the end of your contract that gives you the choice of selling the vehicle or drive it to the expiration date. You are open to depreciation and the potential of being upside down in your loan. For many, it’s the easiest method to afford a vehicle. Of course, if you are in love with the car you lease, you will likely have the option of buying it at the expiration of the lease. Thus, leasing used may be a great way to earn some low monthly payments prior to committing to purchasing a car. Lease swaps Websites that trade leases such as LeaseTrader will help you locate great deals from those looking to close their lease early. The vehicles you discover might not be “used” in the eyes of dealers, but they will have been subject to some actions from another owner. The next step is to look up new models and dealers in your area. It’s not hard to locate a used car lease however in the current marketplace, it can be difficult. If you do locate an used vehicle to lease, make sure that it’s an affordable option that fits your lifestyle. Learn more
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Written by Personal and business finance Contributor
Kellye Guinan is a freelance editor and writer with more than five years of experience in personal finance. She is also a full-time employee at her local library where she helps the community gain access to information on financial literacy, in addition to 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 passionate about helping readers feel confident to control their finances by providing concise, well-researched, and clear data that breaks otherwise complex topics into manageable bites.
Auto loans editor
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