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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 choices by providing you with interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies that compensate us. This compensation can affect the way and when products are featured on this site, including such things as the order in which they be listed within the categories of listing, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does have no impact on the information we provide, or the reviews that you read on this site. We do not contain the entire universe of businesses or financial offers that may be available 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 who has more than five years of experience in personal financial matters. She also works full-time as a librarian at the local library where she helps her community access information about financial literacy, as well as other subjects.
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 by providing precise, well-studied information that breaks down complex topics into manageable bites.
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The value of used cars decreases in a much slower manner than new cars, making them a good option if you want a low-cost lease. They’re more difficult to locate, however, and the limited available used cars have further shrunk the market. In addition, you may not be able to recover the money you put into the down payment — that you will not get back when your lease ends. Still, you could end up saving quite a bit each month. If you are looking to purchase more modern vehicles that haven’t experienced many years of damage, a used car lease could be right for you. Three steps to lease a used vehicle Leasing a pre-owned car is . You’ll have to research the vehicle and discuss the deal with the dealer. However, since they’re more rare than other vehicles, there’s more work involved in locating the best price. 1. Explore lease options. Not every dealer offers leases on pre-owned cars. It is more likely that you will get leases on certified used (CPO) vehicles that are typically only offered by an authorized franchise dealer. You should also call or email ahead of time to ensure that the dealer can arrange used car leases. Find out about the most recent models that you might like to lease. Also do a comparison shopping. Even if you aren’t buying the car, take a look at the price they’re selling for on sites like Edmunds and Kelley Blue Book. This can be a good base to negotiate from. 2. Contact the dealer for negotiations Once you’ve located a dealer who offers used car leases, and you’ve price shopped, it’s time to . Similar to a brand new lease on a car, the price of the used car lease is based on a money factor — like the interest rate on a loan. You’ll be able to negotiate this with regard to mileage limits in addition to the residual amount. Negotiation is similar to buying an automobile. You need to make sure you’re getting a fair price on the total price, which includes fees, taxes and the amount you’re putting down. 3. Make sure you read the contract carefully. Your contract will include fees and mileage limits, as well as the maintenance that is and isn’t covered, and a . Keep an eye out for any other add-ons you don’t would like to include. Extended warranties are useful in certain situations, however most CPO vehicles come with a manufacturer warranty. It will also include the anticipated depreciation amount and any residual values at end term of your lease. Verify these correspond to your contracted numbers before signing. There are disadvantages to leasing a used vehicle Other than the limited supply, many of the drawbacks of leasing a used vehicle are the same as . A leased car will still cost less than buyingone, however, it will not save you the same amount as . Similar to buying a brand new car instead of an used vehicle, a used lease will come with a higher percentage than a brand new lease. It is also your responsibility to pay of any damage above what the dealer considers “normal.” The amount is contingent on the terms of your lease but expect to pay extra for any scratches or dings once your lease is up. Maintenance expenses are another significant one. Oil changes, mechanic visits and other costs not covered under warranty will be your to pay for. Used car leases aren’t common and require extra work to find a dealer that offers them. Additionally, due to an insufficient supply of semiconductors, there is less inventory overall and this could be a further issue in locating a suitable deal. Mileage limits are one of the biggest drawbacks for those who are a commuter or love driving. Your lease contract can limit your mileage to 12,000-15,000 miles per year — and will charge you extra in the event that you exceed. How car loans are different from leases loans involve an upfront cost which is then followed by installment payments over a fixed period. Leases have a lower initial cost, and the person leasing is responsible only for the depreciation of the car during the lease term. Both loans and leases loans come with many pros and cons. The key differences are in terms of monthly payments, maintenance, use or the mileage and ownership. Monthly payments: Monthly payments for car leases are typically lower since you only pay for the use of the vehicle. When you take out the car loan you are paying to own the vehicle. Maintaining: This is generally covered by leases for vehicles however, purchasing a car is a responsibility for the entire maintenance requirements and fees. The use and mileage of leases come with mileage and other costs that are associated with the lease. The purchase of a car is not subject to a mileage limit but excessive mileage affects the car’s resale or . Options to rent a used vehicle There are two primary options: buy it either buy the car outright or consider lease swaps. Buy used The most economical option is usually to . You will own the car at the end of your contract that gives you the choice to sell the vehicle or drive it to the expiration date. It opens you up to the possibility of depreciation, and also of being upside down on your loan. But for many, it’s the most convenient method to afford a vehicle. If you are in love with the vehicle you’ve leased then you’ll likely have the option of buying it at the end of the lease term. Therefore, leasing used can be a great way to make a few cheap monthly payments prior to committing to buying a car. Lease swaps Websites that trade leases such as LeaseTrader will help you locate good deals from people looking to close their lease earlier. The cars you come across may not necessarily be considered “used” in the eyes of dealers but they’ve had some activity from a different owner. Next steps Prepare to research the latest models and dealers in your region. It’s not difficult to find a used vehicle to lease, but in the current market, it can be difficult. And once you do find an used vehicle to lease, ensure it is a budget-friendly option that suits your driving style. 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 5 years experience working in the field of personal financial matters. She’s also a full-time employee at her local library where she helps people in her community get information on financial literacy, among other topics.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers feel confident to control their finances with precise, well-researched and well-documented facts that break down otherwise complicated topics into bite-sized pieces.
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