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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 financial calculators and tools as well as publishing objective and original content, by enabling you to conduct your own research and compare data for free to help you 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 Make 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 website, for example for instance, 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, home equity and other home loan products. But this compensation does affect the content we publish or the reviews that 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 December 11, 2022

Written 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 access information about financial literacy, among other topics.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to manage their finances with precise, well-studied information that breaks down complex subjects into digestible pieces.

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The value of used cars decreases more slowly than new vehicles, making them an excellent choice when you’re looking for a cheap lease. They’re harder to find, though, and limited availability of used cars has diminished the market. Furthermore, you may not get back the amount you spend on the down payment — which you won’t get back at lease end. However, you may end up saving every month quite a bit. If you’re seeking newer cars that haven’t had much damage, a used lease might be the right choice for you. 3 methods to get a lease on a secondhand car Leasing a used car is . You’ll have to research the car, and then negotiate in conjunction with your dealer. Since they’re rarer, there is a little more effort involved in finding an affordable price. 1. Find lease options. Not every dealer offers leases for used vehicles. It is more likely that you will get leases on certified used (CPO) cars that are typically only available at a franchise dealer. You should also call or send an email ahead of time to make sure that the dealer can arrange used leases for cars. Find out about the most recent models you may want to lease. Also, comparison shop. Even if you don’t intend to purchase the car, take a look at what they are selling 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 a dealer that offers used car leases, and you’ve looked at prices, it’s time to . Similar to a brand 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 in addition to the residual amount. Negotiation is like buying a car. You need to make sure you’re receiving a fair price for the total price, which includes fees, taxes and the cash you’re paying. 3. Be aware of the contract. Your contract should include charges for mileage, limits on mileage, what maintenance is or isn’t covered and . Pay attention to any add-ons that you don’t would like to include. Extended warranties are beneficial in some circumstances, but the majority of CPO cars have a manufacturer’s warranty. It will also include the anticipated depreciation amount and residual value at the conclusion term of your lease. Make sure these are the same as your agreed numbers prior to signing. Drawbacks of leasing a used car Other than limited inventory, many of the drawbacks of leasing a car used are identical to . A leased car will still cost less monthly than purchasing, however, it will not save you the same amount as . Like buying new versus used, a used lease will come with a higher of return than a new lease. It is also your responsibility to pay to pay for wear and tear above what the dealer considers “normal.” It will be determined by the contract you signed but you can expect to be charged extra for any dings or scratches when your lease ends. Maintenance costs are another major one. Oil changes, mechanic visits and other costs not covered under warranty is your cost. Leases for used cars are not common, so it will take more effort to locate a dealer that offers these services. And since there is also an insufficient supply of semiconductors, there’s less inventory and this could be a further hurdle to finding a good bargain. Limits on mileage is one of the biggest drawbacks for those who have a long commute or like driving. The lease contract you sign can limit you to 12,000 to 15,000 miles per year — and may charge additional fees if you go over. How car loans are different from leases loans have an upfront cost followed by installment payments for a set period. Leases involve a lower upfront cost, and the leasee is responsible only for the depreciation of the car during the lease period. Both loans and leases loans have many advantages and disadvantages. The main differences are regarding monthly payment and maintenance, as well as the mileage and ownership. Monthly payments: Monthly payment for car leases are typically lower since you only pay for the use of the vehicle. If you get an auto loan you pay for the right to purchase the car. maintenance: The cost of maintaining is generally included in leases however, purchasing a car will make you accountable for all maintenance requirements and fees. Use and mileage: Leases come with mileage and other costs that are associated with the lease. A car purchase does not have a mileage limit but excessive mileage can affect the vehicle’s ability to be sold or . Options to rent a used car You have two main alternatives: to buy it outright, or explore lease swaps. Buy used The most economical option is usually to . You will own the car at the expiration of your contract, which gives you the choice of selling it or drive it until the close of the contract. This opens you to depreciation and the potential of becoming upside down in your loan. For some, leasing is their easiest method of getting a low-cost car. Of course, if you are in love with the car you lease then you’ll likely be able to purchase it at the expiration of the lease. Thus, leasing used may be a good way to make a few cheap monthly payments prior to committing to buying a car. Lease swaps Sites for trading leases like 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 had some activity from a different owner. The next step is to look up new cars and the dealers that are in your area. It’s not hard to locate a used car lease however, in the current marketplace it’s not easy. Once you find a second-hand car lease, make sure it’s an affordable option that fits your style of driving. Learn more


Written by Personal and business finance Contributor

Kellye Guinan is a freelance editor and writer with more than five years ‘ experience within personal financial matters. She is also a full-time librarian at the local library, where she assists people in her community get information on financial literacy, in addition to other subjects.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to control their finances through providing concise, well-researched, and clear facts that break down otherwise complicated subjects into digestible pieces.

Auto loans editor

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