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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 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 analyze information for no cost to help you make sound financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this website are provided by companies that pay us. This compensation could affect how and where products appear on this site, including such things as the order in which they be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage or home equity, and also other home lending products. However, this compensation will affect the content we publish or the reviews that you read on this site. We do not cover the universe of companies or financial deals that may be accessible to you.
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4 min read. Published on 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 finance. She also works full-time as a employee at the library in her town which she assists her local community to access information about financial literacy, in addition to other topics.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to take control of their finances with concise, well-researched and well-constructed information that breaks down complicated topics into bite-sized pieces.
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The value of used cars declines more slowly than new vehicles, making them a good option when you’re looking for a cheap lease. They’re more difficult to locate, however, and the limited availability of used cars has diminished the market. Additionally, you might not be able to recover the money you pay for the down payment — which you won’t get back when your lease ends. But, you could save some money each month. If you are seeking more modern vehicles that haven’t experienced a lot of wear and tear, then a used lease might be the right choice for you. Three ways to rent a secondhand vehicle Leasing a pre-owned car is . You’ll have to research the car and negotiate directly with the seller. Since they’re rarer than other vehicles, there’s more effort involved in finding an affordable price. 1. Explore lease options. Some dealers do not offer leases for used vehicles. You’re more likely to get leases on certified used (CPO) cars that are usually only offered by a franchise dealer. You will also want to call or email ahead of time to ensure that the dealer is able to set up used leases for cars. Find out about the most recent models you may want to lease. And, most importantly compare shop. Even if you aren’t buying the car, check the prices they’re listed for on sites like Edmunds and Kelley Blue Book. This gives you 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 have looked at prices, it’s time to . Similar to a brand new car lease, the cost of the used lease for a car is determined by an amount of money — similar to the interest rate for an loan. You will be able to negotiate this along with the mileage limit in addition to the residual amount. Negotiation is like buying a car. You want to ensure you’re receiving a fair price for the total cost, which includes fees, taxes and the cash you’re paying. 3. Pay attention to the contract Your contract will include fees and mileage limits, as well as the extent to which maintenance is covered, and a . Be on the lookout for any additional fees that you do not wish to be included. Extended warranties are useful in certain circumstances, however, most CPO vehicles come with a manufacturer warranty. It also includes the expected depreciation and remaining value when you reach the conclusion of the lease. Verify these correspond to your contracted numbers before signing. There are disadvantages to leasing a used vehicle Other than the limited supply The drawbacks of leasing a car used are similar to . A car leased will cost less monthly than purchasing, however it won’t cost you as much as . Like buying new or used, a lease that is used will have a higher rate factor than a new lease. You are also responsible of any damage that is beyond what is considered “normal.” This is contingent on the terms of your lease however, you should expect to pay more for any dings or scratches when your lease ends. Maintenance expenses are another significant 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 and require additional effort to locate an auto dealer who offers these services. Additionally, due to a shortage of semiconductors there is less inventory overall which can be another obstacle to obtaining a great deal. Mileage limits are one of the biggest drawbacks for those who have a long commute or love driving. The lease contract you sign will limit your mileage to 12,000-15,000 miles per year — and will charge you extra if you go over. What are the differences between car loans and leases differ Car loans involve an upfront cost which is then followed by installment payments for a set time. Leases are characterized by a lower upfront expense, but the lessee is responsible only for depreciation on the vehicle over the lease term. Both loans and leases loans come with many advantages and disadvantages. The most significant differences lie in the form of monthly payments and maintenance, as well as the mileage and ownership. Payments for monthly: Monthly installments for leases of cars are usually lower because 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: Maintenance is typically covered by leases for vehicles however, purchasing a car is a responsibility for the entire maintenance requirements and fees. Utilization and mileage: Leases include mileage and other charges related to the lease. The purchase of a car is not subject to a mileage limit , but a high mileage affects the car’s resale or . Alternatives to leasing a used car You have two main options: either buy the car either buy the car outright or consider lease swaps. A used car is 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 the vehicle or drive it to the end. You are open to depreciation and the potential of being in the position of being upside-down on your loan. However, for some, leasing is their most convenient method of getting a low-cost ride. Of course, if you love your leased car then you’ll likely have the option to buy it at the end of the lease term. Thus, leasing used may be a good way to make the cost of a few low monthly payments before committing to a car. Lease swaps Lease-trading sites like LeaseTrader can assist you in finding excellent deals from those who want to close their lease earlier. The cars you find might not be “used” by dealer standards however they may have been subject to some actions from another owner. Steps next, research new cars and the dealers that are in your local area. It’s not hard to locate a used car lease however, in the current climate, it can be difficult. Once you find a used car to lease, ensure it is an affordable choice that is compatible with your driving style. Learn more
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Written by Personal and business finance Contributor
Kellye Guinan is a freelance editor and writer with over 5 years experience working in the field of personal financial matters. She is also a full-time librarian at the local library, where she assists the 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 late 2021. They are committed to helping readers gain the confidence to control their finances by providing precise, well-researched and well-documented information that breaks down complicated subjects into digestible pieces.
Auto loans editor
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