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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 smarter financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct research and analyze information for no cost – so that you can 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 Earn Profit The products that are featured on this site come from companies who pay us. This compensation can affect the way and when products are featured on the site, such as, for example, the order in which they may appear within the listing categories, except where prohibited by law. Our mortgage, home equity and other home loan products. However, this compensation will not influence the information we publish, or the reviews that you see on this site. We do not cover the entire universe of businesses or financial offerings that could 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 5 years experience working in the field of personal finance. She also works full-time as a employee at the library in her town where she helps her community get information on financial literacy, among other topics.
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 confidence to manage their finances through providing precise, well-studied information that breaks down complex topics into manageable bites.
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The value of used cars declines more slowly than new cars, making them a great option when you’re looking for a cheap lease. They’re difficult to find however, and the limited used car inventory has further diminished the market. Furthermore, you may not get back the amount you pay for the down payment that you will not get back when your lease ends. However, you may end up saving some money each month. If you’re in the market for newer vehicles that haven’t seen many years of damage, a used lease might be the right choice for you. 3 steps to lease a used vehicle Leasing a pre-owned vehicle is . You’ll have to research the vehicle and negotiate in conjunction with your dealer. But since they are rarer and more expensive, there’s more effort involved in finding the best price. 1. Research lease options There are a few dealers that offer leases on pre-owned cars. You are more likely to find leases on certified pre-owned (CPO) vehicles that are typically only available through the franchise dealer. You should also call or email ahead of time to ensure that the dealer is able to set up used car leases. Research the latest models you may want to lease. And, most importantly do a comparison shopping. Even if you aren’t buying the car, check what they are selling on sites such as Edmunds as well as Kelley Blue Book. This gives you a good start in negotiations. 2. Negotiate with the dealer Once you’ve located a dealer who offers used car leases and you have price shopped, it’s time to . As with a new car lease, the cost of a used car lease is based on an amount of money — similar to the interest rate on the loan. You can bargain this, along with the mileage limit as well as residual values. Negotiation is similar to purchasing a car. You need to make sure you’re receiving a fair price for the total price, which includes taxes, fees and cash you’re paying. 3. Be aware of the contract. The contract you sign will contain fees for mileage, limits on mileage, the maintenance that is and isn’t covered and a . Be on the lookout for any other add-ons you don’t would like to include. Extended warranties are beneficial in certain situations, however the majority of CPO vehicles include a manufacturer’s warranty. It also includes the expected depreciation as well as the remaining value when you reach the conclusion term of your lease. Confirm these match your negotiated numbers prior to signing. Drawbacks of leasing a used car Beyond limited inventory, many of the drawbacks of leasing a used vehicle are similar to . A leased car will still cost less per month than buyingone, however, it will not save you the same amount as . Similar to buying a brand new car or used, a lease that is used 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 will be determined by the contract you signed however, you should expect to pay more for any scratches or dings once your lease is up. Maintenance costs are another major one. Repairs to your engine, visits to a mechanic and any other expenses not covered by warranty is your responsibility. Used car leases aren’t common therefore it’s going to take extra work to find a dealer that offers these services. Additionally, due to a shortage of semiconductors, there’s less stock available, which could mean another obstacle to obtaining a great deal. Limits on mileage are among the biggest drawbacks for those who are a commuter or love driving. Your lease contract will limit you to between 12,000 and 15,000 miles per year — and come with extra fees in the event that you exceed. How car loans are different from leases loans involve an upfront cost followed by installment payments over a fixed time. Leases are characterized by a lower upfront cost, and the lessee is solely responsible for depreciation on the car during the lease period. Both loans and leases loans have plenty of advantages and disadvantages. The main differences are in terms of monthly payments, maintenance, use or the mileage and ownership. Monthly payments payment for car leases are typically lower since you only pay for the use of the vehicle. When you take out a car loan you are paying to own the car. maintenance: The cost of maintaining is usually covered for leased vehicles however, purchasing a car will make you accountable for all charges and maintenance requirements. Utilization and mileage: Leases have mileage and other fees 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 second-hand car There are two main options: buy it to buy it outright, or explore lease swaps. A used car is the most economical option is usually to . The car will be yours at the end of your lease that gives you the choice to sell it or drive it until the expiration date. It opens you up to depreciation as well as the possibility of being upside down on your loan. But for some, leasing is their most convenient way to get an affordable car. If you fall in love with the vehicle you’ve leased, you will likely be able to purchase it at the time the lease ends. Therefore, leasing used can be a great way to make the cost of a few low monthly payments prior to committing to purchasing a vehicle. Lease swaps Sites for trading leases like LeaseTrader can assist you in finding good deals from people looking to end their lease contract in the early hours. The cars you come across may not necessarily be considered “used” in the eyes of dealers however they may 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, but in the current marketplace it’s not easy. And once you do find a used car to lease, make sure that it’s a budget-friendly option that suits your style of driving. Learn more
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Written by a Personal and Business finance Contributor
Kellye Guinan is a freelance editor and writer who has more than five years ‘ experience within personal finances. She also works full-time as a employee at her local library where she helps her community access information about financial literacy, in addition to other subjects.
The edit was done by 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 to manage their finances with precise, well-researched and well-documented information that breaks down complicated subjects into digestible pieces.
Auto loans editor
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