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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 offering you interactive tools and financial calculators as well as publishing objective and original content, by enabling you to conduct research and compare information for free and help you make informed financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this site are from companies who pay us. This compensation could affect how and where products appear on this site, including, for example, the order in which they may appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home lending products. However, this compensation will not influence the information we publish, or the reviews that appear on this website. We do not cover the universe of companies or financial offerings that could be available to you.



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4 min read Published December 11, 2022
Writer: Kellye Guinan. 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 finances. She is also a full-time employee at the library in her town in which 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 editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances with precise, well-studied information that breaks down otherwise complex topics into manageable bites.









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The value of used cars decreases more slowly than new vehicles, making them an excellent choice for those looking for a low-cost lease. They're harder to find, though, and 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 the lease expires. Still, you could be able to save every month quite a bit. If you're seeking more modern vehicles that haven't experienced much damage, then a used lease on a car could be the best option for you. 3 steps to lease a used vehicle Leasing a pre-owned vehicle is . It is necessary to research the car, and then negotiate with the dealer. But since they are rarer than other vehicles, there's more effort involved in finding an affordable price. 1. Research lease options Some dealers do not offer leases for used vehicles. It is more likely that you will get leases on certified used (CPO) vehicles that are typically only available at the franchise dealer. It is also recommended to call or send an email ahead of time to ensure that the dealer can arrange used leases for cars. Find out about the most recent models you may want to lease. Most importantly compare shop. Even if you're not buying the car, take a look at the price they're selling for on websites like Edmunds as well as Kelley Blue Book. This can be a good start in negotiations. 2. Talk to the dealer once you've found a dealer that offers used car leases and price shopped, it's time to . Similar to a brand new car lease, the cost of an used lease on a vehicle is based on a money factor -- similar to the interest rate for a loan. You'll be able to bargain this, along with limitations on mileage and residual value. The process of negotiation is like buying an automobile. You want to ensure you're receiving a fair price for the total cost, which includes tax, fees, and money you are putting down. 3. Pay attention to 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 add-ons that you don't want included. Extended warranties can be useful in certain circumstances, however, the majority of CPO vehicles include a manufacturer's warranty. This will also include the anticipated depreciation amount and residual value at the end of the lease. Make sure these are the same as your agreed numbers prior to signing. There are disadvantages to leasing a used car Beyond limited inventory Many of the disadvantages of leasing a used car are similar to . A leased car will still cost less per month than buyingone, but it won't save you as much as . Like buying new versus used, a used lease will come with a higher percentage than a brand new lease. It is also your responsibility to pay for any wear and tear above what the dealer considers "normal." The amount 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. Maintenance visits, oil changes and anything not covered by warranty is your cost. Used car leases aren't common therefore it's going to take extra work to find dealers that offer these services. Additionally, due to 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 bigger drawbacks if you are a commuter or enjoy drives. The lease contract you sign can 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 Car loans require an upfront fee followed by installment payments spread over a predetermined period. Leases have a lower initial cost, and the leasee is responsible only for depreciation on the vehicle over the lease term. Both loans and leases loans have their fair share of pros and cons. The most significant differences lie in terms of monthly payments and maintenance, as well as mileage and ownership. Monthly payments: Monthly installments for leases of cars are usually less because you pay for the use of the vehicle. With the car loan, you pay to own the car. maintenance: The cost of maintaining is typically included in leases however, purchasing a car will make you accountable for all costs and requirements for maintenance. Use and mileage: Leases have mileage and other fees associated with the lease. The purchase of a car is not subject to a mileage limit but excessive mileage may affect the car's sale or . Other options to lease a second-hand car You have two main alternatives: to buy it outright, or explore lease swaps. A used car is the most financially sound option is typically to . You'll own the vehicle at the expiration of your contract that gives you the choice to sell the vehicle or drive it to the end. This opens you to depreciation as well as the possibility of being upside down in your loan. But for most, this is the best method to afford a vehicle. If you are in love with the car you lease then you'll likely have the option of buying it at the time the lease ends. Thus, leasing used may be a viable option to earn some low monthly payments before committing to purchasing a car. Lease swaps Websites that trade leases such as LeaseTrader can help you find great deals from those looking to end their lease contract early. The vehicles you discover may not necessarily be considered "used" according to dealer standards but they've had some activity from a different owner. The next step is to look up recent cars and the dealers that are in your region. It's not hard to find a used car lease however, in the current marketplace, it can be difficult. Once you find a second-hand car lease, make sure that it's an affordable choice that is compatible with your driving style. Find out more


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Written by a 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 worker at her local library, where she assists her community access information about financial literacy, among other topics.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers gain the confidence to take control of their finances with precise, well-researched and well-documented facts that break down complex topics into manageable bites.






Auto loans editor




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