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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 offering you interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct your own research and compare information for free - so that you can make sound 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 Earn Profit The offers that appear on this site come from companies that pay us. This compensation could affect how and when products are featured on the site, such as such things as the sequence in which they appear within the listing categories, except where prohibited by law. Our mortgage or home equity, and also other home lending products. This compensation, however, does not influence the information we publish, or the reviews that you see on this site. We do not include the vast array of companies or financial deals that may be accessible 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 five years ' experience within personal finances. She also works full-time as a worker at her local library in which she assists the community gain access to information on financial literacy, in addition to other subjects.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing concise, well-researched and well-constructed information that breaks down complex subjects into digestible pieces.









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The value of used cars decreases in a much slower manner than new cars, making them a good option when you're looking for a cheap lease. They're more difficult to locate, but the lack of available used cars have further shrunk the market. Additionally, you might not recoup the amount you spend on the down payment that you will not get back when the lease expires. However, you may save some money each month. If you're in the market for newer cars that haven't had much use and wear, a second hand lease on a car could be the best option for you. Three methods to get a lease on a used vehicle Leasing a pre-owned vehicle is . You'll need to investigate the car and bargain with the dealer. Since they're rarer than other vehicles, there's more legwork involved in finding a good deal. 1. Research lease options There are a few dealers that offer leases for used vehicles. You're more likely to locate leases for certified pre-owned (CPO) automobiles that are typically only available at an authorized franchise dealer. You will also want to contact or email prior to time to make sure that the dealer is able to set up used leases for cars. Do your research on recent models that you might like to lease. Most importantly, comparison shop. Even if you don't intend to purchase the car, check the price they're selling for on sites like Edmunds or Kelley Blue Book. This will give you a great start in negotiations. 2. Talk to the dealer once you have found a dealer who offers used car leases and priced shopped, it's now time to . Like a new car lease, the cost of the used car lease is based on the money factor, which is similar to the interest rate on the loan. You can negotiate this with regard to limitations on mileage and residual value. The negotiation process is like buying the car. You want to ensure you're receiving a fair price for the overall cost, including fees, taxes and the amount you're putting down. 3. Be aware of the contract. Your contract should include charges and mileage limits, as well as the extent to which maintenance is covered, and a . Keep an eye out for any add-ons that you don't wish to be included. Extended warranties can be useful in certain situations, however the majority of CPO cars come with a manufacturer warranty. This will also include the expected depreciation and remaining value when you reach the conclusion term of your lease. Confirm these match your negotiated numbers before signing. There are disadvantages to leasing a used car Other than limited inventory The drawbacks of leasing a used car are identical to . A car leased will cost less per month than buying, however, it will not save you the same amount as . Just like with buying new or used, a used lease will come with a higher factor than a new lease. Also, you are responsible for any wear and tear that is beyond what the dealer considers "normal." It will be determined by the contract you signed however, you should expect to pay more for any scratches or dings when your lease ends. Maintenance costs are another major one. Repairs to your engine, visits to a mechanic and anything not covered by warranty will be your cost. Used car leases are uncommon therefore it's going to take additional effort to locate an auto dealer who offers these services. Also, since there is a shortage of semiconductors, there's less inventory which can be another hurdle to finding a good deal. Mileage limits are one of the biggest drawbacks for those who are a commuter or enjoy drives. Your lease contract will limit your mileage to 12,000-15,000 miles per year and will charge you extra when you exceed. How do car loans are different from leases Car loans require an upfront fee followed by installment payments spread over a predetermined time. Leases are characterized by a lower upfront expense, but the leasee is responsible only for the depreciation of the car during the lease term. Both loans and leases loans have their fair share of pros and cons. The main differences are in terms of monthly payments and maintenance, as well as mileage and ownership. Monthly payments payment for car leases are typically less because you pay to use the car. With a car loan, you pay to purchase the car. Maintaining: This is typically included in leases however, purchasing a car is a responsibility for the entire charges and maintenance requirements. Use and mileage: Leases include mileage and other charges associated with the lease. The purchase of a car is not subject to a mileage limit , but a high mileage may affect the car's sale or . Alternatives to leasing a used car There are two main options: buy it either buy the car outright or consider lease swaps. A used car is the best option for financial security is usually to . You will own the car at the expiration of your contract, which gives you the option to either sell the vehicle or drive it to the expiration date. You are open to depreciation as well as the possibility of being in the position of being upside-down on your loan. For most, this is the most convenient method of getting a low-cost vehicle. Of course, if you are in love with your leased car it is likely that you'll be able to purchase it at the end of the lease term. Thus, leasing used may be a good way to earn the cost of a few low monthly payments before you commit to purchasing a vehicle. Lease swaps Lease-trading sites like LeaseTrader can help you find excellent deals from those who want to close their lease in the early hours. The vehicles you discover may not necessarily be considered "used" by dealer standards but they've seen some action from another owner. Next steps Prepare to research the latest models and dealers in your local area. It's not difficult to locate a used car lease, but in the current market, it can be difficult. Once you find an used vehicle to lease, make sure that it's an affordable option that fits 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 five years of experience in personal financial matters. She also works full-time as a worker at her local library, where she assists people in her community get information on financial literacy, as well as other subjects.



Edited 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 manage their finances through providing concise, well-researched, and clear data that breaks otherwise complicated topics into bite-sized pieces.






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