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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 decisions by offering you interactive financial calculators and tools as well as publishing objective and original content. This allows you to conduct your own research and analyze information for no cost - so that you can make financial decisions with confidence. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this site come from companies who pay us. This compensation may impact how and when products are featured on this site, including, for example, the order in which they may appear in the listing categories, except where prohibited by law for our mortgage, home equity and other products for home loans. However, this compensation will not influence the content we publish or the reviews you see on this site. We do not contain 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
Authored by 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 which she assists her local community to access information about financial literacy, in addition to other subjects.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing precise, well-studied information that breaks down otherwise complicated topics into bite-sized pieces.









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Used cars depreciate in a much slower manner than new cars, making them a good option when you're looking for a cheap lease. They're difficult to find however, and the limited availability of used cars has shrunk the market. Furthermore, you may not be able to recover the money you pay for the down payment, that you will not get back when your lease ends. However, you may be able to save some money each month. If you are seeking more modern vehicles that haven't experienced many years of wear and tear, a used car lease could be right for you. Three methods to get a lease on a used car Leasing a used car is . You'll need to investigate the car, and then negotiate directly with the seller. However, since they're more rare and more expensive, there's more work involved in locating the best price. 1. Research lease options There are a few dealers that offer leases on pre-owned cars. It is more likely that you will locate leases for certified pre-owned (CPO) automobiles that are usually only available through a franchise dealer. You should also call or send an email ahead of time to ensure the dealer can arrange used leases for cars. Do your research on recent models that you might want to lease. Most importantly compare shop. Even if you don't intend to purchase the car, check the prices they're listed for on websites like Edmunds as well as Kelley Blue Book. This gives you a good start in negotiations. 2. Contact the dealer for negotiations Once you've found a dealer who offers used car leases and you have priced shopped, it's now time to . Like a new car lease, the cost of the used lease for a car is determined by the money factor, which is similar to the interest rate on a loan. You can negotiate this with regard to mileage limits and residual value. Negotiation is similar to purchasing an automobile. You want to ensure you're getting a fair price on the total cost, which includes tax, fees, and amount you're putting down. 3. Make sure you read the contract carefully. Your contract will include fees for mileage, limits on mileage, what maintenance is or isn't covered and a . Pay attention to any add-ons that you don't wish to be included. Extended warranties are useful in certain situations, however most CPO automobiles come with a manufacturer warranty. It will also include the expected depreciation as well as the residual value at the end period of lease. Confirm these match your negotiated numbers before signing. The disadvantages of leasing a second-hand car Beyond limited inventory, many of the drawbacks of leasing a car used are the same as . A car leased will cost less per month than buying, but it won't save you as much as . Like buying new versus used, a lease that is used will have a higher rate percentage than a brand new lease. Also, you are responsible of any damage above what your dealer would consider "normal." It will depend on your contract but you can expect to be charged extra for any scratches or dings once your lease is up. Maintenance costs are another big one. Repairs to your engine, visits to a mechanic and other costs not covered under warranty will be your cost. Leases for used cars are not common therefore it's going to take extra work to find an auto dealer who offers these services. Also, since there is 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 enjoy drives. Your lease contract will limit you to 12,000 to 15,000 miles per year -- and will charge you extra in the event that you exceed. How car loans are different from leases loans require an upfront fee followed by installment payments spread over a predetermined period. Leases involve a lower upfront cost, and the lessee is responsible only for depreciation on the vehicle over the lease period. Both leases and loans come with plenty of pros and cons. The most significant differences lie regarding monthly payment and maintenance, as well as mileage , and ownership. Payments for monthly: Monthly payments for leases on cars are generally lower because you only pay to use the car. If you get an auto loan you pay for the right to own the car. Maintenance: Maintenance is generally covered for leased vehicles but purchasing a vehicle makes you responsible for all charges and maintenance requirements. The use and mileage of leases come with mileage and other costs that are 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 . Options to rent a used vehicle There are two primary options: buy it to buy it outright, or explore lease swaps. A used car is the most financially sound option is generally to . The car will be yours at the expiration of your contract that gives you the choice of selling it or drive it until the end. This opens you to depreciation as well as the possibility of being in the position of being upside-down with your loan. However, for many, it's the most convenient way to get an affordable car. If you are in love with the vehicle you've leased it is likely that you'll have the option to buy it at the expiration of the lease. So, leasing used could be a good way to get in a few cheap monthly payments before committing to purchasing a car. Lease swaps Websites that trade leases such as LeaseTrader can help you find excellent deals from those who want to close their lease early. The vehicles you discover may not necessarily be considered "used" in the eyes of dealers however they may have seen some action from another owner. The next step is to look up new vehicles and dealerships in the local area. It's not difficult to locate a used car lease however in the current marketplace it's not easy. And once you do find a used car to lease, make sure it's an affordable option that fits your style of driving. Find out more


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Written by Business and personal finance Contributor

Kellye Guinan is a freelance editor and writer who has more than five years of experience in personal financial matters. She's also a full-time librarian at the local library where she helps the community gain access to information on financial literacy, as well as other subjects.



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 take control of their finances through providing concise, well-researched, and clear information that breaks down complicated topics into bite-sized pieces.






Auto loans editor




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