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How to lease a used car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering you interactive financial calculators and tools, publishing original and objective content, by enabling you to conduct your own research and compare information for free and help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this website are provided by companies that compensate us. This compensation may impact how and where products appear on this website, for example, for example, the order in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage and home equity products, as well as other home loan products. This compensation, however, does not influence the content we publish or the reviews appear on this website. We do not contain the universe of companies or financial offers that may be accessible to you.



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4 min read Published 11 December 2022
Written by Kellye Guinan Written by Personal and business finance contributor

Kellye Guinan is a freelance editor and writer with over five years of experience in personal finances. She's also a full-time librarian at the local library where she helps her community gain access to information on financial literacy, as well as other topics.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to control their finances through providing precise, well-studied information that dissects complex topics into manageable bites.









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The value of used cars declines at a slower rate than brand new ones, which makes them a great option if you want a low-cost lease. They're harder to find, but the lack of availability of used cars has diminished the market. In addition, you may not recoup the amount you spend on the down payment, which you won't get back at lease end. Still, you could end up saving quite a bit each month. If you're looking to purchase more modern vehicles that haven't experienced much damage, a second hand car lease could be right for you. 3 ways to rent a secondhand vehicle Leasing a pre-owned car is . You'll have to research the vehicle and discuss the deal in conjunction with your dealer. However, since they're more rare than other vehicles, there's more effort involved in finding the best price. 1. Research lease options Not every dealer offers leases on used cars. You are more likely to find leases on certified pre-owned (CPO) automobiles, which are generally only offered by the franchise dealer. You will also want to call or send an email ahead of time to make sure that the dealer can arrange used leases for cars. Do your research on recent models you may want to lease. Most importantly do a comparison shopping. Even if you're not buying the car, check the prices they're listed on sites such as Edmunds as well as Kelley Blue Book. This will give you a great start in negotiations. 2. Negotiate with the dealer Once you've found an agent that provides used car leases and you have looked at prices, it's time to . As with a new car lease, the cost of an used lease for a car is determined by an amount of money -- similar to the interest rate for an loan. You'll be able to negotiate this with regard to limitations on mileage in addition to the residual amount. The process of negotiation is similar to purchasing a 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. Pay attention to the contract The contract you sign will contain fees for mileage, limits on mileage, the extent to which maintenance is covered and . Pay attention to any add-ons that you don't want included. Extended warranties are useful in some circumstances, but most CPO cars have a manufacturer's warranty. It will also include the expected depreciation as well as the residual value at the conclusion term of your lease. Confirm these match your negotiated numbers before signing. Drawbacks of leasing a used car Other than limited inventory Many of the disadvantages of leasing a used vehicle are the same as . A leased car will still cost less monthly than purchasing, but it won't save you the same amount as . Like buying new versus used, a lease that is used has a higher cost percentage than a brand new lease. Also, you are responsible of any damage above what your dealer would consider "normal." It is contingent on the terms of your lease but expect to pay extra for any dings or scratches once your lease is up. Maintenance expenses are another significant one. Repairs to your engine, visits to a mechanic and other costs not covered under warranty are your cost. Leases for used cars are not common, so it will take additional effort to locate dealers that offer these. Also, since there is a shortage of semiconductors, there is less inventory overall which can be another issue in locating a suitable deal. Mileage limits are one of the most significant disadvantages 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 may charge additional fees when you exceed. How do car loans and leases differ Car loans require an upfront fee that is followed by installment payments spread over a predetermined time. Leases are characterized by a lower upfront expense, but the lessee is solely responsible for the depreciation of the car over the lease period. Both leases and loans have plenty of pros and cons. The key differences are in the form of monthly payments maintenance, usage, mileage and ownership. Monthly payments: Monthly payments for leases of cars are usually less because you pay to use the car. When you take out an auto loan you are paying to own the car. Maintaining: This is usually included in leases however, purchasing a car makes you responsible for all costs and requirements for maintenance. The use and mileage of leases have mileage and other fees associated with the lease. A car purchase does not have a mileage limit but excessive mileage affects the car's resale or . Alternatives to leasing a second-hand car You have two main alternatives: either buy the car outright or consider lease swaps. Buying used The best option for financial security is typically to . The car will be yours at the end of your contract and you have the option to either sell the vehicle or drive it to the end. This opens you to depreciation as well as the possibility of being in the position of being upside-down in your loan. However, for many, it's the most convenient method to afford a ride. Of course, if you fall in love with your leased car it is likely that you'll have the option to buy it at the time the lease ends. Thus, leasing used may be a good way to get in a few cheap monthly payments prior to committing to a car. Lease swaps Websites that trade leases such as LeaseTrader can help you find great deals from those looking to terminate their lease early. The vehicles you discover may not necessarily be considered "used" according to dealer standards, but they will have seen some action from another owner. Next steps Prepare to research new vehicles and dealerships in the region. It's not hard to find a used vehicle to lease, but in the current market it's a challenge. Once you find an used vehicle to lease, make sure it's a budget-friendly option that suits your lifestyle. Find out more


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Written by a Personal and Business finance contributor

Kellye Guinan is a freelance editor and writer with over 5 years experience working in the field of personal finances. She's also a full-time librarian at the local library, where she assists the community gain access to information on financial literacy, among other subjects.



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 feel confident to control their finances with clear, well-researched data that breaks complex topics into manageable bites.






Auto loans editor




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