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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 smarter financial decisions by providing you with interactive financial calculators and tools as well as publishing objective and original content, by enabling users to conduct research and compare data for free - so that you can make informed financial decisions. Bankrate has agreements with issuers, including but not restricted 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 that pay us. This compensation may impact how and where products appear on this site, including for instance, the sequence in which they appear in the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other home loan products. However, this compensation will not influence the content we publish or the reviews that appear on this website. We do not include the entire universe of businesses or financial offerings that could be available to you.
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4 min read. Published on 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 financial matters. She is also a full-time worker at her local library in which she assists the community access information about financial literacy, as well as 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 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 otherwise complex topics into manageable bites.
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The value of used cars decreases more slowly 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 available used cars have further diminished the market. Additionally, you might not recoup the amount you spend on the down payment -- which you won't get back when the lease expires. Still, you could be able to save quite a bit each month. If you're looking to purchase newer cars that haven't had many years of wear and tear, then a used car lease could be right for you. 3 methods to get a lease on a secondhand vehicle Leasing a pre-owned vehicle is . You'll need to investigate the car, and then negotiate in conjunction with your dealer. Since they're rarer than other vehicles, there's more effort involved in finding an affordable price. 1. Explore lease options. There are a few dealers that offer leases on pre-owned cars. It is more likely that you will find leases on certified pre-owned (CPO) automobiles, which are generally only offered by a franchise dealer. It is also recommended to call or send an email ahead of time to ensure the dealer can arrange used car leases. Research the latest models you may want to lease. Also compare shop. Even if you're not buying the car, take a look at the price they're selling for on websites like Edmunds or Kelley Blue Book. This can be a good base to negotiate from. 2. Contact the dealer for negotiations Once you've found an agent that provides used car leases, and you've looked at prices, it's time to . Like a new lease on a car, the price of an used car lease is based on an amount of money -- like the interest rate for an loan. You can negotiate this with regard to limitations on mileage and residual value. The process of negotiation is similar to buying the car. You need to make sure you're receiving a fair price for the overall cost, including taxes, fees and amount you're putting down. 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 . Pay attention to any additional fees that you do not would like to include. Extended warranties are useful in certain circumstances, however, the majority of CPO cars have a manufacturer's warranty. It will also include the anticipated depreciation amount and any residual values at conclusion term of your lease. Verify these correspond to your contracted numbers before 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 monthly than buyingone, however it won't cost you the same amount as . Similar to buying a brand new car instead of used, a lease that is used will have a higher rate of return than a new lease. It is also your responsibility to pay of any damage beyond what the dealer considers "normal." It is contingent on the terms of your lease however, you should expect to pay more for any dings or scratches when your lease ends. Maintenance costs are another big one. Maintenance visits, oil changes and other costs not covered under warranty is your cost. Used car leases aren't common and require additional effort to locate dealers that offer them. Additionally, due to a shortage of semiconductors, there is less inventory overall and this could be a further hurdle to finding a good deal. Limits on mileage is one of the most significant disadvantages for those who are a commuter or love driving. The lease agreement will restrict you to 12,000 to 15,000 miles per year and will charge you extra if you go over. How car loans as well as leases are distinct Car loans require an upfront fee which is then followed by installment payments over a fixed period. Leases have a lower initial expense, but the leasee is responsible only for the depreciation of the car over the lease period. Both leases and loans come with plenty of pros and cons. The key differences are in terms of monthly payments maintenance, usage, mileage , and ownership. Payments for monthly: Monthly payments for leases on cars are generally less because you pay for the use of the vehicle. If you get an auto loan you pay for the right to own the car. maintenance: The cost of maintaining is usually covered by leases for vehicles however, purchasing a car makes you responsible for all charges and maintenance requirements. Use and mileage: Leases have mileage and other fees that are associated with the lease. A car purchase does not have a mileage limit but excessive mileage affects the car's resale or . Options to rent a second-hand vehicle There are two primary alternatives: either buy the car outright or consider lease swaps. A used car is the best option for financial security is usually to . You'll own the vehicle at the end of your contract and you have the choice of selling the vehicle or drive it to the end. It opens you up to the possibility of depreciation, and also of becoming upside down on your loan. However, for many, it's the best method to afford a car. Of course, if you fall in love with the car you lease it is likely that you'll have the option of buying it at the time the lease ends. So, leasing used could be a good way to make the cost of a few low monthly payments before committing to a vehicle. Lease swaps Lease-trading sites like LeaseTrader will help you locate excellent deals from those who want to close their lease early. The cars you come across might not be "used" by dealer standards, but they will have seen some action from another owner. Steps next, research recent cars and the dealers that are in your local area. It's not impossible to locate a used car lease however, in the current marketplace it's not easy. If you do locate a used car to lease, ensure it is an affordable choice that is compatible with your lifestyle. Find out more
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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 employee at her local library, helping her community 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 dedicated to helping their readers to control their finances by providing clear, well-researched facts that break down otherwise complex topics into manageable bites.
Auto loans editor
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