While it’s far more common for consumers to lease new cars, used car leasing is also an option, and you can end up with significantly lower monthly payments. Finding deals on used car leases can be tricky, but if you’re willing to put in the work, you should be able to find options that fit your needs.
If you’re interested in leasing a used car, the first thing you should do is check how much it would cost to lease that make and model if it was new. This will be your point of comparison to determine if the used car lease is a good deal. Next, look for dealers in your area that have the used car you’re looking for in their certified pre-owned inventory, call them, and ask each one if they have used car leasing available. You may need to request to speak to a manager if the first person you speak with is unreceptive. If you have no luck with a dealership, just go to the next one on your list and continue until you find at least one that is willing to make the deal.
Once you get one or more quotes for leasing the used car you want, you can compare those amounts to the amount it would cost to lease the car new. If you can save enough by leasing used, then set up a test drive and start negotiating with the dealer. Remember that just because you’re leasing, negotiating the price of the car doesn’t change. You still want to get it as low as possible so you have the lowest monthly payments. Don’t be afraid to haggle so you can save more money.
There are a few reasons why you may want to lease a used car instead of a new one, and also potential drawbacks to consider. You’ll have a lower monthly payment since you’re leasing a car with a lower price, and since the car has already had its sharpest depreciation. You’ll pay less if you decide that you want to purchase the car at the end of the lease term. The car’s lower value also means that your monthly insurance premiums will be lower.
The main drawback to keep in mind when you lease a used car is that mechanical issues are far more likely than they are with a new car. If there are any issues and the warranty has expired already, you’ll need to pay for them yourself, which can cut into any money you saved by leasing used instead of new. If the warranty has expired already or will expire during the term of your lease, you should consider purchasing an extended warranty that will cover you over the term, just in case there are any issues. Of course, you need to factor the cost of this extended warranty into your cost comparison.
Another option for leasing a preowned car is a private party arrangement where you take on another person’s lease. There are several sites available that connect people looking for car leases with people who want to get out of their leases. With this method, you’ll avoid the common upfront costs that accompany leasing a car. However, you need to keep in mind that you’ll become responsible for the condition of the car, which means you could end up paying for any damage done by the previous owner. If the previous owner drove the car heavily, you could also end up paying for any overages on the mileage allowance.