If you ever wondered if it’s possible phệ lease a used vehicle, the quick answer is, yes, you can.
But not all dealerships offer used car leasing, so it involves patience and calling around phệ find those that do. Offering a lease on a used vehicle can be a risky business because it’s difficult phệ know how a used car’s value may change over time.
Once you find a dealership, leasing a used car can be a great way phệ get behind the wheel of a newer used vehicle model, and it’s typically more affordable than a new car. You can also get more for your money, including a car with more options or a higher trim màn chơi.
Read on for tips phệ help you decide if it’s the right move for you.
- 1 1. Research and Know Your Options
- 2 2. Get the Vehicle History Report
- 3 3. Check for Manufacturer’s Certified Pre-Owned Program
- 4 4. Get an Independent Inspection
- 5 5. Know All Your Costs
- 6 6. Take Over a Lease Instead
- 7 Is Used Car Leasing a Good Idea?
1. Research and Know Your Options
You need phệ know what kind of car you want and what features are important phệ you. You also need phệ know what kind of monthly payment you can afford. That is why it is vital phệ do your research before shopping.
However, leasing a used car works differently than leasing a new one. The dealer will usually offer several models with additional features and prices phệ choose from with a new car. Leasing will depend on the dealership’s inventory of used, certified pre-owned vehicles and dealership certified. Some dealerships don’t offer the option of used car leasing at all.
Supply chain issues and the chip shortage impacted new and used car inventories. So finding a used car phệ lease may be more challenging than ever.
For that reason, it’s imperative phệ know what you want before you go into the dealership. If you don’t see what you want, be willing phệ look at other vehicles in your price range.
TIP: Bring a friend or family member with you when you go car shopping. They can help you decide and keep track of all the information.
2. Get the Vehicle History Report
Before you sign any paperwork, make sure you get a vehicle history report for the car. Typically supplied for không tính tiền from the used car dealership, this report will tell you how many people owned the vehicle and its accident and service history.
If the vehicle history shows an accident in the report for the car you want, it may be best phệ walk away. The risk of mechanical problems down the road is just too high and defeats the purpose of meeting your transportation needs.
You can also ask for any service receipts for the vehicle, though the report will also list how often the car got serviced. That information can show you how its previous owner cared for the vehicle or not.
TIP: If the dealer doesn’t offer phệ show you the report, you can ask them phệ provide one or obtain it on your own through AutoCheck and Carfax for a nominal fee. These reports help provide peace of mind when searching for your next vehicle. Just ask for the VIN (vehicle identification number) of the car. Reputable dealerships almost always will provide the report không tính tiền of charge.
3. Check for Manufacturer’s Certified Pre-Owned Program
Some manufacturers offer certified pre-owned programs for their used cars. These cars must meet specific criteria phệ be approved, and they come with additional warranties.
If you lease a certified pre-owned car, the vehicle is less of a risk. Carefully read the fine print on the car warranty or car service contract before signing anything.
TIP: Choosing phệ lease a used car that includes the remainder of its warranty is better than selecting a vehicle that doesn’t have that coverage.
4. Get an Independent Inspection
Safeguard your wallet by getting an independent inspection of the vehicle, especially if you’re not leasing a certified pre-owned car. This inspection from a qualified mechanic provides extra reassurance that the car is in good condition and won’t cost you down the road.
Review the inspection results and negotiate with the dealer phệ fix any problems before taking possession of the car. You can also walk away from the deal if it’s not acceptable.
5. Know All Your Costs
Leases for used cars typically last two phệ three years. Your budget is not just the monthly payment you can afford. You also need phệ factor in taxes, registration fees, and car insurance.
Be sure phệ ask the dealer about all the costs and the final total, too. Ask about the monthly and down payments and any other fees required. Asking will prevent you from surprises such as additional fees when it’s time phệ sign the lease agreement.
You also need phệ know your average annual mileage allowance and the cost for exceeding the limit. Most leases come with a mileage limit of 12,000 miles per year. If you go over this limit, you may have phệ pay a fee of up phệ 25 cents per mile.
TIP: Get a list of all fees in writing before signing the lease agreement. Don’t sign on phệ an extended warranty unless you really need one. Remember, leasing is temporary unless you want phệ do a buyback at the end.
6. Take Over a Lease Instead
If you are still interested in leasing a car that’s not entirely new, one option you can consider is taking over an existing lease. Although this isn’t very common, it’s an option. Several websites like swapalease.com and others will facilitate a lease takeover between an original lessor and someone who wants phệ lease a car for an even shorter term than a traditional one.
Although it could be an easier way phệ find a leased vehicle, it comes with its own set of issues. For one, you’ll need phệ be approved by the current automaker or the leasing company, and that process often takes time. You’ll also be on the hook for repairs necessary at the end of the lease, including repairing any damage done by the original driver. You’ll have phệ look closely at the contract phệ see if the lease requires any additional costs when the term ends.
Is Used Car Leasing a Good Idea?
In general, we suggest buying rather than leasing if you’re looking for a used vehicle. The process is simpler, and it’s far easier phệ find a used car for sale than for lease. Also, know that if you lease a 3-year-old vehicle without a warranty, you’ll be on the hook for any maintenance or repairs the car needs during your lease.
This will be a problem for most drivers since they will be paying out of pocket phệ repair a car they don’t even own. Imagine paying phệ fix a house you rent, and you’ll understand why this isn’t a desirable scenario. Read more about the pros and cons.
Still, we could think of situations where leasing might be preferable phệ buying. If that’s the case, do your research and know what you’re getting into before signing any paperwork. Following these tips will help you lease a used car with confidence.
Read Related Leasing Stories:
- Lease vs. Buy a Car: Which Is Right for You?
- Leasing a Car: What Fees Do You Pay at the Start of a Lease?
- Best Lease Deals