If you can't afford to lease a new car, you might be wondering if you can lease a used car instead. Read on to find out how and where to lease a used car.
7 minutes
02.23.2024
It’s common to associate leasing with brand-new cars, but you can lease a used car. Many people choose to lease used cars because they cost less but tend to have existing warranty coverage. Used car leases also allow lessees to experience newer technology and features without the commitment of car ownership through financing. The process of leasing a used car doesn’t differ significantly from a new car lease, but there are some critical considerations.
Leasing isn’t for everyone, so FINN offers affordable car subscriptions with flexible terms. FINN’s monthly subscription fees include insurance, registration, depreciation, and insurance, so you can easily bundle your car-rated budget items. FINN also offers a vast fleet of vehicles to subscribe to, so you can customize your ride to your style.
One of the most common questions people ask before leasing a car is how to do it. Leasing a used vehicle mirrors the process of leasing a new car, including the following steps:
Used car leases can be harder to find than new car leases. However, used car leases often stem from vehicles that have returned from their first lease and struggle to sell. A dealership may offer a lease on these cars to make a profit and then move the car to another segment where it might have a better chance of selling.
Finding the best carlease deals takes knowing where to look, especially if you’re looking for a used car lease. Many leasing companies offer leases. You can also typically find a used car lease in the following places:
In addition to locating where you can find a used car lease, figuring out the best time to lease a car can help you get a better deal. However, if you can’t wait for the best time, you can subscribe to a car with FINN. Each subscription comes with flexible terms and the chance to have your new car delivered to your front doorstep.
The best way to lease a car depends on what kind of car you’re looking for. New car leases are relatively straightforward in that you lease a brand-new car and return it after a set period. In most new car leases, maintenance is covered in the deal you sign, which may or may not include a down payment. Those who want to drive the latest vehicles typically move from one new car lease to another.
In contrast, used car leases don’t necessarily put drivers at the cutting edge of technological features, advanced driving aids, and the latest safety features. Warranty coverage may or may not apply, depending on how many miles the used car has or its age. Used car leases also feature cars that aren’t necessarily perfect, as they’ve been driven before. However, leasing a used car can cost less than a new one because depreciation has already taken a significant toll.
If you’re a visual person, the following lists indicate the benefits of leasing a used car and what drawbacks you may encounter. Compare these to the pros and cons of leasing newer vehicles as you decide what you want to drive for the next few years.
Leasing a used car can help you experience what it means to lease with lower monthly payments than on a new vehicle lease. Leases help potential buyers test drive a model for an extended period to determine if they’re ready to move forward with a purchase. However, leasing doesn’t build equity and can cost more than financing a vehicle in the end.
Leasing alternatives include renting a car, financing a car loan, or subscribing to services such as FINN. With a FINN car subscription, your monthly payment covers insurance, registration, depreciation, and maintenance. FINN lets you pick from various mileage limits and terms, including a minimum of six months up to two years.
Yes, you can lease a used car from a dealership. Most dealerships offer used car leases on certified pre-owned vehicles, which may or may not come with a manufacturer’s warranty or extended warranty. Check with your local dealerships to see which used car leases are available in your area, in addition to any incentives you may be able to take advantage of.
The decision to buy your leased car often depends on individual circumstances. With leasing in general, buying your leased car is a good idea if you can profit from reselling the vehicle based on the residual value. However, some lessees also keep their vehicles after purchasing them because they’ve spent less than if they were to buy a car they weren’t familiar with.
Most used car leases typically appear on models that are only a few years old. For instance, you’d be hard-pressed to find a used car lease on a vehicle that’s over five years old. At the same time, some buy here pay here dealerships may offer car leases to help buyers afford their purchase.
It’s possible to lease a used car and pay less than a new car lease. However, you do make some sacrifices in leasing a used car versus a new one, namely in driving a vehicle with older technology and features. Lease trading websites such as Swapalease can also help you get into a used car lease without having to do any negotiating yourself. The decision to lease a used car ultimately depends on your personal preference.
If you’re not ready for a used car lease, check out a FINN car subscription instead. Subscribe to a FINN car to pick out the exact car you want and have it delivered to your door. FINN also offers flexible terms, so you can subscribe for six months or up to 12 months. Give yourself the freedom to choose your next ride with a FINN car subscription.
Wondering what documents you need to lease a car? Driver’s license, credit score and proof of insurance, income and residence are five essentials.
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