Can you lease a preowned car

Most dealers, however, will allow lease extensions either on a month-to-month basis, or for a fixed term. Some people simply continue to lease indefinitely. High-end car dealers often offer lease deals on used vehicles. Seek out your preferred make and model and ask if a lease is available on something that suits you. Many people do not realize leasing a used vehicle is an option, make sure to ask for it.

It is not as common to lease a standard used car. It still does not hurt to ask about possible options. Getting a used lease or getting rid of your current one has never been so easy. A few websites lay it all out for you and do most of the legwork. They all tout being the best but I will let you decide.

The top online lease swap websites include:. Taking over someone's lease can make a lot of sense. It can get you into a car you may not be able to afford to buy outright. It can be debatable whether or not a lease is a good idea in the long run, but it really is a personal choice. The ability to take over someone else's lease opens up new possibilities and makes it so you do not need to be under contract for such a long period of time like a traditional lease.

A car lease is negotiable just like buying a new car. If you are getting the vehicle from a dealership, do a little research on the vehicle you are purchasing. A useful website to estimate new and used car values is Kelley Blue Book. See if you can find the same make and model four years or five years older or better yet the length of your lease to see what its value is currently.

It will give you a good estimate of what your vehicle will be worth when your lease is over. Take the current value of the vehicle you want to lease minus what you think the value will be at the end of the lease.

Divide that by the number of months of your lease and that should give you an idea of what the monthly payment ought to be.

Keep in mind, however, that the dealership pays the manufacturer for the vehicle and will include a finance charge to cover their cost of capital. The finance charge is typically not itemized and is factored into the lease payment. You should ask the dealer how much of the payment is made up by finance charges to see if you're truly getting a good deal.

Sellers often offer incentives for someone to take over their lease. Ask for the first or even the first and second payment to be paid for when you take the lease over. Often the seller wants out of the deal so badly they will gladly pay ahead. Warranties are always important. When signing the deal on a used car lease it is especially important.

Many things can go wrong mechanically with a vehicle and even though you do not own the vehicle outright you are still responsible for fixing any problems. A bumper to bumper warranty can come in very handy on a used vehicle. Always inquire about the warranty so you know exactly what you are signing up for when leasing a vehicle. Whether you are agreeing to a used car lease or a new car lease, you need to insure it.

But whether it is a good choice for you depends on your needs, budget and options. Read on to find more tips and insights into leasing a used car. Just make sure you're covered with an affordable car insurance policy.

Many of the same benefits apply to leasing used as to leasing new. In some ways, it can be even better. For example:. Our independent agents shop around to find you the best coverage.

Your monthly payments are likely to be lower, and you may be able to get more car for your money. Car Insurance. Auto Loans. Debt Management. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data.

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Your Money. Personal Finance. Your Practice. Popular Courses. Insurance Car Insurance. Key Takeaways Leasing a used car can be less expensive than leasing a new one. Many car dealers offer leases on used cars, but typically only certified pre-owned models.