Can You Lease a Used Car? All Your Questions Answered

The typical car lease will be for a new car but can you lease used cars? Are they a good idea? Are they cheaper than leasing a new vehicle? Is there anything you should look out for?

 

Our auto lease team offers some of their wisdom.

 

Leasing a Used Car

When we think of leasing a car, we usually think of driving a brand-new car away from the lot. It’s one of the main selling points of car leasing. The ability to drive a new car every couple of years for less than you would pay to buy it.

 

But you can also lease used cars.

 

Is Leasing a Used Car a Good Idea?

Leasing a used car can be a good idea if you’re looking for the lowest possible payments. Used cars can be anything from a year to five years old but can still provide the experience you look for from a lease.

 

The main benefit of leasing is the low cost. These leases will be cheaper than leasing new ones and may include more generous mileage allowances.

 

Is Leasing a Used Car Cheaper Than a New One?

Yes, leasing a used car is cheaper than leasing a new one. The exact amounts depend on the age and type of car but should be quite a lot cheaper than a brand new model.

 

As mentioned above, you may also be offered a more generous mileage allowance as well as a lower monthly price. As the initial depreciation has gone, the need to keep mileage to a minimum has also gone.

 

What to Look for in a Used Car

There are two things you should check before leasing a used car. One is the warranty and the other is the condition.

 

Vehicle warranty: New cars come with a full warranty and some leases will include servicing and maintenance. That isn’t always the case with used car leases so make sure you know what you’re getting.

 

Vehicle condition: Ensure the lease car has a full and accurate condition report that includes the current mileage. You don’t want to be on the hook for someone else’s damage or mileage!

 

The leasing company should recondition the car fully before offering up for lease but it’s up to you to make sure the condition report is accurate and includes any notable issues with the car’s condition. If you spot something, point it out to the representative and make sure it’s noted before you drive away.

 

Leasing is an alternative to buying and can work for many people. It isn’t your only option though. If you would prefer to own rather than lease, our auto loan team is only too happy to help.

 

when you're ready to lease a used car in Ontario, we'd love to help with us. Give us a call at +1 888-759-6798 to get started.