Can I find used cars for lease?
Leasing a car is a great alternative to purchasing a car. Leasing saves you money while giving you the option to return the car once the lease expires. However, is this an option available to you when looking for a used car? The answer to that question is usually no. There are many reasons why you cannot find many used cars for lease. To learn more about which vehicles to lease and the proper auto insurance needed, simply enter your ZIP code into the FREE comparison tool above now!
Private Party Sales Are Cash Only
Leasing a car is completely out of the question when buying from a private party. The owner of the car is selling because he wants cash for his car. He is also selling because he has no more use for the car. This means that renting out the vehicle is not going to happen. Leasing a car also involves a complicated contract that most private party sellers would not fully understand. Therefore, leasing a car through a private party is not going to be an option for you.
Leases Make New Cars More Attractive
The main attraction of a lease is that it gets a driver into a newer car for less money. New cars are generally more expensive than used cars. Leasing a car will lower the price of a new car to that of a used car. Buying a 2012 Hyundai Sonata is going to cost you around $20,000. This is going to cost you roughly $350 dollars a month for a 60 month loan. However, leasing the car may cost you only $199 dollars a month for 36 months. Leasing the car allows you to drive a new car for almost half the price.
There is No Reason to Lease Older Cars
Used cars can drop in value quite quickly. Therefore, it is easier for a driver to just buy the used car. Owning a car has several advantages that leasing does not provide. Buying a used car is easier because:
- The Owner Can Build Equity
- The Monthly Payment Is The Same As A Lease
- The Buyer Keeps The Car As Long As They Want
Trying to lease a used car would just result in a car that sits in the lot. A car that does not find a driver is going to be wasted profit. This is why dealers restrict leases to the current model year.
The Economy Didn’t Help
Used car leases used to be more prevalent before the economy collapsed. Consumers in the United States were not interested in making car payments when they had no money. Companies who offered leases on used cars went out of business because of the poor conditions. Banks and other financial institutions decided to stop offering leases on used cars as well.
Exceptions to the Rule
Used car leasing has not totally gone away. You can still lease a used car by taking over an existing lease. All you have to do is be willing to honor the terms of the lease. It is possible that the person getting rid of the lease may be willing to pay you for taking the lease. Doing a quick Internet search should allow you to find some sites that facilitate the transferring of leases.
Used luxury cars are sometimes available for lease. This is because a luxury car is going to maintain its value for a longer period of time. Even an older luxury car may only be affordable through a lease. You could get yourself a nicer car than you expected for a lower price. Check with local dealerships to see if they are offering any used luxury cars for lease.
Difficulties to Consider
Leasing a used car is very hard to do. Private party sellers are not going to want anything other than cash for the car. Dealers are going to be reluctant to offer a used car for lease because it is not cost effective. Your best option is to look for a lease that you can take over. It could get you a great car for a price that you can afford.
Be sure to enter your ZIP code into the FREE tool below to compare multiple auto insurance policies and save even more money!