The prices of vehicles, new and used alike, have never been higher due to increased demand and low inventory. If you need a new-to-you ride and you’re on a budget, buying a vehicle outright isn’t the most economical choice, and neither is leasing new. If you’re wondering, “Can I save money leasing a used vehicle?” the answer is, “Yes!” Read on to learn how leasing used saves you money and gives you the best bang for your buck.
How Used Car Leasing Saves You Money
When you lease a vehicle, used or new, your monthly payments go toward depreciation on that vehicle. Since used cars that are a few years old have already been impacted by the most significant depreciation, the monthly payments on used car leases are much lower than on new ones. Also, the lower depreciation on your vehicle means you’ll have lower insurance premiums, further reducing how much you’re spending on your ride.
Another way used car leasing can save you money is that, in some cases, you get coverage for major repairs. Negotiate these terms with your dealer and ask for comprehensive breakdown or repair coverage. That way, you’re not stuck shouldering the cost of maintenance and repairs.
How Does Used Car Leasing Work?
Leasing a used vehicle is just like leasing used. You’ll need to do your research to find the vehicle you want, then negotiate with the seller for favorable terms. Here are the steps you’ll take when leasing used:
Research your options: Not all dealers offer used car leasing. Often, dealers offer leasing on certified pre-owned (CPO) vehicles, which are usually available at franchise dealers only. You can make the process much easier by reaching out to Drivrz Financial—we’ll help you find a dealer who offers used car leasing, reducing the legwork you have to do to find the car of your dreams.
Negotiate: Once you’ve found a dealer that offers used car leasing and you’ve found the right car for you, it’s time to negotiate. Like new car leasing, the cost of used car leasing is based on a money factor that you’ll be able to negotiate, along with residual value and mileage limits. Ensure you’re getting a fair price on the overall cost, including taxes, fees, and your down payment.
Check the contract: Your contract should include mileage limits, fees, covered maintenance, and a purchase option. Most CPO vehicles come with manufacturer’s warranties, but extended warranties are a useful option in some cases. Confirm expected depreciation and residual value, and make sure they match your figures before you sign.
Leasing Used Saves You Money
Leasing a used vehicle is a smart choice in any market, especially today when prices for cars have never been higher. If you’re looking for the best possible ride at the best possible price, reach out to the used car leasing financing professionals at Drivrz Financial today. We’ll help you find a dealer who offers used car leasing, so you can get on the road without breaking your budget. Call us today at (800) 436-0476!