How to Lease a Pre-Owned Car

Leases aren't just for brand new cars. Chances are that pre-owned car you are looking might also make a great lease deal. If your looking at a pre-owned car that has undergone a certified pre-owned inspection, you might even be able to get a warranty that covers as much as a new car warranty would.

Instructions

1

Call a car dealership that carries that type of used vehicle you are thinking about leasing. Ask whether pre-owned leases are available for the specific year, make and model that you are looking at. Not all banks and manufacturers have leases available for all pre-owned vehicles.

2

Do you research and find out what price a vehicle with the options and mileage you are looking for should be selling for. You can use sites such as www.kbb.com (Kelley Blue Book) to find out a vehicle's value based on its condition, mileage, options and year. Also, use sites such as www.autotrader.com to see what dealers and private parties are selling similar vehicles for.

3

Try to find a vehicle with the lowest mileage possible when leasing a pre-owned vehicle. Pre-owned vehicles usually have residual values that are higher than what the car is currently selling for; a pre-owned car with very low miles will have a higher residual since the vehicle is in better condition compared with an identical vehicle with 30,000 or 40,000 more miles, for example.

4

Ask about how much warranty is still available on the vehicle. You would ideally like to lease a vehicle that is covered under warranty, be it the original warranty or an extended warranty, for the duration of your lease.

5

Find out about scheduled maintenance that need to be performed on the vehicle. As cars get older and gain more mileage, the scheduled maintenance usually gets bigger and more expensive. Check whether the dealer has any scheduled maintenance packages that can be purchased at the start of the lease to cover all oil changes and other required maintenance.