Q:

What are the requirements for leasing a pre-owned car?

A:

Quick Answer

Leasing a used car requires choosing a vehicle brand that finances used car leases, obtaining a lease quote for the car's new version to compare with the used car lease value, and finding a used car that meets your preferences, reports Edmunds.com. Try to find a certified pre-owned, or CPO, vehicle, and be flexible with your choices, as it may be difficult to find a used car with the exact set of features or colors you desire.

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Full Answer

Contact several dealerships to find dealers who accept used car leasing, recommends Edmunds.com. When you find a CPO car that you like, talk to the dealership's sales manager to ask about used-car leasing. Request to speak to a higher supervisor if the manager declines, as used-car leasing is uncommon, and some sales managers may not be familiar with it.

After finding a dealership that accepts used-car leases, request a quote, negotiate the price and ask for the residual value, which is useful if you decide to purchase the vehicle when the lease ends, suggests Edmunds.com. Find out about the total down and monthly payments.

The possible benefits of used-car leasing include a lower monthly payment, lower residual value for a buyout at the end of the lease, longer powertrain warranty for a CPO car and lower car insurance costs, notes Edmunds.com. The disadvantages include potentially significant maintenance costs and scratches or stains.

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