Depending on the age of the car, its manufacturer’s warranty might expire before your lease ends. In this case, you might be on the hook for any repairs that are necessary to keep the car in working order, not only to keep it running but also to avoid any wear-and-tear charges at the end of your lease.
But you may be able to avoid costly repairs by leasing a certified pre-owned car that comes with some kind of warranty from the dealership.
If you can’t lease a certified pre-owned car, you can usually buy an extended warranty — also known as a service contract — on your own to cover certain unexpected expenses. Just be aware that all extended warranties are not created equal. Make sure you know exactly what is and isn’t covered so you aren’t surprised if you eventually need to make a claim.
Remember, you’re still leasing a car
While leasing a used car may come with lower monthly payments, keep in mind that at the end of the lease, you don’t own the car. If your need for a vehicle hasn’t changed when your lease ends, you can purchase the vehicle (if that’s an option), lease another car, or buy a new or used vehicle.
When you return your vehicle to the dealer at the end of the lease, you can be charged for excessive wear and tear if the car isn’t in good shape. And by leasing a used car, you’ll likely be returning the vehicle at a more advanced age than if you’d leased a new car. So you should make sure the car stays well-maintained to avoid any unnecessary fees at the end of the lease.
A used-car lease might not be right for you
Used-car leases aren’t for everyone. If you love leasing a brand-new vehicle with the latest technology and that new-car smell each time your lease expires, used-car leasing may not be worth the cost savings to you. A new-car lease may be a better fit.
Similarly, if you don’t want to deal with the hassle of extended warranties and potential maintenance expenses that may be more likely to pop up with used-car leasing, you’re probably better off sticking with leasing new cars.
You should also consider whether it makes more sense to buy a used car if you’re considering leasing a used vehicle.
Bottom line
Leasing a used vehicle could save you money on your monthly payments. Just make sure you’re prepared to find a used-car lease that fits your needs and budget.
And don’t forget that the cost savings of leasing a used vehicle comes at a price. Potential maintenance costs and other risks associated with leasing a used car may not be worth it for everyone.
Whatever you decide, make sure you do your homework by preparing a budget and comparison shopping for the best used-car lease for your situation.
Shop Smart Autos is not responsible for any errors in price or vehicle information provided to us from our dealer partners. We take every precaution to ensure the information is accurate and correct. Any questions please contact the dealer.
