Can You Lease a Used Car? All Your Questions Answered

Can You Lease a Used Car? All Your Questions Answered

Posted on April 7, 2022

The typical car lease will be for a new car but can you lease used cars in Guelph? Are they a good idea? Are they cheaper than leasing new? Is there anything you should look out for?

Our Guelph auto lease team offers some of their wisdom.

Leasing used cars in Guelph

When we think of leasing a car, we usually think of driving a brand new car away from the lot. It’s one of the main selling points of car leasing. The ability to drive a new car every couple of years for less than you would pay buying it.

But you can also lease used cars.

Is leasing used a good idea?

Leasing a used car can be a good idea if you’re looking for the lowest possible payments. Used cars can be anything from a year to five years old but can still provide the experience you look for from a lease.

The main benefit of leasing used is the low cost. These leases will be cheaper than leasing new and may include more generous mileage allowances.

Is it Cheaper to Lease a Used Car Compared To A New One?

Yes leasing a used car is cheaper than leasing a new one. Exact amounts depend on the age and type of car but should be quite a lot cheaper than a brand new model.

As mentioned above, you may also be offered a more generous mileage allowance as well as a lower monthly price. As the initial depreciation has gone, the need to keep mileage to a minimum has also gone.

What should you look for in a used car lease?

There are two things you should check before leasing a used car. One is the warranty and the other is condition.

Vehicle warranty – New cars come with full warranty and some leases will include servicing and maintenance. That isn’t always the case with used car leases so make sure you know what you’re getting.

Vehicle condition – Make sure the lease car has a full and accurate condition report that also includes the current mileage. You don’t want to be on the hook for someone else’s damage or mileage!

The leasing company should recondition the car fully before offering up for lease but it’s up to you to make sure the condition report is accurate and includes any notable issues with the car’s condition. If you spot something, point it out to the representative and make sure it’s noted before you drive away.

Leasing is an alternative to buying and can work for many people. It isn’t your only option though. If you would prefer to own rather than lease, our Guelph auto loan team are only too happy to help.

When you’re ready for a car loan, get in touch with the Guelph auto loan experts at Northway Ford for great deals on auto finance.

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