Spring 2022 update: As of this writing, the semiconductor chip shortage and supply chain issues continue to wreak havoc in the automotive marketplace. The ongoing supply shortage has cut new car inventory to a fraction of its normal level. Consequently, prices for both new and used cars have skyrocketed to record levels. While this article remains a great resource on the overall used car leasing process, it may be harder to find dealers who are willing to participate in leasing a used car since there is greater profit to be made from selling it instead. Also, the numbers on a lease may not make financial sense, as current lease rates are not as competitive as they once were.
Are you thinking about leasing a new car? It may be possible to lease a slightly used version of the same vehicle you've got your eye on and save yourself thousands of dollars in the process. If you've never heard of a used-car lease, don't worry. Most people haven't.
Used-car leases are a bit of a secret. Not all dealers offer them, and it's unlikely you'll see them advertised online or elsewhere. Even people who work at car dealerships may be unaware that leasing a used car is an option.
But used-car leases do indeed exist, and for shoppers willing to do the legwork to land one, the reward may be more than just savings. Because used-car lease savings can be so significant, shoppers may be able to afford a nicer car and still save money compared to leasing a new vehicle.