Can you lease older cars or only new ones? What type of rates can you expect to pay?

Question

Can you lease cards that a couple to a few years old? Or do company's only lease newer cars? What type of rates are average for a car? What's the monthly payments? How much is usually required upfront? I know this all depends on the car, but assuming its not a brand new or high end car.

Answer 1

Actually, yes you CAN lease a used car.  There are several companies that do this.

BUT

It is almost never a good idea.  The residuals are awful, and the money factor (APR) is higher than a new car.  The only time it makes sense to lease a used car is when it is a business vehicle.  These aparatus are in place for - say - a paving company to lease trucks.  The lease has a major tax advantage when compared toa  purchase.

For private party, leasing a used car is not cost effective, and is not usually a good idea.  Purchase used, or lease new if the lease is a good fit.  Dont try to lease used.

Answer 2

Yes, you can lease some used cars.

Believe it or not, it's probably better to lease a new car. A new car will have a warranty, won't have the problems that go with having a used car, and may actually be about the same, if not cheaper to lease than a used vehicle.

Answer 3

Leasing is pretty well dead almost all of the major banks are refusing to underwrite it and used cars with the exception of super luxury models are out of the question. The only leasing left is subvented by the manufacurers themselves.