So, why would somebody want to lease a used car? “Cars are getting more expensive – leasing makes it more affordable,” Hall said. Heck, the average new car price is $33,560. You would need to put down about $2,999 and pay $299 a month for a 36-month lease on a new car.
On a used car, though, you can pay the same amount for a $35,000 vehicle that was probably worth about $42,000 new one year earlier. Wait two years and you can get a car that was worth $45,000 new. That’s usually good for a bump in engine size and possibly a navigation system and better audio.
However, your financial risks with a leased used car are higher, according to Consumer Reports. It says a three-year old car has twice the likelihood of mechanical problems compared to a one-year old car. You might want to see if a certified pre-owned used car is available for lease.
One thing to consider before leasing any car (new or used) is your insurance premium. They can change when leasing and be higher. That needs to be factored into your monthly costs.