Leasing vs Buying Used
If you’re wondering whether leasing vs. buying a used car is better for you, you’ll want to take a few different factors into consideration. The good news is, whether you’re considering a new-to-you car for adventures skiing in the northeast, hiking in the Rockies, or California dreaming, there are plenty of affordable and reliable used cars on the market nationwide.
The question becomes: Which payment method is going to complement your priorities today and later down the road? At the fork in the road between leasing or buying your next used car, our team at Val-U-Line® is here to help you choose your path! Contact us with any questions!
Leasing vs Buying Used: The Basics
When you lease a used car, you choose to rent it for an extended period of time, usually two to three years. During this time, you pay a monthly rate to drive the car, but you never fully pay off its full value.
Once your lease is complete, you can choose what you’d like to do next: pursue a different lease or move forward with buying this or another vehicle. Simply return the vehicle to the dealership and choose which path you want to take next.
Buying a used car means you’re going all in. Many used car buyers put some money down up front, then take out a loan from a partnering bank or lender. Loan periods for buying can run anywhere from four to six years of monthly payments, at the end of which, you’ll have full ownership of your used car! If you think this is the right option for you, get started browsing our used car inventory.
Leasing Used: Try Before You Buy and the Latest Tech
Wondering if leasing a used car is the right move for you? Here are a few indicators that might help you decide:
- If money is a little tight right now—with having to put a down payment on a new house or paying off college loans—getting to pay less month to month on a vehicle by leasing may be appealing.
- Maybe you’ve been driving a sedan for your college years, but you're looking for an SUV that may be able to better handle your active lifestyle. After a few years behind the wheel, you may be inclined to buy.
- Using the latest technology—including smartphone integration and advanced safety technology—is high on the top of your wish list.
- You’ll only be using your next vehicle for commuting and the occasional errand, so you don't feel that mileage restrictions will be an issue.
How to Lease a Used Car
Used-car leases are not a common sight, but there are some used car dealers that will allow it if it works out for all parties involved. If the used car is less than four years old and has less than 50,000 miles on the odometer, most dealerships will consider leasing it.
The question is: How do you lease a pre-owned car? Follow these simple steps to get started:
- Call the used car dealership and the manufacturer of the vehicle you have your eye on. Ask them if they have used car lease deals. You may get lucky!
- Get quotes for both buying and leasing the same vehicle. Used car values can vary, and you may find one option clearly fits into your budget better than the other.
- Think about securing the shortest lease term possible. A 1- or 2-year lease is ideal for used cars. It gives you just enough time to try the vehicle out, and then you can decide to buy it or move on to the next set of wheels.
Buying Used: More Mileage and a No-Payments Future
If you’re looking for a long-term solution, buying a used car will be a better match for your lifestyle. Do you think buying used is the way to go? Check below to see whether it will work for you:
- This is a car you know will serve you for many years to come. It’s outfitted to suit and adapt to your changing lifestyle over the upcoming years.
- You want the freedom to take road trips often or customize your car without having to account for the overages and restrictions of a lease.
- You have room in your budget to buy. There are plenty of cheap used cars available nationwide, so you’re sure to find one that suits your needs.
- If you’re looking to make an investment in your future, buying is certainly the way to go. If you care for the vehicle and keep up with scheduled maintenance, you may be able to sell it for close to the same value.
Check out our used car inventory right here on our website if you think this is the best option for you!
Buying Used vs Buying New
There are plenty of car buyers who enter the process knowing they would rather buy instead of lease. The question for many of them is: Should I buy new or used?
Here are a few reasons why you should buy a used car:
- One of the biggest reasons to go for a used car over a new model is the upfront cost. A cheap used car will fit into your budget easily.
- Used cars hold their value for much longer than new vehicles, so they’re a great investment.
- It is usually much cheaper to insure a used car, and in most states, registration costs are usually lower for pre-owned vehicles.
- Have you ever dreamed of owning a luxury car? When you buy used, it will be easier to get behind the wheel of your dream car!
Lease or Buy Used: Val-U-Line® Can Help
As you can see, the answer to whether you should lease vs. buy used is not one-size-fits-all. It’s unique to where you are in your life and what you’re looking for. Whether you ultimately choose to lease or buy, finding a car with an affordable price is a great first step. For that, you can count on the expansive inventory at one of Val-U-Line®’s nationwide used car dealerships.
All our pre-owned vehicles are less than $14,999, so whether you choose to lease or buy, there’s a car, truck, or SUV out there that’s sure to suit your lifestyle and budget. Contact us to find your next car!