Lease a used car?

[Anonymous]

My wife and I are interested in leasing a fun used car for a couple of years. I haven't been able to find much on this forum, lender websites, or even Google. Any idea if banks do this? Do they do so at reasonable rates?

[Girlzilla88]

Most dealerships don't lease PreOwned vehicles you have to Lease New

[Anonymous]

That saddens me. I wonder why this isn't offered. Not enough consumer interest? Too much risk?

[Anonymous]

Would it be possible to just rent the car you want for the weekends that you want to?

Otherwise can you find a used one to buy in your budget?

Why used?  If due to being a specific car,

but out of budget when new, then again renting one here and there may be cheaper.

[Anonymous]

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@Anonymous wrote:

Would it be possible to just rent the car you want for the weekends that you want to?

Otherwise can you find a used one to buy in your budget?

Why used?  If due to being a specific car,

but out of budget when new, then again renting one here and there may be cheaper.

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Renting might work. We're looking for a rear drive stick shift, so that might be tough. It would certainly be worth looking around though.

We were considering leasing a CPO for an easy process and low cost. (I believe NJ only taxes the actual lease cost.) I've sold a few cars privately and I've never really enjoyed doing it. (The pandemic doesn't make it any more appealing.)

Toyota FRS/Subaru BRZ or similar; nothing crazy

We were thinking a low mileage lease (5k/year would be plenty) would keep the depreciation low. Given the low mileage our thought was leasing new would be silly (too much depreciation/mile).

We don't have to do this at all. We figured it might be cheap amusement.

[sccredit]

I have seen some 3rd party used car leases. However, they are not cheap. They have high money factors and because the residuals on used cars are a shot in the dark they are often very very low, increasing the cost of the lease.

The thing with leases on new cars is that they are subvented by the manufacturer so the borrowing costs are normally much lower and the residuals often inflated. For example - my wife's Infiniti has a money factor that is the equivalent of 0.24% interest and has a residual of 53% after 3 years. That car won't be worth anywhere near that. Nissan/Infiniti will eventually be the ones left holding the bag on it and selling it for thousands less than the residual when we turn it in. 

[randomguy1]

BMW has CPO leases sometimes.

[Anonymous]

This is all very helpful. Thank you.

My original thought for used was that the depreciation from years 2 - 4 or 3 - 5 is much less than from 1 - 2 or 1 - 3. I guess if the manufacturers are effectively subsidizing the leases that wouldn't matter.

I'll call a couple of nearby BMW dealerships and see if they have anything cheap enough.

[sccredit]

It looks like Honda and Lexus both offer it

[Brian_Earl_Spilner]

Y u no like Miata?

https://www.mazdaofescondido.com/can-you-lease-a-used-car/