Cars Used Ontario Used Car Lease

One of the questions I get alot is if there is such a thing as a used car lease.

Generally speaking when it comes to cars used in Ontario, you can lease a used car, but only one model year back. Anything after that then it doesn’t really make sense financially to get into a used car lease, you would be better off to finance it or purchase it outright.

Banks won’t offer any sort of lease option when it comes to used cars. There are a few private companies that will and if a car dealership offers in-house financing then they will off a used car lease option. If you are going to go this route make sure and really understand what leasing a used car intails. Many people believe that when use go through a used car lease it is like a leasing a new car, you can give it back. This typically isn’t the case with a used car lease. You don’t have the option to give the car back at the end of the term. There is typically a payment at the end.

Know what is expected and make sure you get all your questions answered before you sign. Personally as much as I really like the car leasing option, when it comes to used cars, you are far better off to finance … but you decide what is best for you!

Creative Commons License photo credit: peggydavis66

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