While the availability of new vehicles is starting to see some improvement, the havoc of the semiconductor shortage and supply chain delays hasn’t disappeared just yet. When automobiles were readily available, you could find incredible Hyundai lease deals at every Hyundai dealership in town. Shopping for Hyundai lease deals has become much more difficult without a full stock of new vehicles on the lot.
With a low supply of fresh Hyundai cars available at your favorite dealership and a potential recession creeping around the corner, many shoppers have started to wonder if it’s possible to lease a used car.
Yes, you can, but it takes a little work to make it happen. If fact, if you put in the effort, you may save a boat-load of money on your used car lease.
The Mechanics of Used Car Leases
In general, the only used cars that will be eligible for lease are certified pre-owned vehicles. For Hyundai, only vehicles that are newer than six years old, have fewer than 80,000 miles, and pass a 173-point inspection are allowed to be called “certified.”
Hyundai lease deals for used cars follow the same basic principle as new leases. The lender determines the vehicle’s value. Your monthly payments are based on the difference between the vehicle’s sale price and its residual value. Since not all automobiles depreciate at the same rate, the residual value is determined on a case-by-case basis.
Your lender will come up with an interest rate called the money factor. In the same way that used car loans often have higher interest rates than new cars, your used lease interest rate will also be a little higher. Don’t worry, though. When you figure in the lower sale price, the higher interest rate won’t cause your payments to be unreachable.
Just like with any new car lease, you can also buy the vehicle when your used car lease is over. Since it’s a used car, the price of buying out the lease will be much less.
How To Shop Used Hyundai Lease Deals
If you want to explore getting into a used car lease, there are a few steps you’ll want to take. Your first mission is to find a dealership that offers this kind of program. Your best bet is often when large auto groups and franchises that work directly with auto manufacturers. You may find a small, pop-up dealership that claims to offer used car leases, but you’ll want to be careful that you’re getting a good deal.
The next step is negotiating a deal on the car you want. There are more things to consider with a used car than with a new option. For example, the mileage on the car, maintenance history, etc., are typically not things you have to worry about when shopping for a new ride.
You can also discuss service contracts, add-ons, and other options to get the most from your deal. While Hyundai offers excellent warranties on their certified used cars, an extended warranty might offer additional support.
Make sure you understand the terms of your lease, including mileage limits, wear and tear, and purchase options when the lease is up. If you’re in the market for a new lease, you might actually find it easier to take home the vehicle you want and save a ton of money by exploring used car leases at a Hyundai dealership near you.
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