Can You Lease a Used Car?

Leasing a car is an effective way to have a lower monthly car payment compared to financing the entire price. Another way to lower your monthly payment is by shopping for certified pre-owned or used cars. You may be wondering, “Can I lease a used car?” Although not every automaker offers used car leasing, many do. So, can you lease a used car near Long Island? Learn more about used car leasing and what type of car qualifies in this guide from the finance experts at Security Dodge Chrysler Jeep Ram in Amityville!

Used Car Leasing Facts

Most manufacturers only allow certified pre-owned vehicles to be leased. As a general rule, the CPO vehicles available for leasing must be fewer than 4 model years old and have less than 48,000 miles on their odometer. This means that if you want to lease a certified used vehicle, you’ll need to visit a franchised dealership like those that are a part of Security Dodge Chrysler Jeep Ram, as it’s only at franchised dealerships where you can find certified pre-owned vehicles.

According to the National Automobile Dealers Association (NADA), the list of manufacturers that are said to offer CPO leasing includes Acura, Audi, BMW, Chrysler, Dodge, Ferrari, FIAT, Honda, Hyundai, INFINITI, Jeep, Kia, Lexus, Lincoln, Mazda, Mercedes-Benz, MINI, Mitsubishi, Nissan, Porsche, RAM, Toyota, Volkswagen, and Volvo.

How Does Used Car Leasing Work?

Leasing a certified used vehicle follows a pretty similar process to new vehicle leases. The difference between the sale price of the vehicle and its estimated value at the lease end will determine the monthly lease payment.

This poses a benefit for Amityville shoppers –– used cars depreciate more slowly than new cars, so the difference between the sale price and estimated lease-end value will be smaller and your monthly payments will be lower.

Like new car leasing, when your lease ends you will need to return your CPO lease to the dealership. There will also be mileage limits you will need to adhere to.

Benefits of a Used Car Lease

• Monthly Payment Amount: As we noted above, you can lease a used car for a lower monthly amount than you would a new car.
• Potential for Lease Buyout: The estimated value of a used vehicle will be lower at lease-end when compared to a new vehicle, which could make a lease buyout more affordable when you reach the end of your lease term.
• Lower Insurance Rates: There’s a good chance you can get a lower car insurance rate with a CPO lease, as insurance costs are partially based on the car’s value.

Contact Us With Questions

Now that you know more about used car leasing, it’s time to contact our sales team to explore our certified pre-owned inventory. While you’re here, talk to our finance experts about leasing a used car that fits your Massapequa budget. Count on the team at Security Dodge Chrysler Jeep Ram in Amityville for all your automotive needs, including our in-house parts and service departments! We look forward to doing business with you.