Can You Lease a Used Car?

 
If you’re looking for the best possible price on your next used vehicle, you may have wondered whether leasing is an option. Most buyers do choose to finance, and used car leasing isn’t often advertised, but still–can you lease a used car? Actually, many manufacturers do offer used car leasing on certain vehicles. In the guide below, we’ll explore your options when it comes to leasing the perfect used car in the Long Island area!

Which Used Cars Can Be Leased?

Typically, used car leasing is only available for certified pre-owned models. You can also expect further restrictions, including that the CPO vehicle is under 4 years old and has less than 48,000 miles on the odometer. Keep in mind that CPO Dodge, Chrysler, Jeep, Ram, Wagoneer vehicles are only sold at certified franchised dealerships like Security Dodge Chrysler Jeep Ram.

Also, not all brands offer lease contracts for used cars. According to the National Automobile Dealers Association (NADA), the following manufacturers offer CPO used car leasing: 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?

Can you lease a used car as easily as a new car? A CPO vehicle lease follows just about the same procedure as a new vehicle lease. Your monthly lease payment amount is determined by the difference between the vehicle’s price and its estimated value at lease-end, which is great news for Amityville used car buyers. Because used cars depreciate more slowly than new models, there’s less difference between the sale price and estimated lease-end value. As a result, you’ll see smaller monthly auto payments.

As with new car leasing, you need to return your leased CPO vehicle to the dealership when your lease ends. Keep in mind that you’ll need to stay under a mileage limit in order to satisfy the terms of your lease. Use our online payment calculator to get a better idea of your budget for monthly auto payments.

Benefits of Used Car Leasing

• Lower Monthly Payment Amount–Can you lease a used car for less than you can lease a new model? Absolutely. As noted above, a used car lease will cost you less each month than a new car lease.
• Potential for Lease Buyout–At lease-end, a used vehicle will hold less value than a new vehicle. As a result, it will be more affordable to buy out your lease, should you choose to do so.
• Lower Insurance Rates –Insurance costs are based in part on a car’s value, so you may be offered a lower car insurance rate.

Explore Used Car Leasing Options in Amityville

If you’re ready to move forward with a used car lease in Massapequa, the auto finance experts at Security Dodge Chrysler Jeep Ram are ready to show you your options! Reach out today to get started.