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Can You Lease a Used Car?

2022 RAM 1500 parked near golf course at sunset
You’ve probably heard of leasing a brand-new vehicle, but what about a pre-owned one? You can lease a used car as used car leasing is offered by many manufacturers. This is ideal if you need a vehicle in Columbus, GA, but you’re not quite ready to invest in purchasing one! Learn a bit more about how leasing a pre-owned model works below.

Used Car Leasing Facts

Most manufacturers only allow certified pre-owned vehicles to be leased. Generally, the CPO vehicles available for leasing must be fewer than 4 model years old and have less than 48,000 miles on their odometer. If you’re interested in leasing a certified used vehicle, you’ll need to visit a franchised dealership like Opelika Ford Chrysler Dodge Jeep Ram.

According to the National Automobile Dealers Association (NADA), the list of manufacturers which 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 is similar to leasing a new one. When it comes to the monthly lease payment, it will depend on the difference between the sale price of the vehicle and its estimated value at lease end. Since used cars depreciate more slowly than new cars, the difference between the sale price and estimated lease-end value will be smaller, and your monthly payments will be lower. This will give you a huge advantage in Auburn! Still, you will have restrictions like mileage limits and keeping the car to its condition as closely as possible. When your lease ends, you will also need to return your CPO lease to the dealership.

Why Should You Lease a Pre-Owned Vehicle?

  • Monthly Payment Amount: 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.

Learn More from Opelika Ford Chrysler Dodge Jeep Ram

Interested in considering used car leasing in Opelika? Reach out to Opelika Ford Chrysler Dodge Jeep Ram and we will give you more information!

 

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