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Can You Lease a Used Car?

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Have you ever eyed that dream vehicle on your Lima drives, but your budget holds you back? While buying a used or certified pre-owned car outright is a common choice, perhaps a long-term commitment isn’t on your agenda. The question then arises: Can you lease a used car? While not as heavily promoted as new car leasing, used car leasing is a viable choice offered by a plethora of manufacturers. Let’s delve into everything you need to know with Exceptional Motorcar about the possibilities of leasing a used car in Defiance.

 

 

What Does Used Car Leasing Entail?

So, can you lease a used car? A pivotal point to note is that, in most cases, only certified pre-owned (CPO) vehicles get the nod for leasing. Typically, these vehicles should be within four model years old and boast less than 48,000 miles on the odometer. So, for those eyeing a CPO for lease, heading to franchised dealerships, like Exceptional Motorcar, is crucial. It’s only here you’ll spot those certified gems.

For a little clarity, renowned entities like the National Automobile Dealers Association (NADA) have pinpointed brands offering CPO leasing – the lineup includes the likes of Acura, Audi, BMW, and more.

How Does Used Car Leasing Work?

In essence, the leasing process for certified used vehicles isn’t worlds apart from leasing new ones. The lease’s monthly payment is largely a derivative of the difference between the vehicle’s selling price and its projected value at the close of the lease.

For Toledo enthusiasts, here’s the silver lining: used vehicles aren’t as swift in depreciation compared to brand-new ones. Hence, this gap (between the selling and lease-end value) isn’t monumental, translating to more manageable monthly payments.

Just as with new car leases, once your lease tenure concludes, you’ll be returning your CPO vehicle. And, yes, keep an eye on those mileage caps!

Why Consider Used Car Leasing?

  • Reduced Monthly Payments: Comparatively, your monthly payment for a used car lease can be much lighter than its new car counterpart.
  • Feasibility for Lease Buyout: The fact that a used car’s value at the lease’s end is generally lower can make a lease buyout seem more within reach.
  • Potential Insurance Savings: Given that a car’s value plays a role in insurance calculations, a CPO lease might offer you a more appealing insurance rate.

Questions on Used Car Leasing? We’re Here to Help!

If you find yourself wondering, “Can you lease a used car?”, or have queries about used car leasing specifics, especially in Defiance or around the Findlay area, don’t hesitate to connect with us. The dedicated finance team at Exceptional Motorcar is here to guide you every step of the way.

 

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