Can You Lease a Used Car?

Are you interested in upgrading your commute, but don’t want to spend money on a car you’re not sure you’re going to love in the long run? You don’t have to sacrifice on a great deal, and reliable features, when you select a pre-owned or certified pre-owned vehicle instead to match your lifestyle around Lake Elsinore. However, if you aren’t eager to invest in a car outright, then you may be wondering is it possible to get used car leasing?

Used car leasing is offered by many manufacturers, but it’s usually not heavily advertised and is limited to CPO leasing. In the guide below, Temecula Valley Lexus gets into the details regarding if you can lease a used car and more to help you find the model that works for you.

Used Car Leasing Facts

Usually, manufacturers only allow certified pre-owned vehicles to be leased. Generally speaking (there is quite a bit of variation), CPO vehicles that are available for leasing must be less than 6 model years old and have less than 75,000 miles on their odometer. This usually means that if you want to lease a certified pre-owned vehicle, you’ll have to visit a franchised dealership like those that are a part of Temecula Valley Lexus. 

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.

Leasing a Pre-Owned Car: How Does it Work?

Leasing a certified pre-owned vehicle is a fairly similar process to leasing new vehicles. The difference between the sale price of the vehicle and its estimated value at lease-end will determine the monthly lease payment.

This is a great option for Fallbrook shoppers because certified pre-owned cars depreciate more slowly than new cars, so the difference between the sale price and estimated lease-end value will be smaller, and thus, your monthly payments will be lower. You will also need to return your CPO lease to the dealership when your lease is up, just like with a new lease, and adhere to mileage limits. 

Pre-Owned Car Lease Benefits

There are plenty of benefits that we’ve mentioned, but specifically, leasing a pre-owned car provides you with: 

• Monthly Payment Amount: You can enjoy a lower monthly amount than you would with a new car. 
• Potential for Lease Buyout: The estimated value of a certified pre-owned vehicle will be lower at lease-end when compared to a new vehicle, this makes a lease buyout more affordable at the end of your lease term. 
• Lower Insurance Rates: You will likely get a lower car insurance rate with a CPO lease because insurance costs are partially based on the car’s value. 

Find Your Lease Vehicle at Temecula Valley Lexus Today!

Riverside County drivers who still have questions regarding “Can you lease a used car” can visit our team in Temecula today! Not only can we show you what’s available, but we can also answer your questions. Let our finance department help you find the best model for you and your family, without having to worry about how badly it will impact your wallet.