Can You Lease a Used Car?

Dealership Finance Professional signing documents
 

If you’re looking for a quality new ride in the Richmond area without breaking the bank, you’ve come to the right place! At Short Redmond SuperStore, we’re proud to offer a diverse lineup of vehicles in all shapes and sizes. No matter your budget or lifestyle, we’re confident you’ll find something to love in our inventory! We’re also proud to offer plenty of options if you don’t necessarily want to buy your next ride. So if you find yourself wondering “can you lease a used car?”, our finance team has everything you need to know below!

 

 

Used Car Leasing Details

When it comes to leasing a car, the details are decided by the manufacturer, not the dealership. However, most manufacturers allow you to lease certified pre-owned vehicles, and some allow you to lease regular used cars as well. While CPO guidelines vary based on the manufacturer, generally they have to be fewer than four model years old and have less than 48,000 miles on their odometer. Currently, manufacturers that offer used car leasing include 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?

Luckily, the process of leasing a pre-owned vehicle in Winchester is mostly the same as if you’re leasing something new. The major difference is that the starting price is lower and used cars depreciate more slowly, so it’s likely that your monthly payments will be less than if you lease a new car. The monthly cost is determined by calculating the difference between the sale price and the estimated value at the end of the leasing term. Once your leasing term is up, you can either return the car to the dealership, buy it out, or renew the lease.

Benefits of a Used Car Lease

  • Monthly payments: The most significant benefit of leasing a used car is lower monthly payments compared to leasing a new car.
  • Potential for lease buyout: Since the starting price is lower, the cost of buying out your vehicle at the end of the lease term is also lower!
  • Lower insurance rates: Insurance rates are partially based on a car’s value, so you can most likely get a lower insurance rate if you go with a used car lease

Learn More About Used Car Leasing with Short Redmond SuperStore!

Now you know the answer to “Can I lease a used car?” If you have any questions about the details of used car leasing, don’t hesitate to contact us! You can also stop by our dealership near Danville to talk to a member of our finance team in person, and we’ll be happy to help you out. If you’re interested in buying your next used ride instead of leasing, you can calculate your monthly payment amount right from our website! For more helpful reads, review whether lemon laws apply to used cars and if you need full coverage on a financed used car!

 

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