Can You Lease a Used Car?

Can you lease a used car? Yes. But should you lease a used car? If you’re shopping on a budget in Humboldt, then used car leasing could be a great option. Though many manufacturers offer used car leasing, it isn’t advertised by many dealerships. Read on to learn more about the process, and explore your options with Allen Samuels Hyundai!

Used Car Leasing Facts

Typically, the only vehicles offered for used car leasing are certified pre-owned (CPO) models. Why? CPO models undergo a thorough inspection and reconditioning process, so the manufacturer can guarantee that they live up to the brand’s standards. Most CPO models are within 4 model years of the most current generation with fewer than 48,000 miles on the odometer. If you’re interested in leasing a CPO, you’ll need to choose a franchised and certified dealership like Allen Samuels Hyundai.

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 Process

Leasing a used car is the same process as leasing a new car, but there is one notable exception. When you lease a car, monthly lease payments are calculated using the difference between the sale price of the vehicle and its estimated value at lease-end. New cars depreciate quickly, so the difference between the sale price and lease-end value is a high figure. Used cars depreciate much more slowly, so the difference is much smaller. That means your monthly payments are less costly than a new car.

Of course, you’ll still be subject to the same rules of a lease: mileage restrictions, end of lease returns, and more. But, you’ll save a lot of money in the process!

Benefits of a Used Car Lease

• Monthly Payment Amount: The biggest benefit to used car leasing is the lower monthly cost and the flexibility for your lease-end options.
• Potential for Lease Buyout: Not only are your monthly payments lower, but if you want to keep your car at the end of the contract, your lease buyout could be more affordable as well.
• Lower Insurance Rates: Since insurance costs are also based on the car’s value, you could save additional money on your insurance rates when you choose a CPO lease.

Find Out More with Allen Samuels Hyundai

Can you lease a used car? Should you buy a used car instead? We know you have questions, and Allen Samuels Hyundai has answers. Our team can give you personalized recommendations based on your needs and budget, so feel free to contact us to get started! We’re located in Jackson, near neighboring Brownsville, so get in touch with us today.