Can You Lease a Used Car?
Looking to save on your next vehicle purchase with a used or certified pre-owned model? It’s a fantastic way to make a budget-friendly upgrade to your Minneapolis commute! However, just because you’re ready to upgrade your driving experience doesn’t necessarily mean you’re ready to commit to purchasing or financing a vehicle. Can you lease a used car? Yes! Used car leasing is offered by a wide range of manufacturers, even though it’s not advertised as heavily as new car leasing. Learn all about how used car leasing works with Waconia Dodge Chrysler Jeep Ram!
What to Know About Used Car Leasing
As you research used car leasing options, you’ll discover that many manufacturers only allow certified pre-owned vehicles to be leased. These models must meet several requirements set by the manufacturer to qualify as certified pre-owned, and therefore will only be found at franchised dealerships such as Waconia Dodge Chrysler Jeep Ram.
According to the National Automobile Dealers Association (NADA), Chrysler, Dodge, Jeep, and RAM all make the list of manufacturers that are said to offer CPO leasing. Other brands on the list include Acura, Audi, BMW, Ferrari, FIAT, Honda, Hyundai, INFINITI, Kia, Lexus, Lincoln, Mazda, Mercedes-Benz, MINI, Mitsubishi, Nissan, Porsche, Toyota, Volkswagen, and Volvo.
What Does the Used Car Leasing Process Entail?
The used car leasing process isn’t much different than the new car leasing process: The monthly payment amount is based on the difference between the vehicle’s sale price and the value it’s estimated to hold at the end of the lease. If you’re considering a used car lease in Chaska, this actually puts you at an advantage! Rates of depreciation are slower for used vehicles, meaning the difference between the sale price and the lease-end value will be smaller. As a result, you’ll get a lower monthly payment than if you leased a new vehicle.
Just as you would have with a new car lease, a CPO lease will come with a mileage limit. If exceeded, there will be an additional fee to pay when you return your leased vehicle to the dealership.
Why Choose a Used Car Lease?
You now know that the answer to “can you lease a used car?”, for most manufacturers, is “yes.” Now you may wonder, should you lease a used car? There are several benefits to consider used car leasing:
- Low Monthly Payment: As detailed above, used car leasing will often lead to a lower monthly payment amount than new car leasing.
- Affordable Lease Buyout Options: Some drivers choose to lease a used car with the intention to buy the lease out at the end of its term because the lease payments could be cheaper than loan payments. Once the lease is over, the estimated value will be lower, and the buyout price becomes more affordable.
- Lower Insurance Rates: Much of the time, insurance rates for used and CPO vehicles are lower, providing a chance to save even more on monthly vehicle costs!
Learn More About CPO Leasing with Waconia Dodge Chrysler Jeep Ram
Do you have additional questions about the used car leasing process? The finance specialists at Waconia Dodge Chrysler Jeep Ram will be happy to help! Contact us or call us at 952-314-1629 to start a conversation today. We want to help you secure the keys to a reliable vehicle for Chanhassen travels, with a payment plan you feel confident about.
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