Can You Lease a Used Car?

Used cars on a car lot
 
Are you looking to upgrade your New Albany commute, but you’re shopping on a budget? It’s a great choice to consider a used or certified pre-owned vehicle. But, perhaps you’re not quite ready to invest in a car and commit to a years-long financing contract? You may be wondering, “Can you lease a used car?” While used car leasing is offered by many manufacturers, it’s usually not advertised as much as new car leasing. Read on to learn more about used car leasing with Toyota of Louisville.

Facts About Used Car Leasing

Most manufacturers only allow certified pre-owned vehicles to be leased. What differentiates used vehicles and certified pre-owned vehicles? As a general rule, CPO vehicles that are available for leasing must be fewer than 4 model years old and have less than 48,000 miles on them. As a result, if you’d like to lease a certified used vehicle, you’ll need to visit a franchised dealership as they’re the only dealerships where you can find certified pre-owned automobiles.

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.

Used Car Leasing Work: How Does it Work?

Used car leasing follows a similar process to leasing a new vehicle. The difference between the sales price and its estimated value at lease-end determines the monthly lease payment. Leasing a used vehicle is highly beneficial, as used cars depreciate much more slowly than new cars. In turn, the difference between the sale price and estimated lease-end value will be smaller and your monthly payments will be lower.

Just like when leasing a new car, once your lease ends, you’ll need to return your CPO vehicle to the dealership. It’s important to keep in mind that there will be mileage limits you’ll need to adhere to.

Does Toyota Offer Used Car Leases?

Yes, Toyota offers 24-60 month leases on qualified Toyota Certified vehicles – and you even have the option to buy out your vehicle at the end of your term. Most Lexington drivers find that they pay less upfront and have lower monthly payments than a traditional finance plan, so it’s a great way to get the most out of your money. However, keep in mind that you’ll need to watch both your mileage and wear and tear as requirements of the program.

What are the Benefits of a Used Car Lease?

Some additional benefits to a used car lease around Elizabethtown include:

  • Monthly Payment Amount: Lexington drivers can expect a lower monthly payment when leasing a used car.
  • Potential for Lease Buyout: As lease-end, the estimated value of a used vehicle will be lower than the estimated value of a new vehicle. As a result, this could make the lease buyout much more affordable.
  • Lower Insurance Rates: You could possibly receive a lower car insurance rate with a CPO lease, seeing as insurance costs are partially based on the car’s value.

Get All of Your Finance Questions Answered at Toyota of Louisville

If you have any more questions about used car leasing or even lease takeovers, contact us for more information on how this process works. Then, when you’re ready to buy, reach out to our helpful finance team so they can help you secure the best deal for your financial situation. We look forward to working with you!

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