Can You Lease a Used Car?

Lease Agreement

Do you want to upgrade your commute, but you have a tight budget? Delray Beach drivers can opt for a used or certified pre-owned vehicle from Lexus of Palm Beach to enjoy like-new benefits. However, if you aren’t ready to make the leap, you may be wondering, “Can you lease a used car?” Though not often advertised, used car leasing is available through many dealerships like Lexus of Palm Beach. We’ll get into all the details regarding used car leasing, below!

Used Car Leasing: Facts & Information

Typically, manufacturers will only lease certified pre-owned models, and generally CPO models must fit into certain standards to be qualified for the program. This means they must be below a certain age, mileage and still be in like-new condition. So, if you want to lease a certified used vehicle, you’ll have to work with a franchised dealership like Lexus of Palm Beach, as it’s only at franchised dealerships where you can find certified pre-owned vehicles. 

Other examples of dealerships that offer CPO leasing, according to the National Automobile Dealers Association (NADA), 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.

Used Car Leasing: How Does it Work?

Leasing used cars is pretty much the same as leasing a new vehicle, except that used cars depreciate more slowly than new cars. So the difference between the sale price and estimated lease-end value (which is what’s used to calculate your monthly lease payment) will be smaller, making your monthly payments lower. Another similarity to new car leasing is the returning process and mileage limits you must adhere to. 

Benefits of Used Car Leasing

Lake Worth and Palm Beach Gardens drivers that aren’t convinced can also enjoy the following benefits when leasing a used vehicle: 

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

Explore Used Car Leasing at Lexus of Palm Beach Today!

Can you lease a used car? If you still have questions about used car leasing, feel free to contact us at Lexus of Palm Beach or drop by for a visit in West Palm Beach today. Our expert finance team is happy to help you get the best deal on your next Lexus vehicle! 

 

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