Can You Lease a Used Car?

Used cars on a lot

If you’re looking for a lease on a budget, you might be wondering, “Can you lease a used car?” The answer is yes. While many Grand Island drivers choose new vehicles, used car leasing can be a fantastic option for those who want a more affordable and flexible option. Take a look at the basics of used car leasing, and find out how to get started at Midway Auto Dealerships.

Used Car Leasing 101

While not all manufacturers offer used car leasing, most do lease Certified Pre-Owned (CPO) models. CPO models are used models that are generally 4 model years old or newer with very low mileage on the odometer.

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.

How Do You Lease a Used Car?

Leasing a used car is similar to leasing a new car. In both cases, the monthly lease payment is determined by the difference between the sale price and estimated value at the end of the contract. This can pay off in a big way for Hastings customers on a budget because used cars depreciate much more slowly compared to a brand new model. The result is a smaller difference between sale price and estimated lease-end value, which means a lower monthly payment for you. However, keep in mind that you’ll need to adhere to the same mileage limits as a typical lease and you’ll need to return your lease to the dealership unless you intend to buy.

Benefits of Leasing a Used Car

  • Monthly Payment Amount: Due to lower depreciation, you’ll usually have much more affordable monthly payments compared to a new lease.
  • Potential for Lease Buyout: The estimated value of a used vehicle will be lower at lease-end when compared to a new vehicle, which pays out for you if you decide to do a lease buyout at the end of your contract. 
  • Lower Insurance Rates: Insurance costs are based on your car’s value, which means lower insurance payments for your used car lease. 

Find Out More with Midway Auto Dealerships

So, can you lease a used car? Yes. Should you lease a used car? Find out at Midway Auto Dealerships. Feel free to contact us with your questions or stop by Kearney to chat with our experts. We’ll help you find just the right option for your needs and budget in the Holdrege area, so get in touch with us today!

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