Can You Lease a Used Car?

If you are looking to upgrade your commuter vehicle, or maybe your lease is coming to an end, then leasing a used car might be an option for you. Used and certified pre-owned vehicles are also solid choices for those on a budget in Humboldt. If you are not ready to commit to owning a vehicle, used car leasing is often an option offered through your local automotive manufacturer. Allen Samuels Chrysler Dodge Jeep Ram (Jackson) is here to provide you with information about how to lease a used car for your drives around Jackson. 

Facts: Used Car Leasing

Oftentimes, certified pre-owned vehicles are the only used vehicles that dealerships lease. It’s generally not advertised because certified pre-owned cars are supposed to be less than 4 years old and have less than 48,000 miles in order to be leased. Not all of them will fit that criteria. You will need to visit a franchised dealership like Allen Samuels Chrysler Dodge Jeep Ram (Jackson) to find certified pre-owned vehicles that are available for leasing. 

Manufacturers that offer CPO leasing, according to NADA the National Automobile Dealers Association, include Acura, Audi, BMW, Chrysler, Dodge, Ferrari, FIAT, Honda, Hyundai, INFINITI, Kia, Lexus, Jeep, Mercedes-Benz, Masda, Mitsubishi, MINI, Porsche, Nissan, Toyota, RAM, Volvo, and Volkswagen. 

How Do I Make Used Car Leasing Work?

If you have ever leased a vehicle before, the process of leasing a certified pre-owned vehicle is quite similar. To determine the cost of monthly leasing, the finance team will estimate the difference between the sale price and the value at the end of the lease. 

Used cars have slower rates of depreciation, which is a benefit for Dyersburg drivers because the sale price and estimated value at lease-end will have a smaller difference. This can give you lower monthly payments than if you leased a new vehicle. 

When your CPO lease is up, you will need to return your vehicle to the dealership, just as you would when leasing a new car. Similarly, you will need to stick to the mileage limits agreed to at the beginning of your lease.

Benefits of Leasing a Used Car

• Lower monthly payments: As we have mentioned, the depreciation that occurs on a used car is less than on a new car, so your monthly payments will be far less than on a newer lease.
• Lease buyouts: At the end of your leasing term, the value of your vehicle will be lower than it was at the beginning. This may give you an opportunity to buy out your vehicle for a more affordable price than its initial cost. 
• Lower insurance costs: With a CPO lease, it’s very likely that you will have lower car insurance rates. Typically, insurance costs are based on a car’s value.

Chat With Experts at Allen Samuels Chrysler Dodge Jeep Ram (Jackson)

If you still have questions, our finance team is available to talk. You can contact us to learn more information about the process and steps involved in leasing a used vehicle. Your drive around Brownsville can be more affordable and safe in your CPO vehicle. Come in or call us today to discuss more with our finance team!