Can You Lease a Used Car?

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You might know the difference between leasing and financing a new car, but can you lease a used car? While not offered by all manufacturers, used car leasing can be an excellent way to get a great deal on your next vehicle in Haverhill. However, there are a few things to keep in mind before you start the process. Let’s dive deeper into the basics of used car leasing with Rockingham Toyota.

What Is Used Car Leasing?

In general, manufacturers only let dealerships lease new vehicles and certified pre-owned vehicles. That’s because certified models carry extra assurances of quality, like lower mileage and thorough inspections. So, if you want to lease a used vehicle, it’s important to look for a franchised dealership since they are the only ones that offer certified models.

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 Does Used Car Leasing Work?

If you’re familiar with the new vehicle leasing process in Methuen, you’re already familiar with the used car leasing process. In both cases, the monthly lease payments are calculated as the difference between the sale price of the car and its estimated value at the end of the leasing period. But when you choose a used model over a new model, there’s no need to worry about steep depreciation. That means the difference between the sale price of the car and its estimated future value is smaller – and that means your monthly payments will be lower too.

What Are the Benefits of Used Car Leasing?

Now that you know the answer to “Can you lease a used car?”, let’s find out why this might be the perfect option for you:

  • Monthly Payments: Because depreciation is so much lower than a brand new car, a used car lease is much more affordable to those on a tight budget.
  • Lease Buyout: Not only are your monthly payments less expensive, but if you choose a lease-end buyout, you can also get a better deal at the end of the lease term.
  • Lower Insurance: Because your insurance is based on the car’s value, your used car lease will likely have a very affordable insurance rate.

Learn More With Rockingham Toyota

Whether you want to know more about certified leasing or you’re ready for your test drive, contact us at Rockingham Toyota for more information about our services. Our team would be happy to help you work out a great deal on your next loan or lease, so don’t hesitate to reach out to us in Salem.

 

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