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Posted Thursday, Apr 07, 2016 by nhtwpprod
With more and more people turning to leasing cars instead of buying them, Toyota has plans to meet the growing needs for leases when it comes to certified used cars. In the past, car dealerships in Los Angeles sold the vast majority of their used cars rather than leasing them. In fact, since Toyota has only been in the business of selling used cars for around 20 years, that upcoming anniversary is the perfect time for the company to start leasing certified pre-owned cars as well.
Naturally, specific parameters will have to be met in order for a used car to be leased out, but that just demonstrates Toyota's ongoing commitment to quality.
CPO Leasing Parameters
Not all used cars will be leased out. Toyota still sells certified pre-owned cars. The main reason that they are going to begin leasing used cars is because of the upcoming boom when leased cars are returned this year. Those numbers are twice what they were last year, which tells Toyota a variety of different things. More people are leasing cars in general, but, because of that increase in numbers, more certified used cars will be on the lots this year.
Again, not all of the pre-owned cars found at Los Angeles car dealerships will be eligible to be leased rather than sold. Cars that are more than three years old will not be part of the lease program. Instead, they will be sold as certified pre-owned cars. If they have more than 65,000 miles on them, they won't qualify for leasing, either. So, in 2016, a 2015 with 68,000 miles on it won't be eligible for the CPO lease program. These details and others related to leasing are being shared with dealerships now to prepare them to meet consumer leasing needs in the near future.
Leasing Details to Be Addressed
Until this year, Toyota sold and leased only new cars. They also sold certified pre-owned cars. These cars were certified because they had gone through a very specific inspection to meet the criteria that Toyota requires them to meet before being sold. This was to ensure that the cars sold were in solid working order, able to be on the road for more than a short length of time.
At this point, the program simply needs to be extended to dealers. Toyota isn't just going to open the leasing doors without giving their dealers the training they need to manage this program. CPO leases started being active in January of this year, but only in the northeastern states.
As times goes on and more dealers receive their training, even Los Angeles car dealerships will be able to start leasing certified pre-owned cars. Since so many are being returned after their lease expires this year, people will have a fair amount of vehicles to choose from.