Can You Lease a Used Car?

If you are looking for an affordable way to get behind the wheel of a dependable vehicle in Van Nuys and Sun Valley, you may be considering pre-owned options. However, what if you are not ready for the responsibilities of vehicle ownership? Is used car leasing even an option? Some dealerships do in fact offer used car leasing. Used car leasing is not always advertised, so it is likely that you will need to contact the dealership to learn more about your options. North Hollywood Toyota discusses the basics of used car leasing below to help you determine if this is a viable option for you. 

The Basics of Used Car Leasing

If a manufacturer does offer used car leasing, it is usually only certified pre-owned vehicles that are eligible. This means that if you want to lease a certified used vehicle, you’ll need to visit a franchised dealership like North Hollywood Toyota. Franchised dealerships are usually the only place where you can get a CPO model. 

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.

The Process of Used Car Leasing

There are not many differences between leasing a brand new car and leasing a used car. In both cases, the difference between the sale price of the vehicle and its estimated value at lease-end will determine the monthly lease payment. When the terms of the lease are complete, you will then return the vehicle to the dealership. Used car leasing also comes with mileage limits, and you will be charged for excess wear and tear on the vehicle. 

Benefits of a Used Car Lease

Is used car leasing right for you? Here are just a few of the perks: 

• Monthly Payment Amount: You can enjoy a lower monthly payment if you choose to lease. 
• Potential for Lease Buyout: The estimated value of a used vehicle will be lower at lease-end when compared to a new vehicle. If you love the vehicle you’ve been leasing, a lease buyout could be an affordable way to own the vehicle down the road. 
• Lower Insurance Rates: Because insurance costs are partially based on the car’s value, they will likely be significantly more affordable if you opt to lease a used car.

Contact Us for More Information

If you still have questions about used car leasing or what your options may be, do not hesitate to reach out to the team at North Hollywood Toyota.