Can You Lease a Used Car?

Lease Agreement
 

Many Kyle shoppers know that used cars offer terrific value, but can you lease a used car? The answer is maybe. Used car leasing is offered by several manufacturers, but it isn’t advertised as often as a typical new car lease. In this guide, Sterling Acura of Austin walks you through everything that you need to know about used car leasing around Buda and San Marcos.

 

 

Used Car Leasing Facts

So, can you lease a used car? Most manufacturers will allow used car leasing, but only certified models. Certified pre-owned (CPO) models are handpicked from the used car inventory, and they include extra assurances to the customer. A CPO Acura must be fewer than six model years with less than 80,000 miles on the odometer. This means you’ll enjoy newer features, newer technology, and lower mileage. Plus, a CPO comes with a comprehensive warranty and other benefits.

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?

Whether leasing a new or used vehicle, the process is similar. The biggest difference is the price. The monthly lease payment is determined by the difference between the sale price and and the estimated value at the end of the lease period. Because a CPO vehicle has a lower price than a new vehicle, this means the difference will be smaller – and your payments will be more affordable.

After your lease period is over, you’ll still have all the same end-of-lease options as usual. You can bring your car to the lease return center or consider a lease-end buyout. But, you’ll also be responsible for any fees – including mileage penalties.

Benefits of a Used Car Lease

  • Monthly Payment Amount: Used vehicles have already gone through the bulk of depreciation, which means a lower starting price and a lower monthly payment.
  • Potential for Lease Buyout: If you decide to purchase your vehicle at the end of your lease, you can also take advantage of a much more affordable lease buyout when compared to a new model.
  • Lower Insurance Rates: Because your insurance rates are based on the cost of your car’s value, there’s a good chance that you’ll get a lower car insurance rate.

Find Out More with Sterling Acura of Austin

Now you know the basics of used car leasing, but what if you still have questions? Contact us at Sterling Acura of Austin to find out more about your financing options, and visit our finance center in Austin!

 

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