Can You Lease A Used Car?

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If you’re looking to save on your next vehicle in Cincinnati, both leasing and buying used are great ways to get a top-quality Honda for less. You’ve probably seen plenty of new vehicle lease offers, but can you lease a used car to save even more? The answer is yes! While used car leasing is less common, most dealerships offer it for certain used Honda models. Learn how used car leasing works with this guide from the Joe Morgan Honda finance center!


Which Used Cars Can Be Leased?

Used car leasing is typically available only for certified pre-owned models. CPO vehicles are a special category of used vehicles: to be certified, a CPO vehicle must be a low-mileage, recent-year model in like-new condition. Keep in mind that some dealerships may impose stricter stipulations on used car leasing, such as that the vehicle be less than four years old or driven less than 48,000 miles.

Can you lease a used car from any automaker? In fact, most brands do offer the option to lease CPO models. The following auto brands allow used car leasing according to the National Automobile Dealers Association (NADA): 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?

So can you lease a used car just like you lease a new one in Middletown? As long as used car leasing is available for the vehicle you choose, the process is pretty much the same. As with new car leases, your monthly payment is calculated from the price you pay for the vehicle, and its projected value at lease-end.

When your lease term ends, simply return the vehicle to the dealership! As with new car leasing, you also have the option to buy out your lease if you’d like to keep your leased vehicle.

Benefits of Used Car Leasing

  • Access More High-End Features — Lower monthly payments can free up your budget, allowing you to access more advanced high-end cabin amenities or advanced performance technology.
  • Slower Depreciation Rate — Depreciation slows dramatically after the first two years that a car is driven, so buying used helps you to avoid a steep drop in value. As a result, you can expect monthly used car lease payments to be lower.
  • Lower Monthly Payment Amount — Thanks to the slower depreciation rate of used cars, you can lease a used car for less than a new car.
  • Potential for Lease Buyout — Looking to buy your leased vehicle? Lease buyouts are more affordable for used vehicles because they hold less value at lease-end.
  • Lower Insurance Rates — Inspiring your used car will cost less, because insurance premiums are based partly on your vehicle’s current value.

Explore Your Used Car Leasing Options in Monroe

Questions about the benefits of used car leasing for Lebanon drivers? The certified Honda technicians at Joe Morgan Honda are standing by with expert car-buying tips to help you make the most of your budget. You can learn more about used car shopping with our our guide to the best mileage for a pre-owned car that will keep you moving for years to come.  Contact us today!

 

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