Can You Lease a Used Car?

If you aren’t ready to commit to full ownership but don’t have it in the budget to lease a new vehicle, then you might be wondering if leasing a used car is possible. It’s not advertised as much as new vehicle leasing is, but used car leasing is absolutely possible and offered by many manufacturers. Learn about how to lease a used car and more with the finance center at Shottenkirk Chevrolet, and get a great deal on a pre-owned vehicle lease during your Quincy car-buying experience.

How to Lease a Used Car

How exactly does used car leasing work? The process of leasing a used car is pretty similar to leasing a new vehicle. Much like with leasing a new vehicle, the monthly lease payment will be determined by the difference between the vehicle’s sale price and the vehicle’s estimated lease-end value. Because used cars depreciate slower than new vehicles, the difference between the sale price and estimated lease-end value of the vehicle will be smaller for a used vehicle, meaning that the payments will be smaller.

Just remember that, similar to a new vehicle lease, you’ll have to return your used vehicle lease to your Hannibal-area dealership. Because you don’t technically own the vehicle, you’ll still have to adhere to mileage limits and other restrictions during your lease.

What to Know About Used Car Leasing

So, can you lease a used car? As mentioned above, you can lease a used car, but most manufacturers will only allow you to lease a certified pre-owned (CPO) vehicle. A general rule about leasing a CPO vehicle is that the vehicle can’t exceed four years of age and can’t exceed 48,000 miles on the odometer. Only franchised dealerships like Shottenkirk Chevrolet have certified pre-owned vehicles for leasing.

What Manufacturers Offer Used Car Leasing?

You can lease a used car, but it will usually have to be a CPO vehicle. To help you get an idea of what type of vehicle brands you can lease, here are the manufacturers that offer CPO 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
• Volvo

For more benefits on leasing vs. buying, visit Shottenkirk Chevrolet.

Why Lease a Used Car?

Just because you can lease a used car, should you? Some of the great benefits of used car leasing include:

• Lower Insurance Rates: Pre-owned vehicles generally cost less to insure than new vehicles do, so you’ll more than likely have lower insurance rates when leasing a CPO vehicle.

• Lower Monthly Payments: Because a CPO vehicle experiences less depreciation than a new vehicle, your monthly payments will be significantly lower.

• Lease Buyout: Because the vehicle’s estimated lease-end value is lower compared to a new vehicle, a potential lease buyout could be more affordable towards the end of your lease.

Not only can you lease a used car, but when you shop at Shottenkirk Chevrolet near Keokuk, you can get a great deal on a CPO vehicle lease.

Get a Great Lease Deal at Shottenkirk Chevrolet

If you have any more questions about used car leasing, CPO vehicles, or other car-buying questions, visit Shottenkirk Chevrolet in Quincy or contact us online. We’re ready to answer any of your car-buying questions.