Can You Lease a Used Car?

February 1st, 2019 by

Finance-BannerWhile leasing a used car isn’t common, some dealerships offer the service — often as part of a certified pre-owned program. Currently, the only brands that explicitly don’t offer used leases are Ford, Buick, Chevrolet, Cadillac, and GMC. If you’re interested in leasing a used car, it’s best to reach out to the dealership and talk with the finance team — even if they don’t lease used cars, they may have a low-priced new car lease or some affordable used cars to choose from.

Used Car Leasing Facts

Drivers who want low monthly payments with the freedom of not owning a vehicle might benefit from a used car lease — it can be the smart choice for a specific kind of driver. Here are some key things to know about used car leasing:

  • Which Used Cars Can Be Leased? – This can vary on a dealer-by-dealer and a brand-by-brand case. In most used car leases are only offered for certified pre-owned vehicles, and even then, used lease prices may not be advertised. This is why it’s always a good idea to reach out to the finance team if you have a special case.
  • Used vs. New Car Lease – While both are leases — meaning you’ll be returning the vehicle after the terms are up — the depreciation on used vehicles is often less, and a used car lease will likely offer lower monthly payments with similar benefits.
  • Can I Buy a Used Car After I Lease? – Typically, if a dealership offers used car leases, you will often be able to buy the used car after the lease has ended, much like with many new car leases.

While maintenance costs can be higher on a certified pre-owned car, CPO vehicles often include extended warranty coverage that helps ease any repair and maintenance costs.

Learn More About Leasing

Want to learn more about leasing? Whether you’re eyeing a used car lease or are looking to lease a new car, our finance team can help you with your next steps. Contact us today to get started.

Learn More at Brown Automotive Group

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