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Can You Lease a Used Car?

2021 honda accord hybrid on mountain road
 
Whether you’re looking for your first car or you’re not ready to invest in buying a car right now, shopping used or certified pre-owned is a great way to get into an affordable model you love. However, you may be wondering, “Can you lease a used car?” Used car leasing is available with many manufacturers, but it may not be as popularized as new car leasing. Read on with Westbrook Honda to dive into everything you need to know about how you can lease a used car, and the benefits of used car leasing. If you have any questions along the way, don’t hesitate to contact our team!

Tips About Used Car Leasing

When you’re starting your search for a leased vehicle, you should know that most manufacturers only allow used car leasing on their certified pre-owned models. Honda CPO vehicles are often models with fewer than 4 model years old with less than 48,000 miles on the odometer. Since these models are found at a franchised dealership like Westbrook Honda, you’ll have to visit a dealership to lease a certified used car.  That doesn’t stop you from finding a model you love around Branford. According to the National Automobile Dealers Association (NADA), the manufacturers that 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 to Lease a Used Car

Now that you know you can lease a used car, certified used car leasing follows a process similar to new vehicle leasing. The notable difference between the two is the sale price and its estimated value at the end of the lease, which are both used to determine the monthly lease payment.  If you’re shopping on a budget, used car leasing has its advantages. Since used cars depreciate more slowly than new cars, there’ll be a smaller difference between the sale price and estimated lease-end value, and lead to lower monthly payments.  Keep in mind that there may be mileage limits you need to follow when leasing a certified used car. Then, at the end of the lease, you’ll return your CPO lease to the dealership when you can then find another vehicle that catches your eye.

Advantage of Used Car Leasing

  • Monthly Payment Amount: As previously mentioned, the lower difference in depreciation and the end value leads to a lower monthly payment than you would find with a new car lease.
  • Potential for Lease Buyout: If you’ve grown attached to how your model drives on Middletown roads, a lease buyout at the end of the term will be more affordable since the estimated value of a used vehicle is lower.
  • Lower Insurance Rates: Since insurance costs are often attached to the car’s value, it’s likely that you can get a lower car insurance rate with a CPO lease.

Discover More Car Buying Tips with Westbrook Honda

If you have questions about how you can lease a used car, the knowledgeable team in our finance center is here to help. Be sure to take a look at our other car buying guides to learn more about the differences between used and certified pre-owned vehicles, and tips for how to negotiate a lease buyout.

 

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