Can You Lease a Used Car?

If you want to upgrade your Virginia Beach commute with a new vehicle, leasing could be a great option. If you’re shopping with a specific budget in mind, used or certified pre-owned are excellent options to consider. It’s possible that you’re not quite ready to invest in buying a car outright at the moment, so you might wonder, “Can you lease a used car?” Used car leasing is offered by many manufacturers, but it is generally not advertised as much as new car leasing. In the guide below, Rick Hendrick Chevrolet Norfolk covers everything you should know about leasing a used car in Chesapeake.

Facts About Used Car Leasing

You’ll find manufacturers generally allow certified pre-owned vehicles to be leased, the rule generally being that the CPO vehicles available for leasing must be fewer than 4 model years old and have less than 48,000 miles on their odometer. This means that if you want to lease a certified used vehicle, you’ll need to visit a franchised dealership like those that are a part of the Hendrick Automotive Group, as it’s only at franchised dealerships where you can find certified pre-owned vehicles.

The National Automobile Dealers Association (NADA), lists 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.

You might notice that Chevrolet isn’t included in that list — that’s because Chevrolet only recently started offering CPO vehicle leasing as of 2016.

Can You Lease a Used Car? How Does it Work?

The process of leasing a used car is pretty much the same as leasing a new car. The monthly payment is calculated by the difference between the sale price of the vehicle and its estimated value at lease-end. This is beneficial for Chesapeake shoppers, because used cars depreciate more slowly than new cars. The difference between the sale price and estimated lease-end value will be smaller and your monthly payments will be lower. When your lease ends you will need to return your CPO lease to the dealership. There will also be mileage limits you need to adhere to.

Benefits of Used Car Leasing

• Monthly Payment Amount: You can lease a used car for a lower monthly amount than you would a new car.
• Potential for Lease Buyout: At the end of the lease term, the estimated value of a used vehicle will be lower when compared to a new vehicle, which could make a lease buyout more affordable when you reach the end of your lease term.
• Lower Insurance Rates: With a CPO lease, there’s a good chance you can get a lower car insurance rate, as insurance costs are partially based on the car’s value.

Contact Us at Rick Hendrick Chevrolet Norfolk With Questions

If you still have questions about used car leasing, contact us for more information on understanding the process. At our dealership serving the greater Suffolk area, we can help you. Our finance team is here to help you secure the most advantageous car-buying solution for your needs!