Yes, you can lease a used car, but it's less common than leasing a new car. Used car leases are typically available through franchised dealerships offering certified pre-owned (CPO) vehicles. They often include lower monthly payments due to slower depreciation but may come with specific considerations like mileage limits and repair needs.
Leasing a used car provides an alternative to purchasing or leasing new vehicles, particularly for those seeking lower monthly payments. You're more likely to find used car leasing options at franchised dealerships that offer certified pre-owned (CPO) vehicles. Manufacturers such as Acura, Audi, BMW, and Honda often provide CPO leasing programs. These programs may include perks like extended warranties and inspection certifications, offering added peace of mind.
Things to Consider:
Cost: Leasing a used car can be more affordable, but additional fees or repair costs may apply if the vehicle isn't under warranty.
Mileage Limits: Similar to new car leases, you'll need to adhere to mileage caps to avoid penalties.
Negotiation: You can negotiate aspects like the money factor, residual value, and mileage limits with the dealer to secure better terms.
Warranties: Non-CPO vehicles may not include warranties, potentially increasing your repair costs.
Repair Needs: Used cars might require more maintenance compared to new cars.
End of Lease: At the end of the lease, you'll typically return the car to the dealership unless you choose to buy it.
End-of-Lease Checklist:
Schedule an Inspection: Dealers often inspect the car for damage. Preparing in advance can help you avoid unexpected costs.
Check for Mileage Overages: If you've exceeded the mileage limit, expect to pay per-mile fees.
Understand Wear and Tear Standards: Familiarize yourself with the dealer's wear-and-tear guidelines to avoid unnecessary repair fees.
