Can You Lease a Used Car?

Considering an upgrade for your daily drives around Winder, but tight on budget? Pre-owned or certified pre-owned (CPO) vehicles are excellent choices. If buying a car outright isn’t in your plans, you might wonder, “Can you lease a used car?” Yes, used car leasing is an available but less publicized option than new car leases. In this guide, Phil Hughes Honda dives into what you need to know about used car leasing in Athens.

Used Car Leasing Facts

Regarding used car leasing, most manufacturers only allow certified pre-owned vehicles to be leased. These CPO vehicles must often be under 4 model years old with under 48,000 miles. To lease a certified used vehicle, you’ll likely need to visit a franchised dealership like Phil Hughes Honda that offers CPO vehicles.

According to the National Automobile Dealers Association (NADA), various manufacturers are known to offer CPO leasing, including brands like Honda, Toyota, and BMW.

Process of Used Car Leasing

Can you lease a used car like a new vehicle? Absolutely. The process for leasing a certified used vehicle mirrors that of new vehicle leases. The key difference in used car leasing is the calculation of your monthly lease payments, which are determined by the gap between the vehicle’s sale price and its anticipated value at the end of the lease.

For Monroe shoppers, this is good news. Used cars depreciate more slowly than new ones, meaning the difference between the sale price and estimated lease-end value is smaller, leading to lower monthly payments.

Like new car leasing, you’ll need to adhere to mileage limits and return the vehicle at the end of the lease.

Advantages of Opting for a Used Car Lease

• Lower Monthly Payments: One significant advantage of used car leasing is the potential for lower monthly payments than new car leases.
• Favorable Lease Buyout Options: With used car leasing, the vehicle’s estimated value at lease-end is often lower, making a lease buyout more financially feasible.
• Reduced Insurance Rates: Leasing a used car can also lead to lower insurance costs, as premiums are partly determined by the vehicle’s value.

Contact Us For More Information

If you have further questions about “Can you lease a used car?” or want to know more about the ins and outs of used car leasing, don’t hesitate to contact Phil Hughes Honda. Our finance team in Athens, serving the greater Watkinsville area, is here to guide you through the process and help you find the best car-buying solution.