Can You Lease a Used Car?

Lease Agreement

 

Are you in the market for an affordable upgrade to your Manistee travels? If so, you’re probably looking for a used or certified pre-owned model. While both are strong options to consider, you may not be in a position to invest in a vehicle long-term. Whether you’re simply unsure of what vehicle you desire or you have an out-of-state move planned in the future, you may not want to commit to a vehicle purchase. This might lead you to wonder, “Can you lease a used car?” Used car leasing is an option through many auto manufacturers, but it’s typically reserved for CPO models. Read on below to learn more about used car leasing with Serra Cadillac Of Traverse City!

Used Car Leasing Facts

If you’re hoping to find a CPO lease to improve your commute from Cadillac to Grayling, it’s important to understand the difference between CPO and used. While technically used, CPO models are held to higher standards than traditional pre-owned cars. For Cadillac, a vehicle must pass a 172-point inspection, road test, and much more to earn the title of CPO. Since you can only lease CPO Cadillac models, you’ll need to shop at a franchised dealership.

In addition to GM, the following manufacturers offer CPO leasing, according to the National Automobile Dealers Association (NADA): 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 Does Used Car Leasing Work?

If you’ve ever leased a new vehicle, used car leasing will feel very familiar. The process is virtually the same since the difference between the sale price of the vehicle and its estimated value at lease-end will dictate your monthly lease payments. This is a great benefit since used cars depreciate slower, ensuring that your monthly payments are more affordable. Once your lease term is up, you’ll return to the dealership for an inspection. From there, you can discuss various lease-end options with our team!

Benefits of a Used Car Lease

  • Monthly Payment Amount: As mentioned above, leasing a used car will lead to a lower monthly payment than leasing a similar new model. 
  • Potential for Lease Buyout: Since the value of your vehicle at lease-end will be relatively low for the model, mileage, and year, you can make an affordable purchase and buy out your lease. 
  • Lower Insurance Rates: Insurance coverage rates are largely based on the value of the vehicle being covered. So, driving a less expensive model will help you save!

Contact Us With Car Shopping Questions

Now that you can answer the question, “Can you lease a used car?” you’re prepared to find your dream ride. When you shop with Serra Cadillac Of Traverse City, not only will you discover a great selection, but you can take advantage of our car buying tips to help you along the way. From used car leasing information to Cadillac Warranty guides, we have the resources you need! Visit us in Traverse City today.

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