Can You Lease a Used Car?

car for sale sign on a used vehicle

You might be familiar with leasing new cars, but can you lease a used car? The answer is yes! Used car leasing is an increasingly popular option for Indianapolis drivers looking to drive a quality vehicle without the higher monthly payments associated with new car leases. Leasing a used car can provide flexibility and affordability, making it a great choice if you’re not ready to commit to purchasing. At Lafayette Cadillac, we offer a variety of leasing options to help you find the best fit for your needs. Contact our finance center for more information on used car leasing.

Pre-Owned Inventory CPO Inventory

Used Car Leasing Facts

Most manufacturers only allow certified pre-owned vehicles to be leased. As a general rule, 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 Lafayette Cadillac, as it’s only at franchised dealerships where you can find certified pre-owned vehicles. 

 

According to the National Automobile Dealers Association (NADA), the list of manufacturers that 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.

How Does Used Car Leasing Work?

Leasing a certified used vehicle follows a pretty similar process to new vehicle leases. The difference between the sale price of the vehicle and its estimated value at the end of the lease will determine the monthly lease payment. 

 

This poses a benefit for Frankfort shoppers –– used cars depreciate more slowly than new cars, so the difference between the sale price and estimated lease-end value will be smaller and your monthly payments will be lower. 

 

Like new car leasing, when your lease ends you will need to return your CPO lease to the dealership. There will also be mileage limits you will need to adhere to. 

Benefits of a Used Car Lease

  • Monthly Payment Amount: As we noted above, you can lease a used car for a lower monthly amount than you would a new car. 
  • Potential for Lease Buyout: The estimated value of a used vehicle will be lower at lease-end 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: There’s a good chance you can get a lower car insurance rate with a CPO lease, as insurance costs are partially based on the car’s value. 

Learn More About Used Car Leasing at Lafayette Cadillac

If you’re considering the benefits of used car leasing, Lafayette Cadillac is here to help. Our team is here to answer all your questions and guide you through the process. You can also check out our guide on how to lease a car for more detailed information. We offer a wide selection of quality pre-owned vehicles that are perfect for leasing, ensuring you get the best value without compromising on quality. 

 

Plus, our finance experts can help you understand the terms and find the lease agreement that works best for you. With our easy leasing process, you’ll be driving home to Delphi in no time. To learn more about used car leasing options, or if you have any other questions, call (765) 340-7206 or visit our dealership to speak with one of our friendly team members.