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Can You Lease a Used Car?

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For drivers looking to save on their next vehicle purchase, a common question they have is, “Can I lease a used car?” While you may not have heard of used car leasing before, the answer to this question is yes! Used car leasing is offered by many manufacturers, though it is typically not advertised as much as new car leasing. Greenway Hyundai of the Shoals explores the basics of used car leasing in this guide below. 

The Basics of Used Car Leasing

Most manufacturers will only lease certified pre-owned models. These vehicles are usually only a few model years old or less and have under a certain amount of miles on the odometer. They also must pass a rigorous inspection from a certified technician, so you can feel completely confident behind the wheel of a CPO vehicle. If you are interested in used car leasing, you’ll need to visit a franchised dealership like Greenway Hyundai of the Shoals that offers CPO models. 

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

How Does the Used Car Leasing Process Work?

Used car leasing is very similar to new car leasing. Your monthly lease payment will still be determined by looking at the difference between the sale price of the vehicle and its estimated value at lease-end.

Why is this beneficial for Muscle Shoals and Decatur car shoppers? Pre-owned vehicles depreciate more slowly than new cars, so the difference between the sale price and estimated lease-end value will be smaller. This means lower monthly lease payments!

Also similar to new car leasing, you will return your CPO leased vehicle back to the dealership when the terms of the lease are complete. You will also need to adhere to the mileage restrictions set forth in your lease, and you could be responsible for fees due to excess wear and tear on the vehicle. 

Why Should You Consider Used Car Leasing? 

  • Lower Monthly Payment: Leasing a used car is more affordable than leasing a brand new model. 
  • Potential for Lease Buyout: The estimated value of a used vehicle will be lower at lease-end when compared to a new vehicle, making a lease buyout an attractive option for many. 
  • Lower Insurance Rates: Because insurance costs are partially based on the car’s value, it is likely that you will end up spending less to insure a leased used car. 

Contact Greenway Hyundai of the Shoals for More Information

If you would like to know more about used car leasing, do not hesitate to contact the automotive experts at Greenway Hyundai of the Shoals. We would be happy to discuss whether this is an option we currently offer and answer any questions you may have. 

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