Can You Lease a Used Car?

If you’re looking for a new vehicle for your Austin commute, you can save a lot of money by browsing the used vehicle inventory at South Point Hyundai and other area car dealerships. Typically, a driver can choose to lease or buy a new vehicle for sale, but can you lease a used car as well? Used car leasing is offered by many vehicle manufacturers, but it isn’t advertised as often. However, you’ll need to contact your dealership of choice to make sure they offer used car leasing before you go in. Learn more about used car leasing with South Point Hyundai below, or contact our team to inquire about a used model you’d like to lease. 

Used Car Lease Facts

Most vehicle manufacturers only offer leasing on their certified pre-owned inventories. Certified pre-owned (CPO) vehicles are newer than most used models, and they must meet certain requirements set by the manufacturer that raise their resale value. These include mileage, age, and condition. Because of their higher value, CPO vehicles are eligible for leasing, making them an excellent option for Kyle drivers who want to save on their monthly payments. 

According to the National Automobile Dealers Association (NADA), the list of manufacturers who 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 used vehicle will follow a process similar to leasing a new vehicle. The difference between the sale price of the vehicle and its estimated value at lease-end will determine the monthly lease payment. This process has a benefit to Round Rock shoppers as used cars depreciate slower than new cars. This means that the difference between the sale price and the estimated lease-end value will be smaller, and your monthly payments will be lower. 

As with a new vehicle lease, you’ll need to return your CPO vehicle to the dealership at the end of your lease term. You’ll also have to adhere to the terms and limits of your lease like mileage. However, there are many benefits to leasing a used car. Read them below:

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. 

Get a Used Vehicle at South Point Hyundai

If you have more questions about leasing a used car, or if you want to inquire about one of our certified pre-owned models, contact our finance team. We’re happy to help you find a vehicle leasing or financing plan that will fit your budget. You can also read our car buying tips for more information, like learning what to do if you can’t make a car payment or learning more about what MSRP means. You can even save on your lease with our new vehicle specials and used vehicle specials. Contact us today, we look forward to putting you behind the wheel of the perfect Hyundai model for your Cedar Park needs! Also be sure to learn more about trading-in financed cars with our team for more tips.