Can You Lease a Used Car?

When you need to make a budget-minded automotive upgrade in Raleigh, it’s smart to browse used vehicles. You can inherit the modern features and performance you desire for a reduced price, but what if you simply aren’t prepared to invest long-term in purchasing a car, whether new or used? Can you lease a used car instead of buying one? Oftentimes, the answer is yes! As with all financial decisions, there are some factors worth considering before you sign on any dotted lines. Learn more about leasing a used car with BMW of Southpoint in the guide below!

What Brands Allow Used Car Leases?

If you think a used car lease might be the smart choice for your Cary driving needs, you should know that most manufacturers will only allow a used car lease for their certified pre-owned vehicles. Because of this parameter, you’ll generally find that leasing a used car is only possible at franchised dealerships where certified pre-owned models are available. Certified pre-owned cars are certified and warrantied by the manufacturer, which is why they aren’t available at used-only car lots.

We have a premium inventory of BMW certified pre-owned vehicles here at BMW of Southpoint! You can start a used car lease with us and head home to Chapel Hill in a luxury vehicle for a great monthly rate.

Curious about what other brands offer lease plans for their certified pre-owned 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 Leasing a Used Car Work?

So, can you lease a used car? As we’ve learned, the answer is yes, but only for the aforementioned brands, and only on certified pre-owned models. With that established, how does leasing a used car work? If you’ve ever leased a brand-new vehicle, the process is very similar! For starters, you will still have to adhere to a mileage limit that will be put into your lease contract.

The monthly payment on a used car lease is determined by the difference between the sale price and the estimated value at the end of the lease. This makes used car leases beneficial for Durham drivers, as used cars depreciate at a slower rate than new cars. So, there will be a smaller difference between the used car sale price and the predicted value at the end of the lease, giving you a smaller monthly payment!

When your certified used car lease is over, you will simply bring your leased vehicle back to the dealership to either return it and settle any fees, or explore lease buyout deals if you’re interested in owning the vehicle.

Why Consider Leasing a Used Car?

• Affordable Monthly Payment: As we discussed, you can lease a used car for a more affordable monthly price than you would a new car. And, you still get to enjoy the lower commitment provided by a lease!
• End-of-Lease Buyout Deals: In the event you want to keep your vehicle when the lease is over, you can explore lease buyout deals and purchase it for a competitive price.
• Reduced Insurance Rates: Insurance companies often provide reduced rates on used and CPO vehicles, adding to the cost benefits of leasing a used car.

Start a Used Car Lease at BMW of Southpoint

Do you have other car buying questions for our team? Contact us or stop by our dealership in Durham to start a conversation and learn more about leasing a used car with us!