Can You Lease a Used Car?

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Shopping for a pre-owned vehicle is a great way to get a reliable St Cloud commuter without spending the same as you would for a brand-new vehicle. But, if you don’t want to commit to full ownership, then you might be considering leasing a used vehicle. Is used car leasing an option? Many manufacturers offer used car leasing, and the process of leasing a used vehicle is relatively simple. 

Morrie's Auto Connection breaks down the process and shows you what your options are below!

What Kinds of Used Cars Can Be Leased?

Pretty much any used car can be applicable for a lease as long as the manufacturer allows it. For leasing, the vehicle must be a certified pre-owned vehicle, which means that it must meet certain requirements. 

The specific requirements for certified pre-owned vehicles will differ for each manufacturer, but generally, here are the requirements most certified pre-owned vehicles must meet: 

  • No more than 4 model years old
  • Have less than 50,000 miles on the odometer
  • Must pass a 160-point inspection
  • Must have a clean vehicle history report and vehicle title

These requirements will vary depending on the manufacturer of the vehicle you want and where you’re getting the vehicle from. Many Albertville-area dealerships like ours have different models, so check with them ahead of time to see what the requirements are. 

What Manufacturers Allow Used Car Leasing?

The good news is that most manufacturers allow used car leasing as long as they meet the certified pre-owned requirements. According to the National Automobile Dealers Association (NADA), here are the manufacturers we know that allow Rogers drivers to lease used vehicles: 

  • Acura
  • Audi
  • BMW
  • Chrysler
  • Dodge
  • Ferrari
  • FIAT
  • Honda
  • Hyundai
  • Jeep
  • Kia
  • Lexus
  • Lincoln
  • Mazda
  • Mercedes-Benz
  • MINI
  • Mitsubishi
  • Nissan
  • Porsche
  • RAM
  • Toyota
  • Volkswagen
  • Volvo

If you’re ever unsure if a dealership allows used car leasing, you can always reach out and ask!

What Does Used Car Leasing Look Like?

Leasing a pre-owned vehicle is a lot like leasing a brand-new model. The main difference is the monthly payment amount. That’s because when leasing, the monthly payment is determined by the price of the sale and the estimated amount of the vehicle at the end of the lease term. Since pre-owned vehicles depreciate at a slower rate than new vehicles, a pre-owned lease will have a larger amount at the end of the lease term, which means a smaller difference between the sales price and estimated lease-end value. 

All in all, this means that the monthly payment for a pre-owned lease will be lower than that of a new vehicle lease! Other than that, everything is just about the same. When your used lease is up, all you have to do is return the vehicle to the dealership from which you leased it!

Used Car Leasing Benefits

Besides a lower price, why else should you consider leasing a used car? Here are some benefits of used car leasing that we think you’ll appreciate: 

  • Lower Monthly Payment: As we mentioned, leasing a used car offers a lower monthly payment amount than a brand-new lease. 
  • Ability to Buy Out the Lease: Since the estimated lease-end value of a pre-owned lease is lower than a new vehicle, buying out the lease at the end of the term is relatively affordable.
  • Lower Insurance Rates: Because insurance costs are based largely on the value of the car, a pre-owned lease will cost less to insure than a new lease. 

Explore Your Used Car Leasing Options in St Cloud!

Contact us to explore your pre-owned lease options and see what we currently have available. For any questions about leasing a pre-owned model or any other questions at all, reach out to our finance center!

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