As you’re shopping around for a vehicle upgrade in the Providence area, you’re going to come across used and certified pre-owned vehicles, and you’ll be presented with various options like financing and leasing. But you’re likely wondering, “Can I lease a used car?” In short: yes, you can! Many manufacturers offer used car leasing, however, it isn’t usually advertised as much as new car leasing. Keep reading to learn more about the ins and outs of leasing a used car in Warwick.
Information About Leasing a Used Car
Most manufacturers will permit certified pre-owned vehicles to be leased. Generally, certified pre-owned vehicles that are available for leasing must be fewer than four model years old and have less than 48,000 miles on them. Meaning, that if you’d like to lease a CPO vehicle, you’ll need to visit a franchised dealership like INFINITI of Warwick.
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?
Leasing a CPO vehicle works similarly 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.
Many Coventry drivers will find this beneficial because 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. And just like with new car leasing, you’ll need to adhere to mileage limits, and once your CPO lease needs, you’ll need to return it to the dealership.
What Are the Benefits of a Used Car Lease?
- Monthly Payment Amount: As previously stated, leasing a used car results in a lower monthly payment than you would have with 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 at the end of your lease term more affordable.
- Lower Insurance Rates: With a CPO lease, you may get a lower car insurance rate, especially considering that insurance costs are based on the car’s value.
Learn More About Car Leasing and Financing with INFINITI of Warwick
If you have any more questions about used car leasing, reach out to our finance team today for assistance. Our finance experts are well-equipped with helpful car buying tips, and they can answer all of your inquiries such as “Can you take over a car lease?” or “How do you return a leased car?” Whatever you need, our dealership near Cranston is ready to help!
