Can You Lease a Used Car?

Lease Agreement

You probably already know that new car leasing is quite popular in Bismarck and Williston, but can you lease a used car? It’s a question we get asked often here at Ideal Auto, and the answer is, “Yes!” Despite the fact that used car leasing is much less common than new car leasing, and usually is only offered by many manufacturers as an option with their certified pre-owned vehicles, it is most definitely possible, depending on where you go. Wondering if you can lease our used cars at Ideal Auto? Contact us for more information.

Used Car Leasing Facts

Many auto manufacturers do allow used car leasing, with the caveat that used cars they lease must first be certified. These certified used (aka certified pre-owned) vehicles are the best of the used car crop, having undergone rigorous quality assurance inspections. They also generally offer some form of limited warranty coverage.

Most CPO models also must be less than 4 to 6 model years old and have less than 60,000-75,000 miles on the odometer. This means that if you want to lease a certified used vehicle, you’ll need to visit a franchised dealership like those that are a part of the make you’re looking for, as it’s only at franchised dealerships where you can find certified pre-owned vehicles. 

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 Used Car Leasing Work?

How can you lease a used car, exactly? The process is pretty simple, and works the same as leasing a new car. The difference between the sale price of the vehicle and its estimated value at the end of the lease will determine the monthly lease payments you make. 

This is a huge draw for bargain-conscious Williston shoppers who also seek reliable transportation precisely because used cars depreciate more slowly than new cars. That means lower monthly payments compared to leasing a new car!

As is the case with new leased vehicles, leased CPO vehicles must be returned to the dealership at the end of the lease, and condition requirements must be met to avoid excess wear and tear fees. Contact the Ideal Auto finance center to learn more.

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. Still, you can get similar results when shopping for used cars at a bargain.
  • Potential for Lease Buyout: Compared to a new vehicle, the estimated amount for a lease buyout on a used car is often much lower. That could make leasing a used car even more affordable than a new car if you decide to buy it afterward.
  • Lower Insurance Rates: Used car leases often come with lower car insurance rates than new car leases.

Contact Us With Questions

Looking to learn everything there is to know about how you can lease a used car near New Town? We here at Ideal Auto can help. Give us a call anytime at 701-833-5995 for additional information. Meanwhile, apply for financing online.

Ideal Auto 48.20342, -101.3122393.