When you head to a dealership to get a used car, you may be thinking you only have the option to buy. After all, can you lease a used car? Used car leases are less common, but many dealerships still offer them, and they have many advantages. Check out all the details of buying vs leasing.
If you’re considering a used car near Philadelphia, Lansdale or Doylestown, read more about the advantages of leasing a used car and find out what’s involved.
Leasing a Used Car
You can lease a used car, but there are a few conditions. Most used cars for lease are certified pre-owned, which means they’re newer and have lower mileage, so you have a smaller selection of used cars to choose from with a lease.
Otherwise, leasing a used car is quite similar to leasing new. Your lease payments will be determined by the used car’s price and residual value, then the interest rate is determined. The interest rate is likely to be a bit higher than a lease on a new car, just like with financing a used car versus a new one. Even with the higher interest rate, the lower cost of the used car and the lower rate of depreciation will give you a low monthly lease payment.
You also have the option to buy the car at the end of the lease, just like a lease on a new car. The major advantage here, however, is that the residual value is lower and you may have a less expensive buyout than you would with a new car.
Certified pre-owned vehicles usually come with great warranty coverage as well, and the insurance is lower on a used car.
Tips for Leasing a Used Car
Before you go in search of a used car lease, keep a few things in mind. Only certain automakers offer used car leases, so be sure that a lease is available on the used car you want.
You also need to find a dealership that offers used car leases, so you can start with their inventory and find your used car from them.
You should also obtain a lease quote on the new model of the same vehicle, so you can get a cost comparison to determine if the lease is worth it.
Don’t forget to negotiate. Leasing isn’t that different than buying in this respect, so be sure to do your research and calculations to ensure you’re getting a good deal. You should also check into the residual value if you think you may want to buy when the lease is up.
Browse Our Inventory at Montgomeryville Nissan
Now that you know the answer to the question, “Can you lease a used car?” you’re ready to go shopping! At Montgomeryville Nissan, we have a huge inventory of used cars, trucks and SUVs for you to choose from, as well as many specials and incentives to help you save even more on your used car lease.
If you’re in Philadelphia, Lansdale or Doylestown, contact our dealership to learn more about used car leases and see what we can do for you.