Can You Lease a Used Car?

2021 BMW X5 M

If you are looking for an affordable vehicle to elevate your daily drives around Lawrence and Trenton but you are not quite ready to invest in buying a car outright at the moment, you may be wondering about your options. Can you lease a used car? In many cases, the answer to this question is yes! If you are interested in a used BMW X3 M lease or you are wondering how much to lease a BMW X5 used model, do not hesitate to contact the team at Princeton BMW. 

Basics of a Used Car Lease 

For most manufacturers, used car leasing is only offered for certified pre-owned vehicles. These late-model vehicles generally must meet mileage limits and undergo a rigorous inspection by a trained technician. They also come with unique perks. CPO models are usually only offered at franchised dealerships, so to lease a used car, you will need to shop with a franchised dealership like Princeton BMW.

According to the National Automobile Dealers Association (NADA), the list of manufacturers that 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?

Leasing a used vehicle and leasing a new car have several similarities. The monthly lease payment is determined by looking at the difference between the sale price of the vehicle and its estimated value at the end of the lease. 

One big benefit of used car leasing is that used cars depreciate much slower than new cars. Because of this, the difference between the sale price and estimated lease-end value will be smaller. This, in turn, lowers the monthly payment. Leasing is quite convenient for most Trenton drivers. When the terms of the lease are complete, no matter if you lease a new or used car, you will bring your vehicle back to the dealership, and you can select a new one. Keep in mind that new and used car leasing also comes with mileage limits.

Benefits of a Used Car Lease

  • Low Monthly Payment: While a new car lease is more affordable than traditional financing, you can lower your monthly payments even further with a used car lease. 
  • Potential for Lease Buyout: If you have fallen in love with the used car you are leasing, you will be happy to know that the estimated value of a used vehicle will be lower at lease-end when compared to a new vehicle. A lease buyout could be an attractive option if you do not want to give up your current car. 
  • Lower Insurance Rates: Since insurance costs are partially based on what a car is worth, insurance costs with a CPO lease should be quite budget-friendly.

Learn More About Used Car Leasing with Princeton BMW

So, can you lease a used car? Yes! Princeton BMW would be delighted to discuss used car leasing more in-depth with you. No matter if you prefer a used BMW X3 M lease or you are wondering how much to lease a BMW X5 used model, we have you covered. Contact us today for more information, and be sure to check out our pre-owned vehicle specials

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