Can You Lease a Used Car?

Many Elgin drivers have heard about leasing a brand new model and how exciting it is to get behind the wheel of a different new car every so often, but what about a used model? Can you lease a used car? Despite used car leasing not being as advertised as much, it is definitely possible! Similar to used car financing, you will have lower payments every month that are more manageable, which is extremely favorable for those with challenged credit. Find out more with the finance experts at Elgin CDJR! 

Certified Used Car Leasing Facts

When you work with a local car dealership in the Bartlett area, you're looking to lease a certified pre-owned (CPO) model because most brands only allow certified cars to be leased. Generally, the CPO vehicles available for leasing must be fewer than 4 model years old and have less than 48,000 miles on their odometer. Whether you are interested in a certified Chrysler, Jeep, Dodge, or RAM vehicle, you can turn to Elgin CDJR for a wide selection and competitive used car leasing options in the area. 

Curious about the full list of brands that allow used car leasing on their certified models? According to the National Automobile Dealers Association (NADA), the following brands offer leasing options for their CPO inventory: 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?

Now that you know the answer to "Can you lease a used car?" is "Yes," you might want to know how the used car leasing process works. It is relatively similar to leasing a new vehicle in South Elgin except for the monthly payment amount. The payment amount will be determined by the difference between the sale price of the vehicle and its estimated value at lease-end. Since used cars depreciate more slowly, this difference will be smaller, which will then lower the payment. And of course, if you're not ready to commit to a model fully via used car financing, you can easily complete your lease like usual by just returning it at the end! 

Benefits of a Used Car Lease

Used car leasing may seem more niche, but it definitely provides some edges over used car financing and even new car leasing. Here are the main benefits: 

• Monthly Payment Amount: Lease a used car for lower monthly payments than a new car. 
• Potential for Lease Buyout: The estimated value of a used vehicle will be lower at the end of the lease than when leasing a new vehicle. This could make a lease buyout more affordable when you reach the end of your term if you want to keep your lease-end options open. 
• Lower Insurance Rates: You're likely to get a lower car insurance rate with a CPO lease, as insurance costs are partially based on the car's value. 

Lease a Certified CDJR Model in the Chicagoland Area

Does it make sense for you to lease your next car instead of buying one and leasing a used model instead of a new one? The team at Elgin CDJR can get all the paperwork done for you, so you can hop into a certified Chrysler, Dodge, Jeep, or RAM vehicle in Streamwood! We will work with you to secure the best leasing options, even if you currently have a bad credit score.