Used Car Leasing Facts
So, is used car leasing possible? Yes, many dealerships offer the ability for shoppers to lease a used vehicle. But in almost all cases, you’ll have to choose a CPO lease. When you lease a used car, you could save thousands of dollars compared to buying a new car or buying a certified pre-owned car. However, leasing isn’t for everyone. So we’ve collected some key things to keep in mind before you lease a used car in Beavercreek:
- Which Used Cars Can Be Leased? – Leases are only offered for certified pre-owned vehicles. Used lease prices may not be advertised, so it’s a good idea to contact the dealer to find out if it’s a possibility.
- Used vs. New Car Lease – A used car lease will usually cost less than new car lease payments, but offer many of the same benefits. However, similar to new car leasing, you’ll still need to return the vehicle after your used car leasing term is up, and you’ll still have to meet mileage limits.
- Can I Buy a Used Car After I Lease? – If a dealership offers used car leases, it’s safe to assume you’ll be able to purchase the car after the lease is up. Keep in mind though that it may be a CPO lease and not a standard used vehicle. With that being said, you’ll still get to enjoy a lower residual purchase value than performing a lease buyout on a newer model.
- Insurance for a Leased Used Car – Insurance costs are partly dictated by the value of the car. It’s possible that you could pay less per month for insurance with a CPO lease.
While maintenance costs tend to be higher on a certified pre-owned car, they often include an extended warranty that covers many important components. Our service department can help answer any of the questions you have about maintaining a CPO leased vehicle.
How to Lease a Certified Pre-Owned Car
Now that you know what’s involved with leasing a certified pre-owned car, we’re here to help walk you through the steps of leasing a used car from a dealership. Follow these steps below and soon you’ll be driving your newly leased used car around Springfield in no time!
- Call The Lender: If you’ve got your eye on a specific vehicle from a dealership, get in touch with them to see if it’s available to be leased. Remember, it may not be common knowledge in the dealership that used cars can be leased. We suggest you ask to speak to a finance manager if you need to and don’t be surprised if they say they need to call you back. If the dealership doesn’t offer CPO lease deals, then you’ll need to reconsider your options.
- Have A Quote Ready: To judge if a used-car lease is a good deal, it’s helpful to have a lease quote for the new model of the vehicle you want. For example, if you’re trying to lease a used RAM 1500, you will want to find out what the lease deal is for a new RAM 1500 first. From there, you can determine if a used car lease is worth it.
- Find Your Car: If you don’t already know which car you want, visit the dealership or browse their online certified pre-owned inventory to see what they have available. Search for the model that will meet your needs and has all the features you want.
- Get a price quote: Once you find a dealership that is set up to offer used-vehicle leases, ask for a price quote. All the standard car shopping rules apply here: Negotiate a fair price using the quote you got earlier for the new leased vehicle. Then get the residual value in the event you’d like to buy the vehicle at the end of the lease. Finally, determine the total down payment and total monthly payment, including taxes and fees.
- Review And Sign: Double check your offer with your quotes and make sure that you can afford your lease. Read over the contract carefully and, if you agree with everything, sign the paperwork and drive home in your CPO vehicle!
For information on a lease buyout and other lease tips, visit Key Chrysler Jeep Dodge Ram FIAT.
Learn More About Leasing at Key Chrysler Jeep Dodge Ram FIAT
Now that you know more about how to lease a certified pre-owned vehicle, explore the pre-owned vehicle specialsoffered at Key Chrysler Jeep Dodge Ram FIAT today. If you have any questions about used car leases or lease contracts in general, feel free to contact us at (937) 347-5155. We’re located just a short trip from Wilmington, so stop by today!