Can You Lease a Used Car?

Woman shaking mans hand over a car contract clipboard with car keys

Is it time to update your Mt. Laurel faring ride? Is it time for a newer, more reliable vehicle? If you’re shopping with a limited budget in mind, used or certified pre-owned ridesare stellar options that still retain that newer reliability. Perhaps investing in buying a car outright at the moment isn’t right for your financial portfolio – you might wonder, “Can I lease a used car?” 

You can, in fact, lease a used car! There’s some differences between new and used car leasing, however. At Lexus of Cherry Hill we’ve got the friendly staff, knowledgeable sales-folk, and finance experts to make your used car leasing experience great! We are proud of our status as an official Lexus dealership, and are proud to offer the L/Certified program for qualified pre-owned Lexus vehicles. (More on that below.) In this guide, Lexus of Cherry Hill covers everything you should know about leasing a used car in Mt. Laurel.

Certified Pre-Owned & L/Certified

Many manufacturers only allow dealership certified pre-owned (CPO) vehicles to be leased. This means that if you want to lease a certified used vehicle, you’ll need to visit a franchised dealership, like Lexus of Cherry Hill, as only franchised dealerships can certify and sell the vehicle as a CPO. Generally speaking, certified pre-owned vehicles available for leasing are less than 4 model years old and have less than 48,000 miles on the odometer. 

At Lexus of Cherry Hill there’s even more to love about a CPO vehicle. With Lexus’ “L/Certified” program you can feel even more secure in your purchase knowing that you’re backed up by an initial 160 point vehicle inspection, an unlimited mileage warranty, and 20,000 miles of factory recommended maintenance. Find out more about the L/Certified program and then reach out to us with additional questions. 

How Does Used Car Leasing Work?

Leasing an L/Certified vehicle follows a pretty similar process to new vehicle leases. You select the vehicle, a finance agreement including monthly payments is agreed upon, and at the end of the lease you may either turn in or buy out the lease to keep the vehicle.

Typically, the difference between the sale price of the vehicle and its estimated value at lease-end helps determine the monthly lease payment. This presents a notable benefit for Moorestown shoppers, since used cars lose value more slowly than new cars do. Because of this, the difference between the sale price and estimated lease-end value will be smaller and your monthly payments end up lower. 

Used Car Lease Benefits

  • Monthly Payment Amount: You can lease a used car for a lower monthly amount than you would a new car. 
  • Potential for Lease Buyout: The estimated value of a used vehicle will be lower at lease-end when compared to a new vehicle, which could make a lease buyout more affordable when you reach the end of your lease term. 
  • Lower Insurance Rates: There’s a good chance you can get a lower car insurance rate with a CPO lease, as insurance costs are partially based on the car’s value. 

Contact Us Today at Lexus of Cherry Hill With Questions

Do you have more questions about used-car and certified pre-owned leasing? Contact us for more information on how the process works at our dealership serving the greater Philadelphia area. Our friendly finance team is here to help you secure the most advantageous car-buying solution for your needs! 

 

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1230 Route 73 South • Mt. Laurel, NJ 08054

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Lexus of Cherry Hill 39.92214, -74.95033.