Savvy car shoppers know that there are many benefits to buying a pre-owned vehicle. Some even ask whether a used car lease might be an option. The answer’s a bit complicated, but the MileOne Autogroup team is here to set the record straight.
How Do You Lease a Pre-Owned Vehicle?
It’s not as straightforward as walking into a dealership and picking any used car off the lot. Most dealerships that lease used cars do it through their OEM’s certified pre-owned (CPO) program. That’s actually a good thing because these vehicles are newer, with less mileage and more advanced features.
What’s the Catch?
First, not all OEMs allow CPO leases. Second, you’re limited to that dealership’s certified inventory. Therefore, you won’t be able to lease a used Honda car from a Toyota dealership or a pre-owned BMW SUV from a Mercedes-Benz dealership.
How Does a Used Car Lease Work?
The numbers are different, but in every other respect it’s the same as any other auto lease. There’s a credit check, ID and income verification, and a few other minor details. If you qualify, you’ll sign a lease for two to three years with the same wear and mileage stipulations you’d find if you leased a new car. You also have the same options at the end of the lease.
Does Leasing a Pre-Owned Vehicle Have Any Benefits?
Leasing a vehicle is already more affordable than financing one, and you could save substantially by leasing a pre-owned car. Because you’re dealing with a lower vehicle value, you may qualify for a CPO lease even if you didn’t qualify for a new car lease.
Apply for a Used Car Lease at MileOne Autogroup
In short, yes, you can secure a lease for a used car. You just have to shop with certain parameters in mind. At MileOne Autogroup, we’re happy to help you secure a lease for a used car today!