Can You Lease a Used Car?
As it grows to be an increasingly popular financing option for many Bloomington, Plainfield, and Indianapolis drivers, you may be considering leasing your next car.
You might think this option only pertains to new vehicles. However, the Andy Mohr Automotive team is here to show you how you can lease pre-owned, as well.
Leasing a Used Car
In addition to leasing new cars, drivers can also lease used. Of course, the pre-owned cars eligible for leases are typically newer. They probably only have a few years on them and are low in mileage, which means they’ve maintained a fair amount of their value.
As a matter of fact, you’ll find that many of the used cars up for lease are actually certified pre-owned (CPO). CPO cars have undergone rigorous multipoint inspections and are, in many cases, refurbished.
Thanks to this extra care, CPO cars are granted an extended factory warranty—and that added peace of mind makes them a great option for leasing.
How Leases Work
If you’re on the fence about whether leasing any car is a good choice for you, it might help to learn a little bit more about the process.
When you buy a car, you’re tasked with paying for the vehicle’s full value, which is broken up into several months’ worth of payments.
When leasing, on the other hand, all you’re paying for is the value of the depreciation that occurs during your term (which may only be a couple years). So, naturally, your payments are going to be a whole lot cheaper.
Of course, there are some limitations on a lease. Since you don’t actually own the car, you’ll have a mileage and wear cap. In the end, getting more car for less money every month will probably make it worth it.
What to Look for When You Lease a Pre-Owned Car
If you do decide that you’re going to lease your next used car, there are a couple things that you’ll want to keep an eye out for.
First and foremost, you’ll want to ask the dealership about the warranty that comes attached to the car. How long will it last, and what kind of parts, repairs, and natural wear does it cover? This information can make a big impact in the end.
You’ll also want to request a vehicle history report. Odds are, the dealership is going to have it readily available to begin with, but it’s always good to double-check. This is where you’ll discover if the car has been in any accidents and what kind of care it was previously given.
Contact Our Finance Center to Learn More
Now that you know the specifics of leasing a used car, you might be eager to learn how to get started on the process. Fortunately, Bloomington, Plainfield, and Indianapolis drivers can easily do so just by contacting our finance team.
Get in touch with Andy Mohr Automotive today to learn more about leasing one of our used cars!