Can You Lease a Certified Pre-Owned Car?

Looking to make an upgrade to your West Chester, PA  commute? If you’re shopping with a tight budget in mind, certified pre-owned vehicles are excellent options to consider. But maybe you’re not quite ready to invest in buying a car outright at the moment.

You might wonder, “Can you lease a certified pre-owned car?” Certified pre-owned car leasing is offered by many manufacturers, though it is typically not advertised as much as new car leasing. In the guide below, Land Rover Wilmington covers everything you should know about leasing a certified pre-owned vehicle in Wilmington.

Certified Pre-Owned Leasing Facts

• Most manufacturers only allow certified pre-owned vehicles to be leased.
• As a general rule, the CPO vehicles available for leasing must be fewer than 4 model years old and have less than 48,000 miles on their odometer.
• This means that if you want to lease a certified used vehicle, you’ll need to visit a franchised dealership like those that are a part of Land Rover Wilmington, as it’s only at franchised dealerships where you can find certified pre-owned vehicles.

How Does Certified Pre-Owned Leasing Work?

Leasing a certified used vehicle follows a pretty similar process to new vehicle leases. The difference between the sale price of the vehicle and its estimated value at the lease end will determine the monthly lease payment.

This poses a benefit for shoppers –– certified pre-owned cars depreciate more slowly than new cars, so the difference between the sale price and estimated lease-end value will be smaller and your monthly payments will be lower. Like new car leasing, when your lease ends you will need to return your CPO lease to the dealership. There will also be mileage limits you will need to adhere to.

Benefits of a Certified Pre-Owned Lease

• Monthly Payment Amount: As we noted above, you can lease a certified pre-owned car for a lower monthly amount than you would a new car.
• Potential for Lease Buyout: The estimated value of a certified pre-owned 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 With Questions

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