Can You Lease a Used Car?
If you’re shopping for your next car near Denver, Centennial, or Aurora, you have a lot to consider. Are you buying new or used? Would you prefer to finance a car and own it or go with a new-car lease so you can get a different car in a few years? While you’re researching all your options, don’t forget about the fourth option: used car leases.
So, can you lease a used car? While not well advertised by most car dealerships, used car leases have plenty of advantages over buying or leasing new, along with providing you with even more options for your next vehicle.
Used Car Leases
Used car leases are similar to new car leases in a number of ways. Your lease payments are based on the difference between the residual value of the car and its sale price plus interest, and you sign an agreement for a certain time period and mileage for the vehicle. When the lease is up, you can choose to return it to the dealership or buy it out for whatever amount is left.
The advantage a used car lease has over new, however, is with pricing. The lower price of a used car means you’ll have lower lease payments, lower insurance, and a lower buyout price at the end of the lease, and when you lease a used Honda, you benefit from the outstanding reliability and value retention this brand is known for.
All things considered, most used car leases are based on certified pre-owned vehicles, so you will have a smaller pool of used vehicles to choose from. This is another benefit of leasing a used Honda, because Honda’s certified pre-owned program comes with many additional perks and programs.
Shopping for Your Used Car Lease
If leasing a used car sounds like a good choice for you, you’ll need to find a dealership that offers used car leases. You wouldn’t want to get your heart set on leasing a used car, only to find out that that particular dealership doesn’t do used car leases.
It’s also important to make sure you choose a franchised dealership, since they’re the only ones who have manufacturer-certified pre-owned vehicles. Because a lease is basically “renting” a vehicle for a short time, you want your leased vehicle to be as reliable as possible.
Leasing often works out as the better financial choice, but not always. Before you commit to a lease, be sure to get a quote for a lease on the same car new, so you can compare the two and be sure that you’re getting the best deal. Also remember that when it comes to negotiation, a used car lease isn’t different than any other deal, so do your research and prepare to haggle.
Find Your Next Used Car at Mile High Honda
Now that you know that you can lease a used car, it’s time to head to the dealership to find your next vehicle. At Mile High Honda, we have a huge stock of pre-owned vehicles with all the latest technology and features, so call or visit our dealership today to explore your options and get a great deal on your used car lease!