Car lease payments can be expensive, especially if you’re looking at top trims on high-end models. You might wonder if it’s possible to lease a used car instead.
The answer is, yes, you can lease used cars. Increasingly, dealerships are offering leases on CPO vehicles and other used vehicles. If you’re considering leasing a Certified Pre-Owned Car, there are a few things to know.
What Is a Certified Pre-Owned Vehicle?
Often simply referred to as a CPO, a Certified Pre-Owned vehicle is one that has been lightly used and thoroughly inspected by the manufacturer or dealership. These vehicles are often ones that have recently come off a lease or have been traded in. When the dealer gets certain cars that meet the criteria of good condition and are only a few years old, they conduct a multi-point inspection and make any necessary repairs. Once the vehicle meets the standards of the automaker, it will be backed with a warranty.
Where To Get a CPO Lease
Getting a CPO lease isn’t as straightforward or as common as getting a new car lease. Not all dealerships have CPO leases available and if they do, they probably won’t have a ton of cars to choose from. If you can find a dealership that engages in CPO leases, it could definitely help you save money over a new car lease. CPO leases are generally only available at franchised dealers, which are also the only ones that can offer CPO vehicles for lease due to differing manufacturer standards.
Advantages of Leasing a CPO Car
Leasing used cars instead of new can help you save money, but it may not be the best option for everyone. The main reason to consider leasing a CPO car is the lower monthly payment. Even though CPO cars are more expensive than regular used cars in most cases, they’re still cheaper than new cars. When you lease a CPO car, you might get to choose something nicer and with more options than if you leased it new. Most CPO cars come with some kind of warranty, which makes them more attractive than leasing regular used cars.
Drawbacks of Leasing a CPO Car
There are some cons to leasing a CPO car as well. This is as compared to leasing a new car. The main one is that the used car will still have some wear and tear. It might also lack certain tech and safety features compared to a new model. The CPO warranty may not cover maintenance costs, and if you don’t keep up with the proper service intervals, you might end up owing your leasing company more than you expected. You will also likely have to pay for routine repairs. Finding a CPO car to lease might be challenging by itself. Most dealerships don’t advertise this option.
Does Leasing a CPO Car Make Sense?
Leasing period doesn’t always make sense for everyone. Leasing companies charge a lot of fees for various things, including going over mileage and not keeping up with maintenance. A CPO can save you money on the lease payment, but if you want to keep a model for a long time, you’d be better off buying rather than leasing.
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