can you lease used car

When you start thinking about your next car, leasing often comes up as a way to get a new vehicle with lower monthly payments. But what if your budget or preferences point you toward a pre-owned model? This leads many to wonder, can you lease used car options? The answer is yes, but it’s a different path than the traditional new-car lease you might be familiar with.

How Used Car Leasing Actually Works

Used car leasing is typically offered by major manufacturers through their certified pre-owned (CPO) programs. Instead of a dealership creating the lease, the carmaker’s financial arm backs it. This means you’re often leasing a vehicle that has been inspected, reconditioned, and comes with a warranty, providing more peace of mind than a purely private-party used car.

Weighing the Pros and Cons

There are some clear benefits to this approach. Your monthly payments will almost always be lower than leasing a brand-new version of the same car. You also get to avoid the steepest part of a car’s depreciation, which happens in the first few years. However, the offers are less common, meaning you’ll have fewer vehicles and lease terms to choose from. The money factor (which is like the interest rate on a lease) can also be higher than on a new car lease.

Is a Used Car Lease Right for You?

This option is a great fit for someone who likes the predictability of a lease—knowing your exact payment and having the ability to return the car after a few years—but wants to keep those payments as low as possible. It’s perfect if you have your heart set on a specific, nearly-new model that would otherwise be out of your budget if bought or leased new.

What to Look For in a Used Lease

If you decide to proceed, focus your search on certified pre-owned programs from manufacturers. Carefully review the lease terms, paying close attention to the annual mileage allowance and the wear-and-tear guidelines. Just like with any lease, you’ll be responsible for charges if you exceed these limits when you return the vehicle.

While not as ubiquitous as new car leasing, used car leases are a viable and often smart financial choice. By focusing on certified programs and reading the fine print, you can secure an affordable payment on a reliable, newer vehicle that fits your life perfectly.