Can You Lease a Pre-owned Car?

What Is a Car Lease?

When you lease a car, you can essentially think of it as a long-term rental. You will have monthly payments similar to what you'd have if you financed the purchase of a vehicle. The difference? Those payments will probably be lower.

When you lease, you're not responsible for paying the full MSRP of the vehicle. Rather, you're only responsible for the depreciation or value you "use up" over the course of your lease. (Hence the lower monthly payments!)

Other benefits of leasing include:

• Less (or no) down payment required at drive off
• Flexibility to get a new(-er) car every two to four years
• Opportunity to purchase at the end of the lease

How To Lease a Pre-owned Car

Now that you know a little more about leasing in general, how would you go about leasing a pre-owned car? Many people don't even realize leasing pre-owned is a possible option. You can lease a pre-owned car, but there may be restrictions.

Most dealerships in the business of pre-owned car leasing primarily lease certified pre-owned cars. These vehicles are available for purchase (and lease) only at dealerships of the same brand. (For instance, as a Mercedes-Benz dealer, we carry Mercedes-Benz Certified Pre-Owned vehicles.)

These cars are accident free, gently pre-owned, and have low mileage. They have gone through a rigorous multi-point inspection and repair process to ensure they are ready for the roads and effectively like-new.

The general high quality of certified pre-owned cars is the reason why these cars are often available for lease. Drivers interested in leasing certified pre-owned can reach out to any dealer of your choice (including ours!) to learn more about the prospect. 

Benefits of Leasing a Pre-owned Car

We've already mentioned that leasing a car can be affordable from a monthly payment point of view. It won't surprise you to hear that leasing a pre-owned car can be even more affordable.

Another upside? Pre-owned cars, unlike new cars, often have no mileage limit when leased. If you plan on traveling or driving a lot, a pre-owned car lease may make more sense for you for this reason alone.

Keep in mind, too, that while a pre-owned car may no longer be covered under the original new vehicle warranty, it likely has a certified pre-owned warranty. (Remember, most leasable pre-owned cars fall into the certified pre-owned category.) The coverage may give you some extra peace of mind.