Lease the Perfect Vehicle for Your family
If you are in the market for a pre-owned vehicle, you are likely thinking the only option is to buy. Many people don’t realize that you can now lease a used car! For those savvy buyers who already buy used, you have another option.
When You Should Consider Leasing a Pre-Owned Vehicle
- You plan on getting a different car in the next two or three years
- You don’t have much cash on hand for a big down payment
- You primarily need a vehicle for short commutes to get to work, school or to run errands
- You are looking for an alternative to the high monthly payments of a traditional used car loan
Shop By Leasing Payment
Shop current inventory based on your monthly leasing payment.
Benefits of Leasing a Used Vehicle Versus Leasing a New Vehicle
- May offer a lower monthly payment
- Used vehicles have a lower selling price than new, allowing the customer to avoid the steep new car depreciation curve
- Better candidate for a lease buyout
- Low leased vehicle residual valuation may allow for a potentially lucrative buyout deal at the end of your lease term
- Potentially lower auto insurance cost
Shop By Leasing Payment
Shop current inventory based on your monthly leasing payment.
Frequently Asked Questions
How Does Used Car Leasing Work?
The used car leasing process is essentially the same as the new car leasing process. The main difference is in valuation, depreciation and how that effects your monthly payments and buyout price.
The residual values of new cars, trucks and SUVs are set by the manufacturer and are percentage point based. Used car valuations are specific to the model, mileage and age of the vehicle.
The buyout option, which is unique to leasing, can be a huge benefit for pre-owned lessees. It is possible the residual valuation was set too low by the lender at the outset of the lease, which lets the customer purchase their used car for far below market value.
How Do I Know If Leasing a Used Car Is the Best Option for Me?
At Easterns our primary goal is to get you into the right pre-owned vehicle that meets your needs. We’re happy to help you with either a lease or a used car loan. That’s why we strive to help our customers understand all of the pros and cons of leasing a used car versus buying a used car with traditional auto financing.
You should always find out what the cost of buying the vehicle with an auto loan will be before you enter into a lease agreement. This applies to both new and used car leasing, but it is more important in the used space because of the potentially dramatic differences in lender residual value projections.
Easterns Automotive is pleased to do what we can to help you figure out if leasing is the right fit for you. Below you can watch our video on the subject, and also compare the pros and cons to leasing versus buying.
Contact Easterns Today to Learn More
We invite you to call, chat online or visit one of our 8 locations today and experience firsthand what we mean by the Easterns difference!
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