Can You Lease a Used Car at Penske Chevrolet?

Can you lease a used car? Used car leasing isn’t a common occurrence. That said, it is an option offered by many manufacturers, so don’t count it out if you’re looking for a pre-owned model while working on a budget. At Penske Chevrolet, we’re more than just a car dealership: We’re your go-to for leasing and financing information. Don’t hesitate to contact our team with any questions you may have about used car leasing at our Indianapolis dealership. We’re here to help you get behind the wheel of a vehicle that you’re going to love for many miles to come. So, what are you waiting for? Take a look at our available cars, SUVs, and trucks near Carmel to find the one that checks off all of your boxes.

Used Car Leasing Facts

Most manufacturers only allow certified pre-owned vehicles to be leased. As a general rule, the CPO vehicles available for leasing must be fewer than 4 model years old and have less than 48,000 miles on their odometer. This means that if you want to lease a certified used vehicle, you’ll need to visit a franchised dealership like Penske Chevrolet, as it’s only at franchised dealerships where you can find certified pre-owned vehicles. 

According to the National Automobile Dealers Association (NADA), the list of manufacturers that are said to offer CPO leasing includes Acura, Audi, BMW, Chrysler, Dodge, Ferrari, FIAT, Honda, Hyundai, INFINITI, Jeep, Kia, Lexus, Lincoln, Mazda, Mercedes-Benz, MINI, Mitsubishi, Nissan, Porsche, RAM, Toyota, Volkswagen, and Volvo.

How Does Used Car Leasing Work?

Leasing a certified used vehicle follows a pretty similar process to new vehicle leases. The difference between the sale price of the vehicle and its estimated value at lease end will determine the monthly lease payment. 

This poses a benefit for Noblesville shoppers––used cars depreciate more slowly than new cars, so the difference between the sale price and estimated lease-end value will be smaller and your monthly payments will be lower. 

Like new car leasing, when your lease ends you will need to return your CPO lease to the dealership. There will also be mileage limits you will need to adhere to. 

Benefits of a Used Car Lease

• Monthly Payment Amount: As we noted above, you can lease a used car for a lower monthly amount than you would a new car. 
• Potential for Lease Buyout: The estimated value of a used vehicle will be lower at lease-end when compared to a new vehicle, which could make a lease buyout more affordable when you reach the end of your lease term. 
• Lower Insurance Rates: There’s a good chance you can get a lower car insurance rate with a CPO lease, as insurance costs are partially based on the car’s value. 

Contact Penske Chevrolet to Start Your Used Car Lease Today

Schedule a test drive for one of our many used models to find your match at Penske Chevrolet today, or work smarter and complete our easy-to-use, online finance application from the comfort of your home in Westfield. No matter which model you decide to go with, our team will be with you through every step of this exciting car-buying journey. Get started today by taking advantage of our Indianapolis vehicle finder service.