Can I Lease a Used Toyota SUV?

 When drivers near Peoria, AZ tend to think about leased vehicles, what comes to mind is a brand new Toyota car. However, did you know that it may be possible to lease a used Toyota SUV, sedan, truck, or coupe? While not all dealerships offer used car leases, they do exist, and they are excellent way to get behind the wheel of a used Toyota. Used cars leases can result in significant savings, and thus shoppers may be able to afford a nicer SUV and still be able to save money compared to leasing a new one.

How Does a Used SUV Lease Work?

The vast majority of vehicles that are available as used car leases will be Certified Pre-Owned Toyota cars. Cars in this program represent the best of the best of the Toyota used inventory and have under 85,000 miles, are less than six years old, and have undergone a rigorous testing process.

Used car leases follow the same basic structure as new car leases. The lender will determine the SUV’s residual value and determine your payments based on the difference between the vehicle’s sales price and its residual value.

Not all vehicles depreciate at the same rate, which means that the residual values will vary. In most cases, the lender will be our Toyota finance center. When writing the lease, the lender will assign the deal a money factor, which can be compared to an interest rate. Even if the money factor is slightly higher on a used car lease, coupled with the lower sales price and lower depreciation rate, monthly payments on used car leases are often lower than their new car lease counterparts.

To learn more about how used Toyota SUV leases work, contact our professionals at our Toyota finance center.