Lease Turn In Cars For Sale

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Contributing Writer

David Topham covers the automotive and auto finance industries as the Content Manager of Auto Credit Express who also contributes to CarsDirect. He was born and raised in Michigan and is a graduate of Michigan State University.

, Contributing Writer - October 18, 2018

Many dealerships advertise when a used vehicle is a lease turn in car. Off-lease vehicles can be great options for used car buyers because they offer some of the latest technologies and features without the new vehicle price tag. Plus, many lease turn in cars are sold as certified pre-owned (CPO) vehicles, which offer a few more benefits over traditional off-lease cars.

Popularity of Leasing Leading to More Lease Turn Ins for Sale

Leasing has become increasingly popular over the last several years. Many people enjoy the benefits of leasing, which include having a brand new vehicle with the latest features, lower payments than if you were financing, and the lack of a long-term commitment.

According to Cox Automotive, leasing accounted for only 17 percent of total sales in 2010. By 2017, that number had risen to 25 percent of the market. As a result, more and more off-lease cars have been coming back to dealer lots. In fact, Cox Automotive estimates that nearly 3.9 million previously leased cars are returning to the market in 2018 alone – this according to their 2018 Used Car Market and Outlook report.

Consumers who lease have to return these vehicles to a franchised dealership with the brand they leased. While some are sent off to auction, most ex-leased vehicles end up for sale on these franchised dealer lots as used cars. This presents used vehicle shoppers with opportunities to find good deals on high-quality cars.

Off-Lease Cars Compared to Certified Pre-Owned Vehicles

The best of the best ex-lease cars are often put through a manufacturer's certified pre-owned (CPO) program. CPO vehicles have to meet the standards set forth by each automaker. These typically include: certain age and/or mileage restrictions, undergoing an extensive inspection procedure, repairing or refurbishing of certain parts if necessary, and more. Additionally, CPO cars usually come with some form of manufacturer-backed warranty and a vehicle history report.

The main difference between off-lease vehicles and CPO cars is that while lease turn in vehicles are among the best used cars around, CPO vehicles are the very best of these cars that meet the certifying standards of the automaker. You can have full confidence that you're buying the most like-new used cars with CPO vehicles, but keep in mind that their prices are typically higher than regular used cars in order to account for this.

The Advantages of Off-Lease Cars

An off-lease vehicle may look like any other used car, but they can offer a number of additional benefits. In fact, many dealerships advertise when something is a lease turn in car because of these advantages, which include:

  • Being Like-New – Lease terms are short, typically lasting 24 to 36 months, meaning lease turn in cars are only a couple of years old. These vehicles often have some of the latest features and technologies, such as touchscreens, rearview cameras, and Bluetooth connectivity. Plus, there's often not a lot of wear and tear considering the vehicle has only had one owner and it's only a few years old.
  • Warranty Coverage – It's also possible for previously leased cars to still be under warranty coverage that's backed by the manufacturer. New vehicles carry bumper-to-bumper warranties, typically lasting three years or 36,000 miles (whichever happens first), though some are longer. Additionally, they offer powertrain warranties that generally last five years or 60,000 miles or longer. If a car is only leased for two or three years, this means many lease turn in vehicles have remaining warranty coverage.
  • Great Prices – Thanks to depreciation, off-lease vehicles are available for a fraction of the price they cost when they were brand new. Considering new car prices are reaching all-time highs, there's a lot of value to be had by waiting until these feature- and technology-rich vehicles are a couple of years old.

Some car buyers who typically buy new may even be drawn to the used vehicle market with the flood of lease turn ins returning to dealer lots – when you can get a high-quality car with great features for a bargain compared to new vehicle prices, why wouldn't they be?

Finding Ex-Lease Cars for Sale

Now that you know about the advantages lease turn in cars can offer, you may want to be on the lookout for one if you're in the market. CarsDirect can help you search for used cars for sale near you, and we can also set you up with a local dealership that can help you out even if you're dealing with less than perfect credit.

We work hard every day to make the process of finding bad credit auto financing faster and easier for consumers. Our simple and free process will work to match you with a local dealership if you start the process by filling out our auto loan request form.

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, Contributing Writer

David Topham covers the automotive and auto finance industries as the Content Manager of Auto Credit Express who also contributes to CarsDirect. He was born and raised in Michigan and is a graduate of Michigan State University.

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