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Learn About Leasing a Car
You can find the best luxury car lease deals by searching for available vehicles with strong residual value, sometimes referred to as resale value. Cars, trucks, minivans and SUVs with high resale value depreciate at a slower rate than those with low residual values.
For instance, there are many premium and luxury vehicles with strong residual value are available from brands, such as Land Rover, Jaguar, Audi, Volvo and Lexus. In addition to these luxury car lease deals, you can also save on leases for mainstream vehicles by sticking to brands, such as Subaru, Dodge, Toyota, Jeep or Honda.
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Before leasing any type of vehicle, it is important to obtain quotes from multiple car dealers and compare prices, as doing so will help you to score the best deal. When comparing prices, look at the vehicle’s fair market value, invoice price and residual value (or resale value). To learn more about finding luxury SUV lease deals that save you money on the cost of leasing a vehicle, review the sections below.
Residual Value and the Best Sedan Lease Deals
Whether you are thinking of leasing a sedan or are looking for the best midsize SUV lease deals, you need to know how dealerships break down the vehicle’s leasing price. When you lease, dealerships base your monthly payments on your car’s residual value. This refers to how much they expect the vehicle to be worth at the end of your lease period. The higher the residual value, the lower your payments.
For example, if you sign up for a three-year luxury SUV lease and the dealership expects that the SUV’s value will drop significantly over the three years, then you will have relatively high monthly payments. However, if you lease a vehicle that will retain its value well over the three years, then your monthly payments will be lower.
The bottom line: Whether you want to find the best truck lease deals or just lease a sedan you can count on, make sure to choose a car based on its residual value.
Which are the best luxury cars to lease?
When searching for the best luxury SUV lease deals, look for vehicles with features that are most important to you while also paying close attention to the car’s resale value.
According to the U.S. News & World Report and Kelley Blue Book (KBB), several brands are usually better to lease than others. For instance:
- The best sedan lease deals include the 2019 Dodge Charger, Honda Accord, Audi A3, Lexus LS and Lexus RC.
- The best minivan lease deals include the 2019 Honda Odyssey.
- The best small SUV lease deals include the 2019 Subaru Forester, Jeep Wrangler, Land Rover Discovery Sport and Subaru Crosstrek.
- The best midsize SUV lease deals include the 2019 Subaru Outback, Honda Pilot and Land Rover Range Rover Sport.
- The best large SUV lease deals include the 2019 Land Rover Range Rover and Toyota Sequoia.
When choosing your lease, keep in mind that some makes and models are known to depreciate much more quickly than others. If you want lower payments, stay away from these vehicles.
Where can I find car or truck lease deals near me?
To find a mainstream or luxury car lease, begin your search by visiting websites, such as Edmunds and KBB. Doing so will allow you to compare prices and research the market values of the different vehicles you are interested in. Through these websites, you can even enter your contact information to obtain a leasing offer on a specific vehicle before heading into the dealership.
When looking for a mainstream or luxury SUV lease, there are several other places you can go to compare the latest deals. These resources include the Credit Union Leasing of America (CULA) and websites, such as LeaseCompare.com.
What is the most affordable luxury car lease?
If you are interested in leasing, then finding the cheapest luxury car to lease may be your primary goal. However, many of the best deals vary depending on where you live and the type of vehicle you wish to lease. Other offers are only available for a specific amount of time before they expire.
As per the U.S. News & World Report, some of the best SUV lease deals right now include:
- The Subaru Outback.
- The Mazda CX-3.
- The Acura MDX.
- The Chevrolet Equinox.
Other mainstream and luxury car lease deals include the Honda Accord and the Toyota Corolla.
What do I need to know to score the best luxury SUV lease?
To get the best SUV lease deals or to save on the cost of leasing any other type of motor vehicle, it is important to keep several tips in mind as you shop for an offer. These include:
- Choosing a vehicle that depreciates at a slower rate. To score the best SUV lease deals, look for vehicles with higher resale values. Vehicles with higher resale values come with lower monthly leasing payments.
- Researching the price of the vehicle you wish to lease. When selecting a vehicle to lease, research its Kelley Blue Book (KBB) fair market value and invoice price. In most cases, the vehicle’s invoice price will be the lowest and best price available.
- Obtaining quotes from multiple dealers. Once you decide on a vehicle to lease, contact multiple dealerships to obtain sales prices. Typically, the best large or small SUV lease deals will be those that are closest to the vehicle’s invoice price.
- Obtaining a leasing payment for your quoted price. After comparing quotes and selecting the best deal for you, contact the salesperson who quoted you to inquire about the leasing payment for that same vehicle. However, remember to obtain quotes for the specific terms of your lease.
- Considering whether or not you will buy the car. At the end of your leasing period, you will have the option of buying your car based on its value. However, some dealerships inflate a car’s residual value at the beginning of a lease to make it a more attractive option, especially if they are having trouble getting rid of the vehicle. In these cases, you would actually be overpaying, so if you plan to purchase at the end of your lease, make sure the residual value is accurate.