Where are the best lease deals this year?
As you might already know, the very best car lease deals for 2024 are special promotional leases that are frequently offered by car manufacturers and their dealers to attract new leasing customers.
These deals are typically only offered for one month on selected models and are genuinely excellent deals — much better deals than customers could negotiate on their own.
With the popularity of leasing growing so rapidly, more and more of these special manufacturer “subvented” lease deals appear every month.
Why are promotional deals such great deals?
It’s because when a car company puts together a special lease deal, it can (and usually does) reduce the vehicle price (capitalized cost) on which the lease is based, as well as the money factor (finance rate). It also raises the lease-end residual value, which further contributes to a lower monthly payment. All of these factors, when combined together, can make for an outstanding lease deal.
On the contrary, when a customer attempts to negotiate a lease deal on his own, price is the only factor he can haggle with a dealer. The other factors, money factor and lease-end residual value, are set by the dealer’s finance company and cannot be changed or negotiated by a dealer. Therefore, customers have a very limited ability to affect car lease payments, while car manufacturers (and their finance companies) have a much broader ability.
This is not to say that customers can’t get good lease deals when special manufacturers’ deals are not being offered. A good price on a vehicle that already has a naturally high residual, combined with low finance rates that are common these days, can still make a great deal. (See the Lease Kit for list of vehicles with high residual values)
How do you know when a lease deal is a good deal?
A low lease payment, when compared to loan payments, is not the best indicator of a good car lease deal.
A better way to evaluate a lease deal is to use our 2023 Lease Deal Calculator that analyzes the cost factors of a deal and tells you if it’s a good deal, poor, just average, or an outstanding deal. The tool is free and is tremendously useful to anyone considering leasing.
Although most promotional leases offered by car manufacturers are deals worth considering, and are better deals than customers could negotiate for themselves, it’s always a good idea to evaluate each deal and compare multiple deals to make sure you get the best deal possible. The Lease Deal Calculator lets you do just that.
Summary
The best car lease deals this year are on promotional deals offered month-to-month by car companies and their associated dealer networks. Deals can vary by brand, by model, by month, and by region of the country. See Cheapest Lease Deals for additional details.
On car company web sites, look for links to “Current Offers” or “Local Specials” under “Shopping Tools” on the site menu bar.
Even if take advantage of a ready-made promotional deal, you can still benefit from the many features of our Lease Kit.
Before you decide to lease, make sure you understand how car leasing works and how to determine if you are a good leasing candidate. That’s what the Lease Guide is all about.