Maybe the world is returning to normal. Or maybe it's getting to a new normal of living with the coronavirus. Certainly there are signs of life returning to the new-car market. The opportunity to get a great lease deal while sales are lousy may be fading away.
Dealer inventories are high, retail sales are slow and interest rates are near zero relative to, say, February. So, there's still some car-leasing opportunity out there. If you feel confident buying over the phone or internet, you should act now. Do your research and think hard before deciding that leasing is right for you.
What hasn't changed is how to get a good deal, and who should and shouldn't lease. Leasing a car instead of buying one from a dealer is for people who generally have settled lives and predictable futures. Folks who've settled into a groove and know they'll be there for the next few years. Don't lease a car if you're always moving, can't hold a job or have a poor credit score. But if leasing a car is for you, here are 10 good lease deals currently being offered with manufacturer backing.
This doesn't mean that they're the best vehicle lease deals out there for your specific situation. It may be that your credit union or leasing company is offering a killer deal, or your mortgage holder is offering a discounted product that bundles a lease with your loan payment. And it's always a great idea to consult with your accountant about how your tax situation may be affected by starting a vehicle lease.
The trick with leasing a new car, SUV or truck is doing research, understanding the components of vehicle leasing, and then negotiating a payment from a position of knowledge and confidence.
2020 Dodge Challenger SRT Hellcat
The Dodge Challenger SRT Hellcat is a beast. It's a 707-horsepower, supercharged V8-powered muscle machine that seems almost primal in its appeal. It's not low-key, not sophisticated and growls with the menace of a Rottweiler. The six-speed manual transmission operates with all the ease of a jackhammer breaking up granite. While this deal seems to be restricted to certain zip codes around Chicago, there may be other offers available in other areas. Is $599 a month cheap? Nah. Nothing about this is cheap, except some of the interior pieces. But, come on, it has 707-horsepower. This deal is on through June 1.
2020 Tesla Model 3 Performance
Tesla does things differently. On the company's website is a financing calculator that lets potential customers calculate the cost of a purchase or lease and change variables like mileage allowances and length of lease term. It is a tool every manufacturer should have on their site.
The lease featured here is for Tesla's bestseller, the more affordable Model 3. The version calculated is the all-wheel-drive, dual-motor speed demon version. In other words, the most expensive Model 3. But using the Tesla lease calculator, we know it's also possible to get a rear-wheel-drive, single motor, standard range Model 3 on a $399 a month, 36-month/30,000-mile lease after $5,594 at signing. This offer is good indefinitely.