Tag Archives: leasing

Riiight. Let’s not beat around the bush. Cheap electric cars (plus infrastructure) are what we need for widespread adoption of the breed, but the market seems scarce on any super appealing options. Sure, the Tesla Model 3 Standard Range, Chevy Bolt family, and Nissan Leaf are effective and dandy vehicles, but they’re not really model citizens in style, quality, or character, and the Fiat 500e is still on its way. We need more, I say! Well, Hyundai seems like it’s here to help since you can now score their Ioniq 6 EV for as low as a $239-a-month lease. Two-three-nine. Sick.

Hyundai Ioniq 6: see prices at CarGurus

For reference, a comparable Model 3 can be leased for as low as $329 nowadays. Late last year, Bolts were leased for $299. And Polestar is currently advertising Polestar 2 leases for as low as $379. At an econobox-rivaling $239, the swoopy-droopy-looking Ioniq 6 has been making headlines and fueling social media banter for being the cheapest EV lease on the market today, creating an alluring deal for urbanites searching for a solidly built, comfortable, and stylish electric car devoid of egg-inspired aesthetics or questionable leadership ethics.

The stipulations are just as intriguing as the payment itself, leading to some questioning its validity and whether it’s all some pending April Fool’s prank that we’re bracing for. $0 down. 24 months. Mileage not disclosed. Still, not bad for two years with one of the more well-received grocery getters currently on sale. Alternatively, SE AWDs will lease for $349 for $349 down, while SEL AWDs will go for $449 for $449; both deals run for 24 months, should you care. Perhaps the biggest catch is that prospective lessees must act fast, as the deal expires on April 1.

The Ioniq 6 isn’t a bad car, either. With an MSRP of $42,450 for the SE trim and $50,150 for the Limited trim before incentives or fees, it’s not the most expensive nor the cheapest EV to buy. Rear-drive Long Range variants output 225 horsepower and 258 pound-feet, which is good for 0-60 in roughly six seconds and a Hyundai-estimated range of 361 miles. Dual-motor all-wheel drive saps range down to 316 miles but boosts performance to 320 ponies and 446 pound-feet. Non-Long Range variants make do with 305 miles of range while driving only the rear wheels or 270 miles with all-wheel drive. Battery capacity is either 53 or 77.4 kWh, depending on the range variant. In the unavoidable looks department, its fastback silhouette is clearly inspired by the likes of the Mercedes CLA and CLS, and its compact footprint makes it a sweetheart in urban commuting. The “borderline luxurious” interior, as described by Motor Trend, is typical Hyundai, which is to say modern, ergonomic, and totally functional.

New Hyundais: see prices at CarGurus

Hurry and cop one quick if you’re in the market! April Fool’s is just around the corner. A shame such a good thing can’t stick around forever, especially for something that’s a fresh break from the bottomless sea of Teslas and Priuses. But that’s life and the cruel, cruel world of the auto industry.

When it comes to new car ownership, leasing makes a lot of sense. If it fits your lifestyle (key distinguisher, by the way), leasing allows you to continually swap to a new car every couple of years with what’s generally considered a low down payment and low monthly payment. As long as you stay under the agreed-upon mileage limit, it could be quite beneficial to your monthly expenses.

But there’s another benefit of leasing that isn’t always talked about. If you’re inclined to buy the car—either cash or with finance—at the end of the term, you might be in a situation where the car has depreciated so much that you could own it for significantly cheaper than otherwise, such as off the lot as certified pre-owned. Not an uncommon trope with luxury cars. It all depends on the car’s residual value, and if that’s pretty darn low, this is worth considering. 

Especially if it’s a luxury vehicle made by a brand with historically hilarious depreciation. Let’s go over a few candidates that are worth rooting for the demise of.

Jaguar F-Type

Kickin’ it off with a bang! Fingers-crossed, not the mechanical type. According to CarEdge.com, Jaguar has the worst residual value at 72.19%. This means the car lost just under 28% of its value after just three years. Who knows, it could drop even further—drop baby drop!

The F-Type is no exception, and this cat is definitely worth putting up with for three-plus years as its supercharged, 444-horsepower 5.0-liter V8 and rear-wheel drive is so incredibly-freaking fun. It’s also great to look at, quite luxurious inside, and its overall handling is quite good. There’s a little bit of aftermarket support for its engine, too, so once that horsepower figure no longer impresses, there’s room for more.

Currently, a 2024 R-Dynamic P450 RWD—the least expensive coupe model—comes out to $79,175. Lob 28% off, and that brings it down to just over $57,000. Still a decent chunk of change, but chock-full of equity in the looks and performance department. Which will also age more gracefully than many other modern cars.

Mercedes-Benz E 450 4Matic All-Terrain

Mercedes-Benz’s residual value is a little better than Jaguar’s, but still a whopping 78%, meaning it lost 22% of its value after three years.

So, why not spend those three or more years in opulent, E-Class comfort? The E 450 All-Terrain has an incredibly good ride quality and handles quite well for its class and stature. Thanks to the All-Terrain bit, it handles itself surprisingly well off-road—though, don’t expect to do any rock crawling. Finally, its turbocharged three-liter inline-six puts out 362 horsepower and 369 pound-feet of torque, so it has ample power to get sideways in the dirt.

A 2023 model commands around $75,000, right before a new generation for 2024, which could bode extra well for depreciation—makes you wonder if even deeper, sweeter deals could be had with remaining 2023 stock in 2024. Based on the above 22% drop, $58,500 could be the figure to keep in mind after three years of faithful German luxury.

Alfa Romeo Giulia Ti

Right in the middle of the F-Type and All-Terrain is the Alfa Romeo Giulia, which has a residual value of about 75%. This means that once it adds 30,000 to 45,000 miles to its odometer, 25% of its value flies out the window. The math isn’t perfectly accurate, as the figures I found are based on 2021 numbers or about two years ago. But still, it’s fun to think about, and surely not a whole lot different now.

To calm our figures down a touch, let’s use the more value-minded Ti trim as an example, which comes to $44,685 out the door. At this level, you get rear-wheel drive, 280 horsepower, and 306 pound-feet of torque out of an entertaining turbo-four, an eight-speed automatic gearbox, and a 0-60 time of just five seconds. Not bad at all. Plus, it’s better looking than many other compact luxury cars in its segment; you’re more likely to look back at it every time you park it.

After three years, the value could drop to as little as $33,500, possibly more. Three-years worth of $600 payments—as promoted on Alfa’s website at the moment—is $21,600, so imagine the number that the leasing company might give you after knocking off that chunk.

Do you have equity in a leased car?

If some of the numbers above don’t seem all that appealing, there’s one more factor to consider: Lease equity. According to Leasehackr, this is defined as the car’s payoff number against the potential price that you sell the car for. Meaning, you decide to keep the car post-lease and then resell it for a potential profit.

If a car were to beat depreciation—meaning be worth more money—that money could be used for something else, such as added to a down payment on another vehicle. If it’s worth $35,000, yet the lease company figured it’d be worth $29,000 at the end of the term, that’s potentially $6,000. While this was definitely a thing over the past couple of years with supply shortages, the market has started cooling off, so there’s less chance of it happening now. Though, you never know. 

Regardless, it’s good to know you have options at the end of a lease. You could either take advantage of depreciation and own a car for less than market value, or potentially make a tiny piece of coin at the end and put it into something else.

Memorial Day is coming up quickly. While you’re hopping between barbecues and pool parties, be sure to hit up your local dealer. Car dealer that is! We’ve rounded up all of the best Memorial Day car sales of 2023 from top automakers across all of the most popular makes and models.

What Memorial Day car sales can I expect in 2023?

Historically, Memorial Day has been one of the best times of the year to buy a new car. That said, the new-car market for the past couple of years has been a little dire due in no small part to the global microchip shortage, supply chain issues, and the enduring effects of the pandemic. We saw a whole bunch of horrific markups that expectedly set off consumers.

This year, we can expect to see things pan out a little bit differently given the improved economic climate. Most manufacturers have shifted into reverse a bit. In a lot of ways, car dealerships are on their last few breaths. Now we have car subscription models beginning to surface along with companies like Volvo promising to start selling directly to consumers. Tesla has already laid the foundation for cutting out the middleman.

Toyota and Lexus

Who doesn’t love a good deal on a reliable, long-lasting Toyota? While you won’t find discounts on the slick new 2023 Prius, you can drive on the beach this summer with the Highlander FWD at 3.49% for 60 months. Toyota is also offering 3.99% for 48 months on the Camry, Corolla, Highlander, RAV4, and Tacoma. For those looking for something a bit more on the luxury side, Lexus has the ES at $519 per month ($589 for the hybrid) for 39 months with $3,999 due at signing.

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Ford and Lincoln

The beloved American manufacturer has a ton of Memorial Day car sales but by far the strongest is the Ford Edge at 0% for 72 months plus you’ll get $3,000 in bonus cash. Along with that, the Mustang is going for 0% for 60 months, the Bronco Sport, Expedition, Explorer, and F-150 at 0.9% for 60 months (with $1,000 in bonus cash for the F-150), as well as the Escape for 1.9% at 60 months. On the luxury side, you can make like Matthew McConaughey and take home a Lincoln with 5.9% financing or as low as $468/month for a 2023 Corsair lease.

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Kia

One of the more popular choices for Memorial Day sales, Kia is coming in hot with the EV6 at 2.75% for 60 months, the Niro EV for 2.9% for 72 months, the Forte and Soul at 2.9% for 48 months, and the Sorento at 3.25% for 48 months.

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Honda and Acura

The CR-V has durability, storage, and the versatility to take whatever life throws at you. And right now, Honda is offering 3.9% for 48 months for the CR-V along with the CR-V Hybrid, HR-V, Odyssey, Pilot, and Civic. Other deals include 2.9% for 48 months on the Accord, Accord Hybrid, Passport and 0.9% for 36 months on the Ridgeline. Step it up to an Acura from Honda’s luxury division, and you can finance a 2023 Integra at 4.9% for up to 60 months.

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BMW

Quite a bit of lease deals here, it’s easier to list them.

• 2 Series: $479/month for 36 months ($4,619 due at signing)
• 3 Series: $549/ month for 36 months ($4,999 due at signing)
• 4 Series: $589/month for 36 months ($4,769 due at signing)
• 5 Series: $629/ month for 36 months ($6,409 due at signing)
• X1: $549/month for 36 months ($4,849 due at signing)
• X3: $579/month for 36 months ($5,929 due at signing)
• X4: $729/month for 36 months ($5,209 due at signing)
• X5: $909/month for 36 months ($5,959 due at signing)
• i4: $489/month for 36 months ($4,239 due at signing)
• iX: $989/month for 36 months ($5,919 due at signing)

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Volkswagen

While we’ll probably never see the Golf-like Volkswagen ID.2 come stateside, the ID.4 is a well-rounded German SUV that won’t set you back a kidney. Like other carmakers who had their EV tax credits taken away as a financing incentive, VW is giving customers $7,500 back when they lease an ID.4. Military service members get a $500 bonus on top of that. By far, the most interesting Memorial Day car sale from Volkswagen, however, is a tantalizing 1.9% APR for 36 months on the Tiguan.

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I amost bought a VW Tiguan last year, and if I hadn’t already put money down on the Alfa Romeo Tonale, I’d be tempted to pull the trigger. – Gabe

Audi

For a limited time, Audi is offering a $7,500 leasing bonus for EVs. This includes 2022 and 2023 e-tron models, the 2024 Q8 e-tron, and Q8 e-tron Sportsback. Plus, 0.99% for up to 60 months on the 2022 Audi e-tron GT or RS e-tron GT.

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Jeep

Memorial Day Jeep sales are a Jeep thing, you wouldn’t understand. Take control of the road in the Grand Cherokee, going for 2.9% for 36 months this coming weekend. Jeep is also offering $2,000 in bonus cash for the Compass (at 0% for 36 months) and the Renegade (at 1.9% for 36 months).

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Hyundai

Hyundai has its Nexo Fuel Cell for 0% for 72 months plus a whopping $25,000 off. And apparently they’ll still offer you the deal regardless of whether you pronounce it “Hyundai” or “Hyundai” (it’s “Hyundai”). Other Memorial Day weekend deals include 0.9% for 48 months on the Tucson, 1.9% for 48 months on the Elantra, Santa Fe, and Sonata. On the luxury end, the Genesis G70 can be leased for $470 per month for36 months and the G80 at $619 for 36 months.

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Nissan

I can’t hear of the word Nissan without thinking of that classic Vine, Liam Neeson’s knees on his niece on E’s on a Nissan. But if you hear the word Nissan and think, “I’d like to drive one of those,” good news. This weekend, the Titan is going for 0% for 60 months, the Murano and Rogue are at 0% for 36 months, and the Altima and Pathfinder are at 2.99% for 36 months.

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Subaru

Drive off into the woods in a brand new Subaru thanks to some great Memorial Day savings. The WRX is going for 2.9% with the Ascent, BRZ, Crosstrek, Forester, Outback, and more all going for 3.9%.

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Mazda

I’ve driven a Mazda CX-5 and I’ve got no plans on changing that. You can lease one yourself for $299 a month for 36 months ($2,999 at signing) as well as the Mazda 3 for $348 a months for 36 months ($2,999 at signing) or the CX-9 for $390 a months for 24 months ($3,999 at signing).

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Dodge

Some great lease deals from the folks at Dodge. The Charger is going for $461 per month for 36 months with $4,249 due at signing, the Challenger for $410 per month for 36 months with $4,249 due at signing, the Durango for $448 per month for 36 months with $3,999 due at signing, and the Hornet for $449 per month for 36 months with $4,249 due at signing.

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Mercedes-Benz

Got another big list for ya. Here’s what Mercedes-Benz has to offer for this coming Memorial Day weekend.

• GLA: $649/month for 36 months ($4,923 due at signing)
• GLB: $679/month for 36 months ($5,033 due at signing)
• GLC: $639/ month for 36 months ($4,553 due at signing)
• GLE: $859/ month for 36 months ($5,583 due at signing)
• C-Class: $579/month for 36 months ($4,573 due at signing)
• E-Class: $789/month for 36 months ($5,863 due at signing)
• CLA: $669/month for 36 months ($5,193 due at signing)
• EQB: $689/month for 24 months ($5,753 due at signing)
• EQE: $689/month for 24 months ($6,673 due at signing)
• EQS: $1,049/month for 24 months ($9,283 due at signing)
• EQS SUV: $1,049/month for 24 months ($9,283 due at signing)

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Volvo

In addition to its evergreen military incentives for those in the service, Volvo is promoting its top-selling SUVs, such as the XC40 and XC90 across trim levels at 5.99% APR for up to 72 months. Certain sedan and wagon models in the Swedish carmaker’s lineup are also eligible for the same offer. EVs, on the other hand, qualify for a $7,500. Presumably, this means Volvo will pass the savings along from the federal EV tax credit, for which most leases still qualify.

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Chevy trucks and SUVs

General Motors is another one with generous military discounts, so check in with your nearest dealership if you’re an active military service member. The same likely goes for everyone else since the Memorial Day sales vary depending on your location.

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Cadillac

If you’re shopping around for a new Cadillac, existing lessees of a 2018 model or newer might be able to claim $2,250 toward their purchase of a 2023 XT4 for a limited time. Not only that, but you could lock down a $379/month payment for your Cadillac XT4 over 36 months. Meanwhile, those who finance an XT4 can do so at 2.9% APR for 36 months in addition to receiving a $500 purchase allowance.

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Buick

SUVs wearing GM’s Buick nameplate can be financed for 2.49% APR and no monthly payments for 90 days across the board. What’s more, Encore GX and Envision models come with a $750 signing bonus. At this rate, don’t be surprised to see more Buicks on the road after this.

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