Best Lease Deals Sept 2023 (2025)

FAQs

Is now a good time to lease a car in 2024? ›

In 2024, whether to buy or lease a car depends on your individual needs and lifestyle. With manufacturers pushing more attractive lease deals, leasing may become a more appealing option for many. Leasing is a great way to avoid the worst effects of today's high interest rates.

A score between 620 and 679 is near ideal and a score between 680 and 739 is considered ideal by most automotive dealerships. If you have a score above 680, you are likely to receive appealing lease offers. However, if your score is below 660, you still have a 22 percent chance of earning acceptance.

Why are car leases so expensive now? The cost of cars has significantly increased, as has the cost of leases. Plus, many current lease contracts aren't as favorable toward drivers as they once were – a result of increased demand for new cars.

What month is rent most expensive? Rent is typically the most expensive from May to October, with September usually being the peak month for rental prices.

If you want the best monthly deals, focus on a lease of 36-48 months (but first decide if you're happy to hold the car for that long) If you want to drive your car for less than two years, consider another option like a short-term car subscription (see below).

24-month leases may offer additional flexibility, but most shoppers will find they cost a lot more money when it comes to monthly payments. If your priority is monthly affordability and getting more for your money, you'll probably find a 36-month contract to be a smarter choice.

If your goal is to have low monthly payments and drive a new vehicle every few years with little hassle, then leasing may be worth the additional cost. Be sure, however, that you can live with all the limitations on mileage, wear and tear, and the like.

As new models are introduced, dealerships often offer discounts on previous year models to make room for the new inventory. If you're looking to save money, waiting until 2024 might be a more financially savvy decision. Exploring the benefits of a used car buying can reveal substantial savings and value for money.

For the best shot of being approved for favorable lease terms, you should have a credit score of at least 700. Some companies may be willing to lease to you with a lower credit score, depending on the cost of vehicle, down payment, and other credit or contract terms.

A hard credit check, hard inquiry, or hard pull is triggered when you apply for a new car loan, mortgage, apartment lease, or other line of credit. In other words, if approved, you will add to your debt and increase the risk you pose to current and future creditors.

Is leasing easier than financing? ›

Leasing can be more difficult than buying if your credit needs some work. In both cases, however, you'll qualify for the best terms with a credit score of 700 or higher. What's your budget? If you can't afford to buy a new car, leasing could be a cheaper alternative.

The obvious downside to leasing a car is that you don't own the car at the end of the lease. That means you don't have a trade-in if you decide to purchase a car. Consumers who routinely lease cars over many years may end up paying more than they would if they had initially bought the car.

It's crucial to negotiate a lease deal as it can greatly impact the overall cost of the lease. You can secure a more advantageous deal by negotiating the lease terms, such as monthly payments, down payment, and mileage limits.

To apply this rule of thumb, budget for the following: 20% down payment: Aim to make a 20% down payment on your new car. 4-year repayment term: Choose a repayment term of four years or less on your auto loan. 10% transportation costs: Spend less than 10% of your total monthly income on transportation costs.

3) End of the Month, Quarter, or Year: Car dealerships work hard to meet sales targets at the end of each month, quarter, and year. There could also be manufacturer-sponsored leasing and financing deals available at these times. If the timing is right for you, you may score extra savings.

What is the best length for a car lease? One-year lease deals are widely available, but two- and three-year contracts are most popular. Two-year leases offer greater flexibility to swap cars more frequently, but three-year leases generally offer lower monthly repayments.

Lease payments are almost always lower than loan payments because you're paying only for the vehicle's depreciation during the lease term, plus interest charges (called rent charges), taxes, and fees. You can sell or trade in your vehicle at any time.

Many people prefer the consistency of a year-long lease. However, depending on how long you want to be in the apartment, you may prefer a shorter or longer lease term. Month-to-month leases can also be very convenient if you are unsure of your plans and want more flexibility for your lease.