Best SUV Lease Deals [May 2023 Edition]

If you've been waiting to get a new SUV, now might be the time to do it. SUVs are an ideal option for families and for anyone that likes to travel or go off-roading. There are a wide range of styles and types available, from sport to luxury and compact to full-size SUVs. Crossovers can fulfill the needs of almost any everyday task.

Below we share our picks for the best SUV lease offers this month.

Not looking for an SUV? Here’s our picks for the best overall lease deals for any type of vehicle from sedans and compact cars, to minivans and pick-up trucks.  Updated every month!

Best SUV Lease Deals

Manufacturers consistently put out new lease offers on their line of 2022 SUVs and crossovers. Below is a list of some of the best lease deals on SUVs right now, ranging from compact to full-size options.

What Factors Should You Consider When Leasing An SUV?

You’ll want to select the kind of SUV that best fits your needs and budget. Aside from cost, here are some of the top factors to consider when choosing an SUV to lease:

SUV Features

• Seating capacity and storage: Smaller SUVs can usually seat five passengers while larger SUV’s can seat seven to nine passengers, making them great for families or carpools. Depending on the brand, some rear seats fold partially while some flip all the way forward or can be removed entirely for an increased cargo area.
• 2-wheel or 4-wheel drive: Most SUVs have the option for all-wheel drive making them better at handling tougher conditions or even off roading.
• Engine Type and Fuel efficiency: SUV engines come in 4, 6, o 8 cylinders. As you go up, you get more power and towing capacity. However, your fuel economy will suffer more as you get a more powerful engine. Check out some of the best fuel-efficient SUVs here.
• Safety: Heavier builds with larger frames tend to increase safety in the event of an accident. That said, some smaller SUV’s built on a car chassis could rollover easier than their car counterparts. Plus, larger vehicles can have reduced rear and side visibility. So consider models with automatic braking features, side-impact door beams, lane keep assist, and back-up cameras or blindspot sensors

The Different Sizes of SUVs

Here are the four types of SUVs to consider:

Sub-compact SUVs start in the low $20,000 range. They are also referred to as compact crossovers, and tend to maneuver similarly to sedans. You won’t be able to do any serious off-roading, and you will have limited cargo space. However, sub-compact SUVs can be great for everyday driving.

Small SUVs start in the mid $20,000 range. There is no standard set of dimensions that determines what a small SUV is but they often have a four-cylinder engine with fairly good gas mileage. They may also be referred to as crossovers, and they share a car chassis like sub-compacts.

Mid-sized SUVs.  Like trucks, midsize SUVs offer an elevated ride with great headroom. They start in the $30,000 range. Many include four-wheel drive, which allows you to navigate in more challenging terrain. You’ll be able to get more cargo space and many have towing capabilities with a six-cylinder engine as well.

Large SUVs or full-size SUVs include a truck chassis and handle more like a truck than a car. They are incredibly spacious, with an elevated ride. With a six or eight-cylinder engine, they are far less fuel-efficient than smaller SUVs. One major benefit is its off-road and towing capabilities. Most large SUVs start in the $40,000 range.

• Check out our top picks for the best SUVs for towing >>

Should you lease or buy an SUV?

When you lease an SUV, your monthly payments are lower than financing, but you must return the vehicle at the end of the lease to the dealership. When you finance an SUV, you actually own it once you’ve paid off the loan.

Reasons for Leasing an SUV

• You want lower monthly payments.
• You want a new SUV every few years.
• You don’t want to worry about maintenance costs (as most lease terms are under the manufacturer’s warranty).
• You don’t want to worry about ever having to sell or trade in your SUV.
• If you use your SUV for business purposes, you may have more tax write-offs than a loan.

Reasons for Buying an SUV

• You want to build equity in a vehicle and save money in the long run.
• You plan to keep the SUV for at least several years.
• You don’t want to worry about mileage restrictions or wear and tear and penalties at the end of your payment term.
• You want to make modifications to the vehicle.
• You want the option to sell the vehicle whenever you choose without penalty.

When deciding whether to lease or buy it’s often easiest to look at how soon you’ll want your next vehicle. A good rule of thumb is that it usually makes more financial sense to buy an SUV if you will keep it for 5 or more years.

Frequently Asked Questions

What is the most affordable SUV I can lease?

You can often lease smaller SUVs for $150-300 a month. These include SUV’s like the Ford Escape, Honda HR-V, Hyundai Kona, Nissan Rogue, Mazda CX-30, and the Kia Soul.

Is it cheaper to lease a car or an SUV?

SUVs are generally more expensive than cars for both buying and leasing.  However, manufacturers do sometimes run lease specials that make them more affordable.

Can you negotiate an SUV lease?

Yes, you can negotiate an SUV lease.  First negotiate the price of the SUV as if you were going to buy and ask to use the negotiated price as your capitalized cost.  Learn more about how to negotiate a lease.

Can you lease an SUV with no money down?

Yes, some manufacturers advertise zero down SUV leases.  Here’s the full list of zero down offers right now.

Even if it’s not advertised, some dealers make the down payment optional if you meet their credit requirements.  Keep in mind that a zero down lease will raise your monthly payment since you are not pre-paying some of the lease obligation.

Is it cheaper to buy or lease an SUV?

Monthly payments are cheaper when leasing an SUV.  But if you buy and keep an SUV after it’s paid off, it’s cheaper in the long run.