Cheapest Lease Deals For January 2021
One of the benefits of leasing compared to buying a new car is the low up-front cost. But today we're going to look at the lowest of the low.
We take into account the monthly payment and the amount due at signing in order to pick our favorites. There are plenty of offers from popular car manufacturers that advertise low monthly payments, but the "due at signing" amount is usually higher.
When the down payment on the vehicle is higher, the monthly payment amount usually gets smaller. So our picks for the cheapest lease deals are all affordable options that balance the total cost of the new vehicle.
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Want more affordable lease deals? Our team scours the web every month to find all types of lease deals across all brands and vehicle types.
Cheapest Lease Deals Right Now
To get the most bang-for-your-buck, check out our top picks for the most inexpensive cars to lease right now.
#1 Deal: 2020 Nissan Leaf
Lease Deal: $199/month for 36 months, $199 due at signing
#2 Deal: 2021 Subaru Impreza
Lease Deal: $199/month for 36 months, $1,999 due at signing
#3 Deal: 2021 Mazda3 Sedan
Lease Deal: $203/month for 36 months, $2,499 due at signing
#4 Deal: 2021 Toyota Corolla
Lease Deal: $159/month for 39 months, $2,999 due at signing
#5 Deal: 2021 Honda HR-V
Lease Deal: $250/month for 36 months, $0 due at signing
| Year | Make | Model | Lease Offers | Expiration |
|---|---|---|---|---|
| 2020 | Nissan | Leaf | $199/month for 36 months, $199 due at signing | 2/1/2021 |
| 2021 | Subaru | Impreza | $199/month for 36 months, $1,999 due at signing | 2/1/2021 |
| 2021 | Mazda | 3 Sedan | $203/month for 36 months, $2,499 due at signing | 2/1/2021 |
| 2021 | Toyota | Corolla | $159/month for 39 months, $2,999 due at signing | 2/1/2021 |
| 2021 | Honda | HR-V | $250/month for 36 months, $0 due at signing | 3/1/2021 |
Cheapest Car to Lease
So what is the cheapest car to lease? Out of all these low-priced cars, we selected the 2021 Subaru Impreza
Top Pick: 2021 Subaru Impreza
Lease Deal: $199/month for 36 months, $1,999 due at signing
Factors That Determine the Cost of a Vehicle Lease
The factors used to determine your monthly lease payments are:
- Depreciation. You pay for the amount of depreciation the vehicle will experience over the lease term. Therefore, cars that depreciate faster will cost more to lease per month but will be less expensive to buy after the lease.
- Rent charges. Rent charges (based on the money factor) are like the interest rate on an auto loan.
- Taxes and fees.
- Lease term. The length of the lease contract will also impact the cost of your lease.
You’ll also need to pay for comprehensive, collision, and liability auto insurance while leasing a vehicle. You may have to pay for routine maintenance and repairs depending on your lease agreement. When turning the vehicle back in, you could face end-of-lease fees for excessive mileage, excessive wear and tear, disposition, or early termination fees.
The Average Cost of a Car Lease
The actual cost to lease a vehicle will significantly fluctuate based on the factors above. However, the average lease payment for a new vehicle is $467 per month. The average monthly loan payment for a new car is $568, so the average cost to lease a car is $100 cheaper per month than financing a car through a loan.
Why Find a Cheap Lease?
While there are many advantages to leasing a car, ultimately you are renting the vehicle. Unlike a car loan, you are not paying to own the car. Unless you take the buyout option, you are merely paying to use the vehicle for the lease term. You cannot get the money you put into a lease back and for that reason, it’s wise to keep the cost of your lease down as much as possible. Fortunately, there are many excellent affordable car leasing deals available, and it is very doable to find a high-quality lease that doesn’t break the bank.
What to Look for in Cheap Lease
It’s not just about the monthly payment amount that makes it a cheap lease deal. A high due at signing amount will lower your monthly payments and a low due at signing amount will increase your monthly payments. You should find a nice balance between the two for it to be considered a cheap lease. There are plenty of advertised lease offers that have monthly payments around $250 with due at signing amounts at around $2,000.
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