For many folks across the United States, now sure would be a great time to have a brand new car for around $300 per month. Buying a new car is a more expensive prospect than ever before in human history (again), and dealers are combating this trend with predatory loans that lock buyers into exceedingly long contracts (we’re talking seven-year-long contracts). If you’re in need of an affordable new car but understandably don’t feel like signing a seven-year finance contract, here are some cheap lease deals that will likely work better for you.
Keep in mind that most of these specific deals are exclusive to certain regions of the country, so they might not be precisely the same as the ones offered in your area, and they may include some discounts for brand loyalty or similar caveats. This list was compiled by our friends at CarsDirect, and as of the time of writing this blog, the list was last updated on July 2.
The cheapest SUV and truck lease deals aren’t quite under the $200 mark
Most of the cheapest lease deals currently offered are for cars, but if you need a cheap SUV or pickup truck, there are a couple of deals that might work for you. The cheapest pickup truck to lease is again the Toyota Tacoma SR5, which is available to lease in the Southeastern U.S. for $279 per month for 36 months with $4,278 due at signing and an annual allowance of 10,000 miles. As with most of these deals, there is a relatively high sum of money due at signing, but even when you spread that high price evenly across the 36-month term, the overall effective cost is a still-reasonable $398 per month.
The only SUV lease deal on this list is a little one, the Buick Encore GXÂ with front-wheel-drive. It’s offered nationally for returning Buick lessees at a very low price of $199 per month for 24 months with $4,649 due at signing, and an annual limit of 10,000 miles. Thanks to that hefty down payment and shorter lease term, the effective cost shakes out to be nearly the same price as the Tacoma at $393 per month.
Two subcompact sedans are next, with effective costs just over the $300 mark
These two compact sedans are good options for folks on a tight budget. The Toyota Corolla LE sedan is currently available for lease in the Southeastern U.S. for $199 per month for 36 months with $4,198 due at signing and an annual limit of 10,000 miles. When spread across the entire lease term, that equates to a total monthly cost of $315 to have the privilege of owning one of the most boring but reliable, dependable, efficient, and safe cars on the road. The Corolla LE is a cheap car to begin with, though, at a base price of $24,420, so it’s not a screaming deal, but it’s still worth considering. If you don’t mind driving a hatchback, though, keep reading.
The excellent Kia K4 LXS sedan is currently being offered for $209 per month for 36 months with $3,499 due at signing and an annual allowance of 10,000 miles. Spread that down payment across the 36 month term, and the total monthly cost boils down to a low $306 per month. This deal is advertised on a limited-time basis in California, Colorado, Delaware, Florida, Hawaii, Illinois, Indiana, Maine, Michigan, Minnesota, North Dakota, Nebraska, Ohio, Pennsylvania, Utah, Vermont, Wisconsin, and Wyoming, so be sure to check in your region.
The two cheapest cars to lease this month are the Nissan Altima and the Toyota Corolla Hatchback
The only midsize sedan on this list happens to be very affordable, and it’s the Nissan Altima SV front-wheel-drive. It’s advertised in the New York area for a monthly payment of $199 for 36 months with $3,869 due at signing, and an annual allowance of 10,000 miles. Spreading that down payment across the 36 month term reveals an effective cost of just $298 per month, which is an exceptionally good deal in the current market. The Altima may get a bad reputation on the road, but it’s not a bad car by any means, and at this price, it’s awfully hard to turn down.
The cheapest car to lease this month is the Toyota Corolla Hatchback SE. It’s listed for lease in the New York area for $179 per month for 36 months with $3,999 due at signing and an annual allowance of 10,000 miles. Spread across the entire term, that’s just $290 per month. The SE is actually slightly better equipped than the Corolla LE sedan, with its alloy wheels, sports seats, and paddle shifters for the CVT transmission. It’s also offered in much more exciting colors than the LE sedan, including the bright Inferno orange and Blue Crush Metallic for no extra charge. If you’re looking for a cheap way to get into a new car, these leases might be your best bet. Good luck out there!
