1. Lower Monthly Payments

Leasing a car usually results in monthly payments that are 30% - 60% lower versus buying a car. This allows you to drive a car that you may not normally be able to afford, and this is perhaps the biggest advantage that leasing offers.

2. No Repair Costs, Low Maintenance

If you take my advice and only lease for 36 months or less, than you are typically covered by the manufacturer's bumper-to-bumper warranty during your entire lease. You will never have to worry about major repair costs, and in some cases manufacturers also offer free maintenance for the first couple of years.

3. No Hassles with Used Cars

When your lease is over, you simply return the car to the leasing company. No more hassles trying to sell a used car - and the value of the vehicle at the end of lease is not your problem. There are some cases where leasing companies overestimate the value of the car which results in a lower lease payment for you, and a loss for the leasing company.

4. Tax Benefits

If you intend to use the car for your business, you can typically write off the entire lease payment as a tax deduction. And even if you don't own a business, most states only tax you on the "usage" portion of your lease - meaning you don't have to pay taxes on the full price of the vehicle. This can save a few hundred dollars versus buying a car and paying taxes on the full amount.

5. Drive the Latest Cars

A lease allows you to drive a new car every 2 or 3 years, giving you the benefit of enjoying the latest technological advances and safety features.

6. More Choice of Vehicles

When you lease a car, you don't have to worry about its reliability or quality because you're only going to be driving it for 2 or 3 years. Most cars won't have any issues during this time and this allows you to choose cars that you may not necessarily buy.

7. Less Money Up front

Many cars can be leased with no money down (although there are always going to be some up front fees which can usually be rolled into the monthly payment). When you buy a car, you're usually required to put 20% down in order to get a decent car loan rate.

8. Includes GAP Coverage

Most leases include gap insurance for free which will protect you in case the car is totaled or stolen during the lease.

9. Good if You're Accident Prone

If you buy a car and wreck it, insurance will pay for the damages, but when it comes time to sell the car, you will take a hit due to "diminished value". People are not willing to pay the same price for a car that's been wrecked. With leasing, if you wreck the car, insurance will still take care of it, but the diminished value is the leasing company's problem, not yours.

November’s Best New Car Leases

As automakers work to clear the lots of 2020 models, they're using generous incentives to attract lease customers back into the market. They’re available on models that span the market, from affordable compact cars to pickups and luxury SUVs. 

Car leasing usually brings lower monthly payments than car buying, as you only have to pay for the depreciation that's expected to occur during the lease term, plus interest and fees. When you buy, you have to pay for the car's entire value, and most shoppers have to take out a loan to do so. Getting a lease can be even more affordable when you can take advantage of an automaker's lease deal. 

While anyone with good credit can get a lease deal, some of the best this month are reserved for existing lease customers, including incentives on the 2021 Chevrolet Camaro and 2021 GMC Canyon.

It’s a good month to be in the market for a small luxury SUV, with generous lease offers available on the 2021 Cadillac XT4, 2020 Lexus UX, and 2020 Range Rover Evoque. High residual values continue to make the 2021 Jeep Wrangler a good lease option. 

Before you decide to lease, you need to be sure your job is safe in the face of the continuing economic turbulence. That’s because lease contracts are hard to break without inflicting major trauma on your credit score. Many of the lease deals you'll see on the following pages have limits based on where you live. They typically are only available to shoppers with top-notch credit scores and stable work histories. Strict mileage limits make knowing how many miles you drive each year an essential factor in your car leasing decision.

Lease deals are usually offered on specific trim levels, and dealer stock may be limited. The U.S. News Best Price Program can connect you with multiple local dealers with just one simple inquiry. It will also help you find retailers with online lease and home delivery programs.  

Unless otherwise noted on the following pages, this month’s lease deals expire on the last day of October. Miss the expiration date, and you’ll likely miss out on the deal. Because of plant closures caused by the coronavirus pandemic, some vehicles may be in short supply.

At The Lease Lab, we make auto leasing and financing as convenient as possible for you. We take pride in getting our clients the best lease and finance deals along with providing exceptional customer service. As a company, we have single handedly given you, the consumer, the ability to shop for every make and model vehicle with just one phone call. From the moment you contact us all the way up to the moment you're driving off in your brand new vehicle, you'll have an increased sense of security you normally wouldn't have working with a dealership. More importantly, we value your time. There is no longer a need to spend stressful, countless hours haggling through the dealership red tape. We make car buying fun again. We put you first and value your business.