Consider leasing when new car prices soar

New and used car prices remain high as a global semiconductor chip shortage, combined with increased consumer demand, has caused a shortage of vehicles on dealer lots. The situation is expected to last many months, making it hard on people who are in need of a car today.

“If you can’t find the truck or SUV of your dreams out there but still need to jump into a new vehicle, leasing is a great solution,” said Ivan Drury, Edmunds’ senior manager of insights.

Leasing a car now provides a number of advantages over a traditional financed purchase. To start with, you don’t have to put as much money down. Additionally, the monthly payments are lower compared to those you’d have to make for the same vehicle but with a loan.

“Since leases are usually a much shorter time commitment than buying, this allows you to test the waters on a new brand or vehicle type you hadn’t previously considered,” said Drury. “By the time you come back to the market, the inventory situation will be in a much better place.”

With this in mind, our analysts have combed through transaction data and found these vehicles that provide significant savings when leased rather than financed. The vehicles are listed in order of highest net savings from leasing.


Edmunds editors say: The Prius Prime has a bigger battery than standard Prius and can be charged at home. It can go about 25 miles using all-electric power. For many people, that’s more than enough for around-town driving. Once the battery is depleted, the Prius’ hybrid powertrain takes over and delivers excellent fuel efficiency.

Buying notes: The Prius Prime is a great way to reduce fuel costs, and the average lease offers an impressive 50% savings off the monthly payment if you were to finance.

Katherine E. Ackerman

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