Automotive

Looking to lease suv

  • Last Updated:
  • Jan 23rd, 2018 1:12 pm
[OP]
Sr. Member
Feb 7, 2008
851 posts
220 upvotes
Mississauga, ON

Looking to lease suv

I'm looking to lease a new SUV, first time leasing, so I have some questions:
Main things I need: 24k km annual lease allowance, Awd, backup camera, heated front seats

I'm looking at the CR-V size, so I believe it would include Kia Sportage, Rav4, Nissan Rogue, Ford escape, etc.

I saw Ford having 0% Apr, Kia I'd 2.99 for 36mths,etc.

At the end of the day, I do not plan to buy out, and plan to keep leasing every 3 yrs. My thought process is that I'd just look for lowest monthly payment as long as my needs listed above are met.

Does this make sense or is there something else I should be considering?

If I'm right, I'd just put a spreadsheet together for all similar sized vehicles and get the monthly payments using each manufacturer website's calculator.

And should I go to each dealership to see if there are any lease specials? Or would all promos he listed on the manufacturer's website?
7 replies
Member
Mar 27, 2012
270 posts
112 upvotes
Is there a particular reason why you're leasing and not owning the car outright? You've chosen quite reliable brands/vehicles so I don't see any issue with owning them in terms of reliability. I mean financially for a lot of people it makes little sense to lease unless you can write off the lease, unless you just like changing vehicles every 3 years. Also I would go for a 4 year lease if the warranty is 4 years, you're paying for it anyway might as well keep the vehicle until the warranty is up.
Member
May 17, 2017
285 posts
184 upvotes
Waterloo
l2iceman wrote:
Jan 7th, 2018 10:12 am
I'm looking to lease a new SUV, first time leasing, so I have some questions:
Main things I need: 24k km annual lease allowance, Awd, backup camera, heated front seats

I'm looking at the CR-V size, so I believe it would include Kia Sportage, Rav4, Nissan Rogue, Ford escape, etc.

I saw Ford having 0% Apr, Kia I'd 2.99 for 36mths,etc.

At the end of the day, I do not plan to buy out, and plan to keep leasing every 3 yrs. My thought process is that I'd just look for lowest monthly payment as long as my needs listed above are met.

Does this make sense or is there something else I should be considering?

If I'm right, I'd just put a spreadsheet together for all similar sized vehicles and get the monthly payments using each manufacturer website's calculator.

And should I go to each dealership to see if there are any lease specials? Or would all promos he listed on the manufacturer's website?
So the thing with leases is that it also depends on the residual value, i.e. how much the financier thinks the car will be worth at the end.
Because of this, you can sometimes get a more expensive car for cheaper lease than a less expensive one if the residual value and interest rates line up.

i.e. CRV Touring lease is $616, 3.5%, 48 months, residual value 18k (~45%), MRSP 43k
RDX Base lease is $587, 2.9%, 49 months, residual value 19k (~46%), MRSP 48k
Sr. Member
User avatar
Sep 25, 2009
617 posts
71 upvotes
Mississauga
On lease return, don't forget any occidentals - tires, brakes, any scratch, and ripple.
Last edited by TomRFD on Jan 7th, 2018 10:30 am, edited 1 time in total.
Reason: removed inappropriate joke
"if you torture the data long enough nature will confess" Economist Ronald Coase - University of Chicago
Deal Addict
Jan 8, 2007
2250 posts
745 upvotes
Calgary
l2iceman wrote:
Jan 7th, 2018 10:12 am
I'm looking to lease a new SUV, first time leasing, so I have some questions:
Main things I need: 24k km annual lease allowance, Awd, backup camera, heated front seats

I'm looking at the CR-V size, so I believe it would include Kia Sportage, Rav4, Nissan Rogue, Ford escape, etc.

I saw Ford having 0% Apr, Kia I'd 2.99 for 36mths,etc.

At the end of the day, I do not plan to buy out, and plan to keep leasing every 3 yrs. My thought process is that I'd just look for lowest monthly payment as long as my needs listed above are met.

Does this make sense or is there something else I should be considering?

If I'm right, I'd just put a spreadsheet together for all similar sized vehicles and get the monthly payments using each manufacturer website's calculator.

And should I go to each dealership to see if there are any lease specials? Or would all promos he listed on the manufacturer's website?
You will find all promos on manufacturer's website. Their lease calculators won't include things like admin fees and other dealer specific fees so it's tough to compare exactly that way. Don't forget you're free to negotiate the price of vehicle just like you would with any other purchase.

I would add Subaru Forester, Mazda CX-5, VW Tiguan to your list.
ncc.1701 wrote:
Jan 7th, 2018 10:30 am
On lease return, don't forget any occidentals - tires, brakes, any scratch, and ripple.
There are clear guides at lease start showing what brakes, tires, dents and scratches are acceptable. They actually give you a template to show what damage is acceptable. If that's not enough and you think you will mess up the car more than that you can buy lease guard protection that allows you to return the thing with even more severe damage.
Deal Addict
Jan 15, 2017
2148 posts
1478 upvotes
misc049 wrote:
Jan 7th, 2018 10:19 am
Is there a particular reason why you're leasing and not owning the car outright? You've chosen quite reliable brands/vehicles so I don't see any issue with owning them in terms of reliability. I mean financially for a lot of people it makes little sense to lease unless you can write off the lease, unless you just like changing vehicles every 3 years. Also I would go for a 4 year lease if the warranty is 4 years, you're paying for it anyway might as well keep the vehicle until the warranty is up.
When I read that the OP plans to lease every 3 yrs, I interpret that to mean that the OP wants a new vehicle every 3 years.
Deal Addict
Jan 15, 2017
2148 posts
1478 upvotes
l2iceman wrote:
Jan 7th, 2018 10:12 am
....
And should I go to each dealership to see if there are any lease specials? Or would all promos he listed on the manufacturer's website?
Starting at the manufacturer's websites is a good first step. It will give you some idea on makes and models, equipment levels and allow you to compare the various models. It will also allow you to compare lease rates and monthly pmts. You will also see that even at 0%, some vehicles may not be such a good deal as they depreciate more than others and the end result is that you pay more.
[OP]
Sr. Member
Feb 7, 2008
851 posts
220 upvotes
Mississauga, ON
Thanks everyone, sorry I was out of town on vacation.

And yes, i'm looking to lease only as it'll be for my wife, and she wants a new vehicle every few years. We have our own reasons for this, and this is our decision (I'm on my 19th car myself, all used, including my current 370z and Dodge caliber, and do all work myself, where I can).

I'm going to look through various manufacturer websites and make a spreadsheet, and take into consideration the inputs here.

The frontrunner seems to be Hyundai as they include AWD free, and 3yr lease at 24k km or so comes out a bit cheaper than Kia, Ford, Honda, etc for equivalent class/size (Hyundai Tuscon in this case).

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