SUVs have been among the most popular types of vehicle in the US for almost a decade. Data from IHS Markit suggests that these days almost half of all the new vehicles sold in the United States are now SUVs. Combine this with the popularity of leasing as a form of vehicle ownership, and you won’t be surprised to hear that there’s been an explosion in internet searches from people seeking out the best SUV lease deals.
This regularly updated guide of lease specials is designed to make the process of finding an appealing lease deal on a new SUV as simple as possible. Below, we’ve collated the best SUV lease deals this month, as well as providing tips and advice on how to secure a good price.
The Best SUV Lease Deals in May 2024
- Benefits of Leasing an SUV
- Drawbacks of Leasing an SUV
- SUV Lease Trends in 2024
- The Best SUV Lease Deals this Month
- How to Get the Best SUV Lease Offers
Benefits of Leasing an SUV
The main incentive for leasing an SUV over other purchase methods (such as dealer financing) is that monthly payments tend to be lower. This is because the lease agreement is designed so that you're paying to cover the SUV's depreciation throughout the lease term, rather than its complete value, as you would with a standard auto loan.
Leasing also provides added flexibility for those who prefer to frequently upgrade their car, typically every two to four years. So if you love to be in the latest vehicle and aren’t worried about ever taking full ownership of it, leasing can be a good option.
With leasing deals tending to focus on new cars rather than used cars, you can also look forward to lower running costs than with an equivalent older model, as well as the latest technology and safety features. A lease helps ensure that your vehicle’s styling, fuel efficiency, and—in the case of some SUVs—off-road capability are up to modern standards.
Drawbacks of Leasing an SUV
When you lease a vehicle, you don't technically own it, which means you won’t have an asset at the end of the lease term in the way that you would if you purchased an SUV outright. Lease agreements also impose mileage restrictions, and violating these can lead to financial penalties. It's also important to maintain your leased SUV in good condition; any excessive wear and tear may lead to extra charges come the end of the lease term.
SUV Lease Trends in 2024
The new car market—and indeed the economy in general—is still in post-pandemic recovery mode. Although the industry is recovering from a semiconductor chip shortage that dramatically impacted vehicle production, rising inflation and interest rates have increased the ultimate purchase price of new vehicles. It’s perhaps not surprising to learn that buyers might find there are fewer SUV lease deals than in previous years.
That said, there are still car lease deals deals to be had, regardless of whether you’re looking at a subcompact SUV or one of the vast array of larger midsize SUVs, many with additional incentives designed to tempt buyers. In this guide we’ve picked what we rate as the best SUV lease deals around right now, including both mass-market and luxury SUV models. Note that deals may differ by location and are subject to withdrawal. Consult your local dealer for the best lease offers nearby.
The Best SUV Lease Deals this Month
2023 GMC Acadia
Lease monthly payment: $279.00
Duration of lease: 24 months
Money down required for lease: $3,929
Total Cost (based on the terms listed above): $10,625.00
Effective monthly payment (based on the terms listed above): $442.71
MSRP: $40,990
Expiration date for lease offer: 6/3/24
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2023 Nissan Ariya
Lease monthly payment: $179.00
Duration of lease: 18 months
Money down required for lease: $4,759
Total Cost (based on the terms listed above): $7,981.00
Effective monthly payment (based on the terms listed above): $443.39
MSRP: $45,105
Expiration date for lease offer: 6/3/24
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2024 Dodge Hornet
Lease monthly payment: $229.00
Duration of lease: 24 months
Money down required for lease: $3,949
Total Cost (based on the terms listed above): $9,445.00
Effective monthly payment (based on the terms listed above): $393.54
MSRP: $42,995
Expiration date for lease offer: 6/3/24
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2024 Jeep Grand Cherokee 4xe
Lease monthly payment: $449.00
Duration of lease: 27 months
Money down required for lease: $4,649
Total Cost (based on the terms listed above): $16,772.00
Effective monthly payment (based on the terms listed above): $621.19
MSRP: $62,285
Expiration date for lease offer: 6/3/24
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2024 Hyundai Ioniq 5
Lease monthly payment: $229.00
Duration of lease: 24 months
Money down required for lease: $3,499
Total Cost (based on the terms listed above): $8,995.00
Effective monthly payment (based on the terms listed above): $374.79
MSRP: $48,775
Expiration date for lease offer: 6/3/24
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2024 Hyundai Kona Electric
Lease monthly payment: $199.00
Duration of lease: 24 months
Money down required for lease: $1,029
Total Cost (based on the terms listed above): $5,805.00
Effective monthly payment (based on the terms listed above): $241.88
MSRP: $38,050
Expiration date for lease offer: 6/3/24
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2024 Kia EV6
Lease monthly payment: $249.00
Duration of lease: 24 months
Money down required for lease: $3,999
Total Cost (based on the terms listed above): $9,975.00
Effective monthly payment (based on the terms listed above): $415.63
MSRP: $47,325
Expiration date for lease offer: 7/8/24
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2024 Kia EV9
Lease monthly payment: $419.00
Duration of lease: 24 months
Money down required for lease: $4,999
Total Cost (based on the terms listed above): $15,055.00
Effective monthly payment (based on the terms listed above): $627.29
MSRP: $60,695
Expiration date for lease offer: 7/8/24
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2024 Kia Niro EV
Lease monthly payment: $149.00
Duration of lease: 24 months
Money down required for lease: $3,999
Total Cost (based on the terms listed above): $7,575.00
Effective monthly payment (based on the terms listed above): $315.63
MSRP: $40,975
Expiration date for lease offer: 7/8/24
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2024 Subaru Solterra
Lease monthly payment: $329.00
Duration of lease: 36 months
Money down required for lease: $329
Total Cost (based on the terms listed above): $12,173.00
Effective monthly payment (based on the terms listed above): $338.14
MSRP: $46,340
Expiration date for lease offer: 5/31/24
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How to Get the Best SUV Lease Offers
When it comes to finding the best lease deals, whether it’s for a crossover, SUV, a truck, or indeed any type of vehicle, it pays to shop around. It’s also important to understand the difference between MSRP (the car’s list price) and the net cap cost (the price you negotiate with the dealer), because this will affect your monthly payments. For more details on leasing terminology, see our guide: What you need to know when getting a car loan.
Research Available Financing Options
When thinking about an SUV lease, it’s also worth considering other forms of purchasing a car, particularly if eventual vehicle ownership is important to you. These include bank loans, dealership loans, and secured auto loans. While you’ll find that monthly costs are most likely going to be higher than with a lease, that’s because you’re paying off the full value off the vehicle, rather than just its projected depreciation. If you are concerned about how your credit score could affect your ability to lease a car, see our guide to buying a car with bad credit.
Leverage Trade-Ins and Additional Incentives
There are several levers that can be pulled when negotiating a lease deal. First is the net cap cost (the price negotiated with the dealer—this could be lower than the vehicle’s MSRP), while others include the down payment, interest rate, duration of the lease term, and mileage limits. If the monthly cost of an SUV lease deal isn’t working for you, the dealer might be able to adjust one of these variables to make it more palatable, such as offering a contribution toward the down payment. If you’re trading in a car as part of the lease deal, be sure to compare the dealer’s offer with other sources. Getting a free offer via CarGurus Sell My Car service is a great place to start.
