Whether it’s a full-size truck, a midsize truck, or a smaller model, a regular cab or a crew cab, two-wheel drive or all-wheel drive (AWD)–fear not, there’s a pickup to suit just about every type of buyer. One of the most affordable ways of getting into a new truck is to lease it. In this regularly guide we round up the best deals around.
Best Truck Lease Deals in April 2024
- The Benefits of Leasing a Truck
- The Drawbacks of Leasing a Truck
- Trends in the Truck Leasing Market in 2024
- Best Truck Lease Deals this Month
- How to Research Available Financing Options
- How to Leverage Trade-Ins and Additional Incentives when Leasing a Truck
The Benefits of Leasing a Truck
Leasing a truck can be a good option for those looking for a new vehicle without having to commit to the kind of long-term loan needed for eventual ownership. So, if you like to be in the latest pickup truck, with the option to change every two to four years, a lease could be just what you're after.
Another benefit of leasing a new car or new truck is that upfront costs and subsequent monthly payments are usually lower than they'd be with other forms of car finance. This is because a lease agreement is structured so your lease payments cover only a vehicle's depreciation, whereas with a traditional car loan you're paying off its full value.
The Drawbacks of Leasing a Truck
The primary drawback of leasing a truck is that you will never take full ownership of it. Instead, you're really just paying to rent it for a set amount of time, after which you hand it back and start all over again with another vehicle. This in turn means you don't ever build up any equity in the vehicle.
When leasing a truck, you'll also have to stick to a pre-agreed mileage limit. Go over it, and you can expect to pay additional fees (these will be set out in the original paperwork that you signed at the start of the lease). Additionally, since you are only leasing the truck, you won't be able to customize it, and you'll be you'll be charged to rectify any excessive wear and tear when the lease deal ends. That’s particularly important to note if you plan on using your leased pickup as a work truck or for towing or off-road driving.
Trends in the Truck Leasing Market in 2024
The emergence of electric trucks represents one of the biggest trends in the automotive market in 2024. However, as a relatively new technology, it's still rare to find particularly tempting lease deals on models such as the Ford F-150 Lightning and Rivian R1T.
Even if you stick with gas power, it's hard to ignore that the truck market–and indeed the automotive industry in general–is still in post-pandemic recovery mode. Car prices and in turn car lease deal prices are higher than they have historically been, often with 36-month lease agreements, and this same trend is affecting the truck market. In short, there aren't necessarily going to be as many cheap truck lease specials as in previous years, with the semiconductor shortage and then rising inflation and high interest rates all playing a part.
That being said, there are still deals and other incentives that might tempt you into leasing a truck. In this guide we've picked what we rate as the best truck lease deals around right now. Note that deals may differ by location and are subject to withdrawal. Consult your local dealer for the best lease offers nearby.
Best Truck Lease Deals this Month
2023 GMC Sierra 1500
Lease monthly payment: $369.00
Duration of lease: 24 months
Money down required for lease: $4,859
Total Cost (based on the terms listed above): $13,715.00
Effective monthly payment (based on the terms listed above): $571.46
MSRP: $57,195
Expiration date for lease offer: 4/30/24
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2024 Chevrolet Colorado
Lease monthly payment: $369.00
Duration of lease: 36 months
Money down required for lease: $5,139
Total Cost (based on the terms listed above): $18,423.00
Effective monthly payment (based on the terms listed above): $511.75
MSRP: $35,200
Expiration date for lease offer: 4/30/24
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2024 GMC Canyon
Lease monthly payment: $489.00
Duration of lease: 36 months
Money down required for lease: $3,629
Total Cost (based on the terms listed above): $21,233.00
Effective monthly payment (based on the terms listed above): $589.81
MSRP: $40,895
Expiration date for lease offer: 4/30/24
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2024 GMC Hummer EV Pickup
Lease monthly payment: $899.00
Duration of lease: 36 months
Money down required for lease: $4,499
Total Cost (based on the terms listed above): $36,863.00
Effective monthly payment (based on the terms listed above): $1,023.97
MSRP: $98,845
Expiration date for lease offer: 4/30/24
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2024 Honda Ridgeline
Lease monthly payment: $339.00
Duration of lease: 36 months
Money down required for lease: $3,899
Total Cost (based on the terms listed above): $16,103.00
Effective monthly payment (based on the terms listed above): $447.31
MSRP: $43,175
Expiration date for lease offer: 4/30/24
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2024 Hyundai Santa Cruz
Lease monthly payment: $357.00
Duration of lease: 36 months
Money down required for lease: $4,010
Total Cost (based on the terms listed above): $16,862.00
Effective monthly payment (based on the terms listed above): $468.39
MSRP: $29,775
Expiration date for lease offer: 4/30/24
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2024 Nissan Frontier
Lease monthly payment: $359.00
Duration of lease: 36 months
Money down required for lease: $4,629
Total Cost (based on the terms listed above): $17,553.00
Effective monthly payment (based on the terms listed above): $487.58
MSRP: $40,070
Expiration date for lease offer: 4/30/24
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2024 Nissan Titan
Lease monthly payment: $649.00
Duration of lease: 36 months
Money down required for lease: $6,029
Total Cost (based on the terms listed above): $29,393.00
Effective monthly payment (based on the terms listed above): $816.47
MSRP: $51,710
Expiration date for lease offer: 4/30/24
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2024 Ram 1500
Lease monthly payment: $359.00
Duration of lease: 42 months
Money down required for lease: $4,729
Total Cost (based on the terms listed above): $19,807.00
Effective monthly payment (based on the terms listed above): $471.60
MSRP: $48,950
Expiration date for lease offer: 4/30/24
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How to Research Available Financing Options
When researching financing options, it's important to compare different lenders and offers, and if price is your primary concern, you should also be prepared to cross-shop different trucks. Don't just look at the monthly costs either, but compare the terms of the lease, such as the length of the lease, the monthly payments, and the down payment. Additionally, check for any fees or incentives, and make sure to read the small print to fully understand the terms and conditions of the lease.
As part of your research, it's worth seeing how the payment structure of a lease compares with alternative forms of financing, such as a bank loan or dealership loan. Don't only look at the monthly costs, but the full cost at the end of the term, bearing in mind any equity you'll have in the truck if you finance it rather than lease it. If you are concerned about how your credit score could affect your ability to lease a truck, see our guide to buying a car with bad credit.
How to Leverage Trade-Ins and Additional Incentives when Leasing a Truck
When leasing a truck, start by researching any trade-in deals that might be available for your existing vehicle, and whether an automaker might offer a discount on the lease if they can take your vehicle as part of the deal. You can also push for other incentives, such as zero down payments or a built-in service plan.
Also be sure you understand the difference between the net cap cost (the price negotiated with the dealer) and the MSRP, and the impact this might have on monthly payments. You can also try adjusting the down payment, interest rate, duration of the lease, and mileage limits to see what impact these have on affordability.
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.