Many car shoppers don’t think about leasing a vehicle because they put a few thousand dollars down on a new car, make monthly payments and give the car back when the lease is up – if they decide not to buy it. Essentially, after a three year lease, and the car has been returned to the dealership, there’s nothing to show for the consumers’ investment.
Shoppers who want a new car, but don’t want to lease, should reconsider. “Vehicle leasing, a popular financing option that dried up with credit during the recession, is rebounding, another sign of an improving economy and a recovering automotive industry,” writes The Detroit News. “That's good news for consumers attracted to leasing because it sometimes offers lower monthly payments plus a new car every couple of years. Automakers and dealers like leasing because it drives sales and keeps customers coming back to showrooms.”
Lease deals are improving because the economy is recovering, and banks are beginning to lend money at lower rates. “After a painful lull in 2009, attractive lease rates and high trade-in values are reviving leasing as a viable option for some car buyers, according to R.L. Polk & Co,” says Cars.com. Adding, “Nearly 19% of all car shoppers leased in 2010, up 5.8 percentage points from 2009 (13.1%), according to Polk.”
Left Lane News writes that March 2011 lease sales “account for 21 percent of all new car sales,” and “a whopping 25 percent of sales in February – the highest level recorded since November 2005.”
Great lease deals are available this month. Honda has some of the best offers on the market: zero due at lease signing, zero down and zero for the first month’s payment for vehicles like the Honda Civic, Accord, Pilot, Fit and CR-V. After the first month, you won’t pay more than $300 monthly to lease these models. Jeep also has a great lease deal on the Liberty. Depending on you live, you can get $5,000 or $6,000 in customer cash allowance. But, you should always compare incentives before signing on the dotted line. There are some great offers out there, but make sure you’re getting the best vehicle for your lifestyle at a price that suits your budget. Start by looking at this month’s best lease deals.
Shopping for a new car? Check out the U.S. News rankings of this year's best cars. Then, look for a great deal on a new car by checking out this month’s best car deals. Also, be sure to follow us on Twitter.