Edmonds: Consider Leasing When New Car Prices Soar | Business

New and used car prices remain high due to a shortage of dealer lot vehicles, coupled with a global shortage of semiconductor chips and rising consumer demand. This situation is expected to last for months, making it difficult for people in need of cars today.

Ivan Drury, Senior Manager of Insights at Edmonds, said: “If you can’t find your dream truck or SUV but need to get into a new car, leasing is the best solution.

Leasing a car offers many advantages over traditional funded purchases. First of all, you don’t have to put that much money down. In addition, monthly payments are lower than if you were taking a loan on the same vehicle.

“Leasing usually takes much less time than buying, so you can test your body of water with a new brand or vehicle that you haven’t considered before,” Drury said. “By the time we get back to the market, inventory will be in a much better place.”

With this in mind, our analysts looked at transaction data and found these vehicles that offered significant savings when leasing rather than raising funds. Vehicles are listed in descending order of net leasing savings.

2021 Toyota Prius Prime

Edmonds editors say: The Prius Prime has a larger battery than the standard Prius and can be recharged at home. You can drive about 25 miles at full power. For many, it’s more than enough to drive around the city. When the battery drains, the Prius hybrid powertrain takes over for superior fuel efficiency.

Buying Note: Prius Prime is a great way to reduce fuel costs, and the average leasing can save you as much as 50% on your monthly payments when raising money.

Average monthly financial payment: $ 613

Average monthly lease: $ 306

Savings: $ 307 per month

2021 RAM 1500

This dateless photo from Stellantis shows the 2021 Ram 1500, a full-size pickup that is one of Edmonds’ top-class trucks.

The Edmonds editor said: The Ram 1500’s unique rear suspension design provides extremely smooth driving etiquette. There is also a luxurious interior highlighted by an optional 12-inch infotainment display. Both V6 and V8 engines are solid choices, but the diesel-powered V6 is worth considering due to its high fuel efficiency and rugged traction capacity.

Buy Note: Truck buyers tend to be fairly brand loyal, but if you’re considering a full-frame pickup, try Lamb not only to save money, but also because it’s one of Edmonds’ top-class. It’s worth a try.

Average monthly financial payment: $ 779

Average monthly lease: $ 534

Savings: $ 245 / month

2021 Chevrolet Bolt EV

Edmans: Consider leasing when new car prices soar

This dateless photo from General Motors shows the 2021 Chevrolet Bolt, an all-electric vehicle with an estimated distance of 259 miles.

The Edmonds editor said: The Chevrolet Volt is a rugged electric vehicle with a range of 259 miles, especially on a full charge. It’s a fun EV to drive. The upright hatchback styling doesn’t stand out in the crowd, but Bolt offers solid green street credit and low-cost long-distance performance.

Purchase Note: Chevy was planning a major update to Bolt this year, but was delayed by a pandemic. The 2022 model will see even more significant changes. The delay is partly why the deal in 2021 is so good, but you just know that you haven’t had the latest body styles for a long time.

Average monthly financial payment: $ 440

Average monthly lease payments: $ 216

Savings: $ 224 / Month

2021 Chevrolet Tahoe

Edmans: Consider leasing when new car prices soar

This dateless photo from General Motors shows the 2021 Chevrolet Tahoe, a large SUV redesigned this year.

The Edmonds editor said: People expect the comfort, functionality, and convenience of a large SUV, and Chevrolet Tahoe makes it possible. Redesigned in 2021, the Tahoe offers better interior space, increased cargo volume and a smoother ride on a variety of surfaces than previous models. In short, it does a better job in that it is the mainstay of the family.

Buy Note: The average monthly payment for these large SUVs is quite high, but if you need to carry 7-seater, tow, or more cargo, choosing a lease in this case can save an average of 18% per month. I will.

Average monthly financial payment: $ 1,066

Average monthly lease: $ 856

Savings: $ 210 per month


The Edmonds editor said: The Forte is a small adult sedan and is of great value given its many features and long-term warranty. Other highlights include a comfortable and quiet interior and easy-to-use technology features. However, it lags behind the top competitors in terms of driving dynamics, ride comfort and rear legroom.

Buy Note: Forte savings may not seem dramatic, but in this price range, every dollar can make a difference.

Average monthly financial payment: $ 410

Average monthly lease payments: $ 268

Savings: $ 142 per month

EDMUNDS SAYS: We do not recommend leasing as a long-term solution to save money. This is because you have never owned a vehicle and will eventually be more expensive. But in reality, buying a car in today’s unusual climate is a more expensive offer than it was a few years ago.


This story was provided to the Associated Press by the automotive website Edmans. Ronald Montoya is a Senior Consumer Advice Editor at Edmonds. twitter: @ ronald—montoya8..

Related Links:

2021 Chevrolet Bolt EV Review2021 Toyota Prius Prime Review2021 Ram 1500 Review2021 Chevrolet Tahoe Review2021 Jeep Wrangler Review2021 Kia Forte Review..

Copyright 2021 Associated Press. all rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

Edmonds: Consider Leasing When New Car Prices Soar | Business

Source link Edmonds: Consider Leasing When New Car Prices Soar | Business

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