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Best New Car Lease Deals for October 2020

There was a time when Halloween was for little kids. Over time it morphed into a bacchanal for adventurous adults dressed like Smurfs. Now, it’s 2020 and who knows what Halloween will be? Distanced, certainly. So take the money you’d have blown on miniature Snickers bars and body makeup and use it as the money due at signing and lease a new vehicle.

The new car lease market has stabilized. The mania of the initial COVID disruptions have mellowed into a generalized ennui. It may not be the very best time to get a great deal on a lease, but look in the dark crevices where bargains live. Seek out vehicles that have been sitting in dealer inventories waiting for someone to give them some love.

And with the 2021 model year now in full force, those lingering wallflowers from 2020 may be available at a significant discount. Be prepared to negotiate and to settle for a machine that may not be painted the precise color you’ve been dreaming about.

A lease is a financial transaction and should be treated with the same seriousness of getting a mortgage, buying pork belly futures or lottery tickets. It’s a bottom-line judgement made by a customer to enter into a legal contract. Don’t just assume a lease is the right thing to do. Know if the lease works to your best advantage.

Weird times mean making weird decisions. Keep in mind that the world as it is now, may not be how it is in the next few years. And that’s how long a new vehicle lease runs–a few years. Fewer of us are in stable situations than in say, 2019. What seems solid now may well be liquid in a few moments. Maybe purchasing something new or used is the right strategy instead of taking on the contractual obligations of a lease. It may even be best to do nothing at all.

Whatever your decision, you’ll have to live with it.

Negotiate, Negotiate

The cost of a lease is rather straightforward. You (the lessee) pay for the depreciation of the vehicle over the lease term and the cost of the money the lessor is using to purchase the vehicle, plus fees such as security deposits, acquisition fees, disposition charges, and anything else creative accountants can come up with. Basically, you pay some of the capital costs and fees up front in the form of your initial payment and then a monthly charge that varies with expense and depreciation.

Always shop for the total cost first, don’t negotiate solely on the basis of monthly payments, and never be afraid to ask for a little more sugar to sweeten the deal.

2020 acura ilx

Acura

$219 per month/$2799 at signing
36 months/30,000 miles
35 cents per mile

Acura’s smallest sedan doesn’t sell in huge numbers, and that may be why the featured lease is aggressively priced for a luxury brand. The lease includes 30,000 miles of use, and that can be used up quickly over three years. Also, this is for a 2020 model so you’ll likely have to choose an ILX out of existing dealer inventory.
Offer ends November 2.

2020 acura mdx

Acura

$379 per month/$2999 at signing
36 months/30,000 miles
54 cents per mile

The MDX is Acura’s larger crossover, but the featured lease offered by the manufacturer is actually less than that for the smaller RDX. But this deal is reserved for people coming out of current leases of competitive vehicles. That’d be Audis, BMWs, and Cadillacs. And those three are listed in that sentence alphabetically. This is for a 2020 model year vehicle.
Offer ends November 2.

2020 buick enclave

Buick

$319 per month/$2589 at signing
36 months/30,000 miles
47 cents per mile

Buick’s big, seven-passenger crossover is related to the Chevrolet Traverse and Blazer, Cadillac XT6, and the GMC Acadia, but it manages to have a style all its own. In Southern California, Buick is currently offering 2020 models with front drive starting at only $319 per month after a modest $2589 at signing. For a bruiser like this, that’s a pretty good bargain. But the deal is only for new lessees coming out of current non-GM leases. Other regions feature different offers, but the one in SoCal is the best we found.
Offer ends November 2.

2020 ford mustang

James LipmanCar and Driver

$299 per month/$299 at signing
24 months/21,000 miles
36 cents per mile

Ford treats its neighbors in Michigan well. In that state, a new Mustang coupe, powered by the 2.3-liter EcoBoost turbocharged four, can be had for as little as $299 per month after only $299 at signing. There are, however, a couple of hitches. First you need to be eligible for Ford’s A/Z Plan pricing—basically a friend of Ford—and the car has to have been in dealer inventory for at least 61 days. The A/Z Plan is open to a lot of people in Michigan who have buddies or family at Ford, but that 61-day inventory requirement means you have to take what they’ve got. Other regions have deals available on 61-day Mustangs as well, but they’re not as aggressive as those in Michigan. So, move to Michigan and have one of your kids marry someone who works at Ford.
Offer ends November 3.

2020 honda ridgeline

Honda

$329 per month/$3299 at signing
36 months/30,000 miles
49 cents per mile

Honda recently announced visual upgrades for the 2021 Ridgeline truck-like thing. And now Honda dealers are looking to clear out the archaic, old-looking 2020 Ridgeline truck-like thing with this subvented lease on a decently equipped, all-wheel drive model available in 30 states. Those states are, using their mailing codes: AZ, CA, CO, CT, DE, FL, IA, IL, IN, KY, MA, ME, MI, MN, MT, ND, NE, NH, NM, NJ, NV, NY, OH, PA, RI, SD, TX, UT, VT, and WI. Among the excluded states are Alaska, Hawaii, Idaho, Oregon, Washington, and Wyoming. You can figure out the other 14 yourself.
Offer ends November 2.

2020 hyundai sonata

Hyundai

$129 per month/$3524 at signing
36 months/36,000 miles
28 cents per mile

Or

$189 per month/$2799 at signing
36 months/36,000 miles
33 cents per mile

With its avant-garde styling and excellent driving dynamics, the Sonata is tempting even without factory backed leases. Nonetheless, here are those leases on 2020 and 2021 models. Both have $400 back-end termination fees. The $129-per-month deal on the 2020 model may be tempting, but it takes a fat $3524 at signing. Still, at 28 cents per mile, that’s relatively inexpensive for 30,000 miles of use. The lease on the 2021 has a higher monthly cost, but you are free of the shame of driving a year-old car.
Offers end November 2.

2020 hyundai venue

Hyundai

$119 per month/$3858 at signing
36 months/30,000 miles
28 cents per mile

Hyundai calls the Venue its “Urban Compact SUV,” and that’s not actually a bad description. It’s tiny, it’s front-drive only, it kind of looks like an SUV, and urbanites rarely need off-road ability. The $119-per-month cost here is deceptive however in that a big $3858 is required at signing. That’s a lot for such a dinky device. It’s likely a lower signing cost can be negotiated in exchange for a higher monthly payment.
Offer ends November 2.

2021 kia sedona

Kia

$329 per month/$2999 at signing
36 months/36,000 miles
41 cents per mile

Or

$339 per month/$2999 at signing
36 months/36,000 miles
42 cents per mile

Kia will soon redesign its Sedona minivan, but there are current Sedonas on lots and ready for delivery on subvented two- or three-year leases. Both 2020 and 2021 models are available. The 2020 model is fine, but imagine the prestige of driving a 2021.
Offers end November 2.

2021 toyota corolla

Toyota

$199 per month/$1999 at signing
36 months/36,000 miles
26 cents per mile

Or

2021 Toyota Corolla Hybrid LE

$219 per month/$1999 at signing
36 months/36,000 miles
28 cents per mile

The latest Toyota Corolla is available in both conventional and hybrid form with keen leases subvented by Toyota itself. These deals range widely across different regions of the country, but all wind up with internal combustion LE or SE models available at 24- to 27-cents per mile. Hybrid models go off at 27- or 28-cents per mile. Some deals are available with no money due at signing, but the increased payments per month still keep the costs in that range.
Offers end November 2.

2021 volvo v60

Volvo

$439 per month/$3919 at signing
36 months/30,000 miles
64 cents per mile

A real Volvo wagon, just like Mom used to drive, is available at a relatively keen price. Relative to the fact that the V60 wagon is a real luxury machine and anything under $500 a month in that class is pretty good. But can you put liberal-leaning bumper stickers on a leased car? Let’s find out.
Offer ends November 2.

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