Best Luxury Suv Leases (2024)

FAQs

What SUV can I get for $350 a month? ›

Midsize luxury SUVs are also a good choice for families with young children, as they offer plenty of cargo space and easier access to the rear seats than smaller SUVs. The best-selling midsize luxury SUV in the U.S. in 2022 was the Lexus RX, followed by the BMW X5 and the Mercedes-Benz GLE-Class.

Luxury cars retain their residual value. When determining payments, this “turn-in” value should keep the price lower. Another reason to lease a luxury car is there is less maintenance. Your leased vehicle is covered by the manufacturer's warranty and sometimes also includes a warranty from the dealer.

In addition to certain times of the week or holidays, some months are better to buy or lease new vehicles or purchase used cars than other months. In general, May, October, November and December are the best months to visit the car dealership.

For the past few years, the factories cut incentives on leasing during the worst of the pandemic, and then during a shortage of computer chips used in auto manufacturing. With low supply and high demand, there just wasn't much need to offer discounts on leasing, or loans for that matter.

Why are car leases so expensive now? The cost of cars has significantly increased, as has the cost of leases. Plus, many current lease contracts aren't as favorable toward drivers as they once were – a result of increased demand for new cars.

2-3 year lease

Typically your warranty will last the entire period of your ownership, so you do not need to worry about expensive repairs. You will also find decent monthly payments by choosing 24-36 months. Choosing the 36 month lease will give you a better interest rate though.

With its legacy firmly established and its future looking brighter than ever, the Rolls Royce Cullinan continues to reign as the king of luxury SUVs, a true masterpiece of automotive engineering.

What is the classiest SUV? ›

Overall, only 8.5% of these high rollers paid cash. Around 31% leased and 60.4% took out a loan with an average payment of $2,201 and an average term of 56 months. For comparison, the general market in 2021 saw 9% of buyers paying cash, 20% leasing, and 70% taking out a loan.

Leasing helps protect you against unanticipated depreciation. If the market value of your car unexpectedly drops, your decision to lease will prove to be a wise financial move. If the leased car holds its value well, you can typically buy it at a good price at the end of the lease and keep it or decide to resell it.

A lease will usually let you drive a more expensive car at a lower monthly cost.

Because it's recommended you spend no more than 10% to 15% of your monthly after-tax income on your car payment, your monthly payment will significantly influence the kind of car you can afford. If your monthly take-home pay is $3,500, then that means that your car payment shouldn't exceed $350 to $525.

A $30,000 auto loan balance with an average interest rate of 5.0% paid over a 6 year term will have a monthly payment of $483. In total, the loan will cost $34,787 with $4,787 in interest.

In general, you should strive to make a down payment of at least 20% of a new car's purchase price. For used cars, try for at least 10% down. If you can't afford the recommended amount, put down as much as you can without draining your savings or emergency funds.

How Much Car Can I Afford? Many financial experts recommend spending no more than about 10% to 15% of your monthly take-home pay on an auto loan payment. Updated: Jun 27, 2024. Written by: Daniel Robinson. Written by: Daniel Robinson Writer.