These 5 vehicles offer big savings when leased

Buying a car in today’s unusual climate is a more expensive proposition than it was a few years ago. New and used car prices remain high as a global semiconductor chip shortage, combined with increased consumer demand, has caused a shortage of vehicles on dealer lots. The situation is expected to last many months, making it hard on people who are in need of a car today.

“If you can’t find the truck or SUV of your dreams out there but still need to jump into a new vehicle, leasing is a great solution,” said Ivan Drury, Edmunds’ senior manager of insights.

Leasing a car now provides a number of advantages over a traditional financed purchase. To start, you don’t have to put as much money down, and monthly payments are lower compared to those when financing the same vehicle.

“Since leases are usually a much shorter time commitment than buying, this allows you to test the waters on a new brand or vehicle type you hadn’t previously considered,” Drury says. “By the time you come back to the market, the inventory situation will be in a much better place.”

With that in mind, here are five vehicles that provide significant savings when leased rather than financed.