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Best New Car Lease Deals: May 2024

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We analyzed 481 of the latest lease specials to find the best car lease deals in May. The best new car lease deals feature incentives you may not be able to get when buying and can offer big loyalty discounts and special savings when switching from another car brand.

While interest rates remain high across the industry, the best cars to lease can offer payments as low as $179 per month. We also found leases with no money down and ways to spend less money on a nicer vehicle by taking advantage of aggressive lease incentives.

Since these are manufacturer lease examples and actual prices are determined by dealers based on supply and demand, be sure to shop around to get the best lease prices. The selection may be limited and offers can sometimes vary depending on where you live.

Stay tuned for our Memorial Day deal coverage later this month.

Updated on May 5th at 10:20 am

Best Car Lease Deals

Kia Forte GT Line sedan grey colorMonthly Payment $189
  • Term: 36 months
  • Due at Signing: $3,499
  • Mileage Allowance: 10,000 mi/yr
  • MSRP: $21,415

The 2024 Kia Forte LXS is $10 cheaper than it was last month, with an effective cost of just $286 before taxes & fees. That makes it the best deal to date on the Forte, making it cheaper to lease than the Hyundai Elantra. The offer is due to end on July 8th, though there could be changes for Memorial Day.

Kia's advertised price is available in the following states: CA, CO, DE, FL, HI, IL, IN, ME, MI, MN, ND, NE, OH, PA, UT, VT, WI, WY, and assumes 10,000 miles per year. We don't expect the lease deal on the 2024 Kia Forte sedan to get any better than this for the time being.

2024 Hyundai Elantra n-line sedan grey colorMonthly Payment $199
  • Term: 36 months
  • Due at Signing: $3,499
  • Mileage Allowance: 10,000 mi/yr
  • MSRP: $22,590

Lease prices for the 2024 Hyundai Elantra have gone down at least three times in recent months. The recently revamped Elantra SE sedan can now be leased for $199 per month. If you're shopping based on price, this remains one of the cheapest cars you can lease.

For reference, the effective cost of a Honda Civic LX is $349. That's a price difference of $53 per month compared the Elantra's effective cost of $296. Hyundai's price includes 10,000 miles per year and ends on June 3rd. We're seeing this deal in many parts of the country.

2024 Hyundai IONIQ 6 EV red colorMonthly Payment $289
  • Term: 24 months
  • Due at Signing: $1,999
  • Mileage Allowance: 12,000 mi/yr
  • MSRP: $46,400

The 2024 Hyundai IONIQ 6 is a steal at an effective cost of $372 per month. As before, the best deals are when choosing a 24-month lease term due to its higher residual value. While this month's IONIQ 6 lease price is up slightly, we still consider it to be an outstanding deal.

At $372, the IONIQ 6 has the same lease cost as a 2024 Toyota Corolla SE in Southern California. We think that's a pretty big deal since the Hyundai's MSRP is over $16,000 more expensive on paper. This month's IONIQ 6 lease is available in most regions through June 3rd.

Best SUV Lease Deals

2024 Hyundai Kona EV SUV yellow colorMonthly Payment $189
  • Term: 24 months
  • Due at Signing: $1,029
  • Mileage Allowance: 12,000 mi/yr
  • MSRP: $38,050

The 2024 Hyundai Kona is incredibly affordable to lease thanks to the higher residual value of a 24-month contract. This month's deal on the 100%-electric Kona SEL now has an effective cost of just $242 per month. That's $6 cheaper than before, making it over $100 per month more affordable than the gas Kona.

The Kona EV was recently updated and can travel up to 261 miles on a single charge. With its DC fast charger, Hyundai says the Kona can go from a 10% charge to 80% in as little as 43 minutes. Based on our analysis, the Kona isn't just one of the best EV deals, it's also one of the best lease deals on any SUV.

Hyundai IONIQ 5 EV SUV grey colorMonthly Payment $229
  • Term: 24 months
  • Due at Signing: $3,499
  • Mileage Allowance: 12,000 mi/yr
  • MSRP: $48,775

This month's lease on the 2024 Hyundai IONIQ 5 SEL is $20 more expensive than before. Still, with an effective cost of $375 per month, we consider this an outstanding value. At that price, the IONIQ is $5 cheaper to lease than a 2024 Hyundai Tucson ($380) despite having an MSRP that is nearly $18,000 higher.

Through June 3rd, the IONIQ 5 SEL has a whopping $10,000 lease incentive in most parts of the country. Some of the best IONIQ 5 deals take advantage of the higher residual value of a 24-month lease. What's more, Hyundai has one-pay leases that may offer even more savings by paying for the lease upfront.

In this configuration, the IONIQ 5 has a range of up to 303 miles. The model shines when it comes to charging speeds, with the claimed ability to go from 10% range to as much as 80% in just 18 minutes with 800V DC quick charging. Hyundai has not yet announced Memorial Day deals on the IONIQ 5.

Jeep Compass Trailhawk crossoverMonthly Payment $229
  • Term: 27 months
  • Due at Signing: $4,709
  • Mileage Allowance: 7,500 mi/yr
  • MSRP: $37,840

The 2024 Jeep Compass Limited has a surprisingly good deal in the Northeast with an effective cost of just $403 per month. What's also noteworthy is that, unlike other Jeep incentives, the lease deal on the Limited 4x4 doesn't require you to qualify for a loyalty discount to get the low price.

Having said that, this month's Compass lease deal is based on just 7,500 miles per year. That's extremely low, and the lower residual value could be enabling Jeep to offer such a great deal. If you think you'll need more, you may not get as low of a price. The offer is set to expire on June 3rd.

Chevrolet Equinox SUV red color front viewMonthly Payment $299
  • Term: 36 months
  • Due at Signing: $1,619
  • Mileage Allowance: 10,000 mi/yr
  • MSRP: $30,890

The 2024 Chevy Equinox remains one of the best SUVs you can lease for under $300. Through June 3rd, the Equinox LT can have an effective cost as low as $344 per month. That makes the Chevy Equinox significantly better to lease than a 2024 Honda CR-V LX ($416).

At this price, the Equinox is even cheaper to lease than the smaller 2024 Chevy Trax ($360). This month's deal includes a discount for those coming from an existing GM lease or that of a competing vehicle brand. Chevy has not yet announced its 2024 Memorial Day sale.

Kia Niro EV redesign white exterior color on roadMonthly Payment $169
  • Term: 24 months
  • Due at Signing: $3,999
  • Mileage Allowance: 10,000 mi/yr
  • MSRP: $40,925

The 2024 Kia Niro Wind EV is $50 cheaper to lease in May, with a payment of just $169 per month in some states. At an effective cost of $336 per month, it's cheaper to lease than the hybrid Niro ($376) despite having a significantly higher MSRP.

This is a regional deal we're seeing in the following states: CA, CO, DE, FL, HI, IL, IN, ME, MI, MN, ND, NE, OH, PA, UT, VT, WI, WY. Elsewhere, Kia's advertised lease is $199 per month but for 36 months with the same amount due at signing. The offers end on July 8th and mark the best deals we've ever seen on the all-electric Niro. Looking for an even better value? Ask your dealer about a Kia Single Pay Lease to score an even lower money factor by prepaying your Niro lease.

2023 Subaru Solterra EV blue off-roadMonthly Payment $329
  • Term: 36 months
  • Due at Signing: $329
  • Mileage Allowance: 10,000 mi/yr
  • MSRP: $46,340

The 2024 Subaru Solterra Premium continues to be a stellar deal at $329 with no money down. The amount due at signing simply represents your first month's payment. At this price, the Solterra is almost Subaru's cheapest vehicle to lease, just $18 more than the effective cost of an Impreza ($338 vs. $320).

The offer is due to expire on May 31st and can be found in most parts of the country. While the Solterra doesn't have the fastest charging compared to other EVs, it does come standard with all-wheel drive and has a range of up to 228 miles depending on the trim. We don't expect prices to change for Memorial Day.

Best Luxury Car Lease Deals

Cadillac CT4 Blackwing luxury carMonthly Payment $379
  • Term: 36 months
  • Due at Signing: $4,009
  • Mileage Allowance: 10,000 mi/yr
  • MSRP: $40,889

The 2024 Cadillac CT4 is one of the cheapest luxury cars to lease. This month's featured deal is for the Premium Luxury trim and has an effective cost of $490 a month. We think you'll have a hard time finding another luxury car in this segment with a lease under $500. The offer is due to end on June 3rd.

BMW i4 M60 electric car red colorMonthly Payment $499
  • Term: 36 months
  • Due at Signing: $4,979
  • Mileage Allowance: 10,000 mi/yr
  • MSRP: $54,545

The i4 remains BMW's cheapest vehicle to lease. That's because it benefits from a $7,500 lease incentive that you can't get on the regular 4-Series.

With an effective cost of $637, the BMW i4 eDrive35 is $181 per month cheaper to lease than the 430i Gran Coupe. And that's even though the i4's MSRP is almost $4,000 higher on paper. The offer is available in most regions and ends on April 30th.

Best Luxury SUV Lease Deals

2023 Lexus RZ electric luxury SUV front viewMonthly Payment $199
  • Term: 27 months
  • Due at Signing: $0
  • Mileage Allowance: 7,500 mi/yr
  • MSRP: $61,850

In Colorado, the 2023 Lexus RZ 450e Premium can be had for an absolute steal. Despite having an MSRP of nearly $62,000, Lexus is offering $27,850 in lease cash thanks in part to a $5,000 Colorado tax credit. When you assign the credit to your dealer — assuming you qualify — this makes for an unbeatable lease.

As a result, the RZ 450e can be had for as little as $199 per month with $0 due at signing. That makes this Lexus' cheapest vehicle to lease, beating far more affordable models. In other parts of the country like the West Coast, the same vehicle can be leased for $399 with $399 at signing. Offers end on June 3rd.

2024 Buick Enclave luxury SUV silver colorMonthly Payment $319
  • Term: 24 months
  • Due at Signing: $4,139
  • Mileage Allowance: 10,000 mi/yr
  • MSRP: $45,295

The 2024 Buick Enclave benefits from a $4,250 discount for current Buick and GMC lessees. With the incentive factored in, the effective cost of the national lease on the Buick Enclave Essence can be as low as $491 a month. If you qualify, we think you'll be hard-pressed to find a better deal on a midsized luxury SUV.

Having said that, many buyers may not be eligible, and that will cause the amount at signing to skyrocket. As a result, we don't think this deal is for everyone. The offer is due to end on June 3rd. As of this writing, it's unclear if Buick plans to introduce better prices for Memorial Day like we've seen in the past.

Best Truck Lease Deals

2024 Toyota Tacoma truck double cabMonthly Payment $349
  • Term: 36 months
  • Due at Signing: $2,999
  • Mileage Allowance: 10,000 mi/yr
  • MSRP: $40,139

Even though the 2024 Toyota Tacoma was completely redesigned, the truck's first lease deal is surprisingly good. In Southern California, the 2024 Tacoma SR5 4x2 Double Cab has an effective cost of just $432 per month. We think its high residual value is making it an exceptional truck to lease.

At $432 a month, the Tacoma is around $30 cheaper to lease than a 2024 Chevy Colorado. It's also worth noting that, unlike GM, the price doesn't include a loyalty discount. Still, dealers set prices and we think it may be difficult to lease a Tacoma for $349 a month. Expect your results to vary.

To get the best deal, compare prices with multiple dealers and be aware that prices are based on supply & demand and there's no lease cash to help bring down Tacoma prices. Current Toyota incentives are due to end on June 3rd. We don't expect Tacoma prices to drop for Memorial Day.

RAM 1500 Crew Cab truck front viewMonthly Payment $399
  • Term: 42 months
  • Due at Signing: $4,059
  • Mileage Allowance: 10,000 mi/yr
  • MSRP: $55,880

The 2024 RAM 1500 is $53 per month cheaper than before, making this a solid pre-Memorial Day deal. Through June 3rd, the RAM Big Horn 4x2 has an effective cost of just $496. That's $89 cheaper to lease than Ford's advertised lease on the 2024 F-150 ($585) even though the RAM's MSRP is $9,600 higher on paper.

What's more, Ford's deal on the F-150 includes a discount you can only get when trading in a vehicle. There's no such requirement on the RAM 1500. Previous offers included a loyalty discount for returning FCA lessees, but that's no longer the case. The offer is due to end on April 30th. Example based on California.

As CarsDirect’s resident pricing expert, Alex offers must-know analyses of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured by The Wall Street Journal, Fox Business, Motor Trend, Automobile Magazine, and more.

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