Jeep's biggest SUV could be a better deal than one of its most affordable vehicles. In fact, it may be possible to upgrade from a Jeep Compass to the all-new Grand Cherokee L for around the cost of a couple of large pizzas. Here's what you need to know.
Here in California, the 2021 Grand Cherokee L Laredo is listed at $438 for 36 months with $3,799 at signing. That's based on an MSRP of $38,690 with 12,000 miles per year and equates to an effective cost of $544/month before factoring in taxes & fees.
Meanwhile, Jeep's featured lease on the 2021 Compass is $406 with $3,799 at signing or $512/month. Here, you're getting the Latitude trim with a sticker price of $27,920 with destination. We consider this to be one of the most overpriced leases in July.
Based on these prices, this makes the Grand Cherokee L just $32/month more expensive to lease despite a difference in MSRP of $10,770. In addition to being more spacious, the Grand Cherokee L rides on an all-new platform and has the latest technology.
A dealer residual value guide indicates this is largely due to the Compass' residual of just 46%. That's considerably less than the 63% residual on the Grand Cherokee L. Grand Cherokee L residual values aren't great, but they're better than the Compass.
It may be hard to believe, but at $512/month, the Compass is more expensive than a 2021 BMW X1 sDrive28i ($502). You could even upgrade to a 2021 Lexus NX 300h and spend less money. The NX has an effective cost of $482 and an MSRP of $45,505.
Sadly, this also means that, rather than the Grand Cherokee L being a great deal, the small gap in price is due to the fact that the Compass is just a really bad vehicle to lease right now. Fortunately, there are plenty of lease deals that offer more for your money.
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