New Car Leases Under $100 Per Month

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Senior Pricing Analyst

As CarsDirect’s resident pricing analyst, Alex offers must-know analysis 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 in publications such as Car and Driver, Motor Trend, Automobile Magazine and Autoblog.

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, Senior Pricing Analyst - December 14, 2017

It may be hard to believe, but it is possible to lease a car for under $100/month. You may have to fork over a ton of cash upfront, but there are options for those looking for a brag-worthy payment.

Based on our analysis, offers like this tend to be advertised at the dealer level rather than by the manufacturer. They also often feature shorter 24-month lease terms to take advantage of higher residual values.

Apart from the potential to end up paying more than expected, shoppers should watch out for discounts they aren't eligible for. Be sure to also ask if the first payment is factored into the price since that will impact the final cost.

Here are some examples based on real offers here in Los Angeles.

Leases Under $100/Month

Honda Civic - $99 per month for 24 months

One Honda dealer in Van Nuys is featuring the 2017 Civic LX from just $99 for 24 months with $3,499 due at signing. That may sound great, but a closer look reveals it's actually more expensive than the deal Honda is advertising.

The factory-advertised lease is $169 for 36 months with $1,999 at signing. Interestingly, our analysis shows the effective cost of this lease is $225, or $20/month less than the one the dealer is offering ($245).

Expect to find a fair amount of eligible cars in stock. Our records show that the 2018 model only started arriving about 2 months ago, so you should generally have no trouble finding a 2017 Civic, at least for now.

Civics currently benefit from up to $1,700 in lease cash strong residual values. When it comes to factory offers, there's about a $38 difference in effective cost between last year's car and the virtually identical 2018 model.

Learn more about the Civic »

Kia Soul - $99 per month for 24 months

In downtown LA, one Kia dealer is offering the 2017 Soul at just $99 for 24 months with $2,999 due at signing. That comes out to an effective cost of about $224/month. That's actually not bad.

Kia's advertised deal is $179 for 36 months with $1,999 at signing for an effective cost of $235. Although you'll be getting a base model, it does come with an automatic transmission.

The first downside here is that the dealer isn't specifying if your first month's payment is included. The second is that the dealer only has 1 in stock eligible for this deal. That's not entirely surprising.

Based on our analysis, the 2018 Soul began arriving in August and inventory of last year's model is getting close to selling out. If you're looking to find an eligible model, your choices will be limited.

Learn more about the Soul »

Chevrolet Malibu - $79 per month for 24 months

At a Chevy dealer in Burbank, you can lease a 2017 Malibu LS from just $79 for 24 months. The deal includes an allowance of 10,000 miles per year. But there are some rather painful catches worth knowing about.

First, the lease requires $3,250 at signing. Second, unlike a lot of leases, that amount doesn't include your first month's payment. Lastly, the dealer is assuming you'll qualify for a $1,500 bonus for coming from a non-GM lease.

Without the bonus, you could be faced with as much as $4,750 in upfront costs. At that point, your effective cost will probably be close to $277/month. You may be better off with the manufacturer's deal.

Chevy's featured lease in California is $199 for 39 months with $2,899 due at signing and an effective cost of $273. Not only does that already include your first month's payment, it's also for a better-equipped LT model.

Learn more about the Malibu »

Chevrolet Equinox - $98 per month for 24 months

In Monterey Park, a Chevy dealer is advertising the 2018 Equinox LS at just $98 for 24 months. That certainly seems impressive for a $26,000 vehicle, but you'll have to shell out $3,530 to get to that price. That's also not the only catch.

Apart from the standard $500 factory lease incentive, the dealer is assuming you'll be eligible for a $1,500 bonus for coming from a non-GM lease. If that doesn't apply to you, your upfront cost could be as high as $5,030.

At that point, you're looking at an effective cost around $308/month. For that kind of money, you could lease a base model 2018 Subaru Outback ($287), a 2018 Kia Sorento LX ($297) or a 2018 Volkswagen Tiguan S ($299).

Learn more about the Equinox »

, Senior Pricing Analyst

As CarsDirect’s resident pricing analyst, Alex offers must-know analysis 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 in publications such as Car and Driver, Motor Trend, Automobile Magazine and Autoblog.

Follow On: Twitter

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