These Cars Are Terrible To Lease For Presidents' Day

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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 - February 12, 2020

While Presidents' Day can certainly be a chance to save money on a new car, not every vehicle is necessarily the best car to lease. In some cases, manufacturer incentives can favor buying instead of leasing or enable you to spend less money to upgrade to a bigger and nicer vehicle.

Here are some models you may want to avoid leasing based on current offers. For the latest information on holiday sales & special offers, be sure to follow our continuous Presidents' Day deal coverage.

2020 Mitsubishi Mirage G4

The Mitsubishi Mirage G4 is a hilariously bad car to lease. This month, the entry-level ES is listed at $199 for 36 months with $2,999 due at signing, an effective cost of $282/month before taxes & fees. For a car with an MSRP of just over $17,000, that equates to a surprisingly pricey lease.

Believe it or not, that's $34/month more expensive to lease than a Mazda Mazda3, a better-reviewed car with a much higher sticker price. Here in Los Angeles, the 2020 Mazda3 Sedan is currently listed at $179 for 36 months with $2,499 at signing, or $248/month.

Alternatively, the Hyundai Elantra currently ranks as one of the cheapest cars to lease. The 2020 Elantra SE is listed at $149 for 36 months with $2,499 at signing, or $218/month. Although Mitsubishi is offering hidden discounts for Presidents' Day, the best deals are on its SUVs.

Check Mirage G4 Prices Near You »

2020 Toyota RAV4

Depending on where you live, the RAV4 can either be a good or a bad vehicle to lease. Here in Southern California, Toyota has no deals whatsoever for leasing its most popular model. According to Toyota's website, the 2020 RAV4 LE has an estimated payment of $338 for 36 months with $2,988 due at signing. That equates to an effective cost of $421/month before taxes & fees.

In New York, the same vehicle is listed at $229 for 36 months with $2,999 at signing, or $312/month. That's a difference of over $100 (per month!). In a place like Los Angeles, your best bet for getting a deal is probably going to be when buying. For example, the RAV4 may feature $0 for leasing but is eligible for a $1,000 bonus when taking out a loan through Toyota Financial.

Having said all that, we're seeing indications that Toyota will begin offering extra cash for Presidents' Day on models like the RAV4 in some parts of the country.

Check RAV4 Prices Near You »

2020 Chevrolet Impala

The Impala may be on its way out the door, but Chevy isn't offering any good deals at the moment for buying or leasing. This month's featured offer for the 2020 Impala LT starts at $389 for 39 months with $2,899 at signing, an effective cost of $463/month.

At that point, buyers could step up to a Traverse and save some money in the process. The 2020 Traverse LT is listed at $329 for 36 months with $3,589 at signing, an effective cost of $429. That's $34 less than the Impala despite having a higher MSRP.

Offers for buying the Impala are limited to a mere $1,500 customer cash rebate. Shoppers determined to get the best possible deal may want to wait — we've seen Chevy offer discounts in the past worth up to 20% off MSRP.

Check Impala Prices Near You »

2020 Lincoln Corsair

Lincoln's newest SUV is very expensive to lease. Here in California, the 2020 Corsair is advertised at $429 for 36 months with $4,129 at signing. That equates to an effective cost of $544/month based on an MSRP of just under $37,000. Based on our analysis, competitors can offer a much better value.

In Los Angeles, the 2020 Infiniti QX50 LUXE is listed at $399 for 39 months with $3,799 at signing, an effective cost of $496. That's $48 less than the Corsair despite having an MSRP that's over $4,300 higher. Alternatively, the 2020 Acura MDX is bigger and has one of the best leases on a luxury SUV.

Check Corsair Prices Near You »

, 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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