2024 GMC Canyon: February's Worst Truck To Lease

By

Automotive Content Editor

Meghan Carbary has been writing professionally for nearly 20 years. A published journalist in three states, Meghan honed her skills as a feature writer and sports editor. She has now expanded her skill-set into the automotive industry as a content writer for Auto Credit Express, where she contributes to several automotive and auto finance blogs.


, Automotive Content Editor - February 8, 2024
2023 GMC Canyon redesign at4x truck off-road

If you're looking to lease a new truck in February, the 2024 GMC Canyon could be an exceptionally bad deal. We have nothing against the midsized truck itself, but its lease price is outrageously high, and we wouldn't recommend spending that kind of money on a $37,595 vehicle. Here's why.

Right now, the 2024 GMC Canyon 4x2 in base Crew Cab Elevation trim is leasing for just $279 a month for 24 months per a national dealer incentive bulletin. But there's a catch. It's the $11,539 due at signing. That's a hard pill to swallow when the Canyon isn't even hitting the $40k mark. This makes your effective monthly cost $760.

One of the reasons this is such a bad deal is that it's a horrible value compared to the MSRP. In fact, the Canyon is the worst deal of the hundreds of leases that we track. Not only is it a bad deal because of the high due at signing, but it also has a high lease rate of 9.72% and lacks any sort of special incentives such as lease loyalty or bonus cash.

2023 GMC Canyon at4x truck with mud red color

When it comes to truck leases, there are other midsize trucks that you can lease that make a much better value for the money this month.

Take the 2024 Chevrolet Colorado, for instance. Right now you can lease the Colorado LT 4x4 Crew Cab if you're a GM or non-GM lessee for $369 a month for 36 months with $3,639 due at signing. Your effective monthly cost here is just $470. This is $290 in savings each month when compared to the Canyon.

The Colorado and the Canyon are both pretty similar trucks, being that they're both on the same GM platform.

The GMC has a little more grunt with its 2.7L turbocharged four-cylinder engine. It makes 310 horsepower and 430 lb-ft of torque. The Chevy Colorado comes standard with a four-cylinder turbocharged engine that makes 237 hp and 260 lb-ft of torque. You can upgrade this to the TurboMax engine ($1,050 on lower WT and LT trims), which gives you the same figures as the Canyon.

2023 GMC Canyon AT4x black interior

The base Colorado can tow up to 3,500 pounds, while the Canyon can tow 7,700 lbs. Upgrading the engine on the 2024 Colorado gives you the same towing capacity as the Canyon, and still makes a better deal to lease.

If a GM model is still too rich for your taste, the lowest-priced midsize truck currently on sale is the 2023 Honda Ridgeline in Sport AWD trim.

This deal for returning Honda lessees runs just $319 a month for 36 months with $3,099 due at signing. This gives you an effective monthly cost of $405 a month, which is the best value you can get for a truck in February. If you're not currently in a Honda lease your price will be higher, costing $359 a month with $3,199 due at signing, which gives you an effective monthly cost of $448, lower than even the Colorado, and a great value compared to it's $40,195 MSRP.

So, the bottom line is this, the 2024 GMC Canyon makes the worst value of any lease this month, and not just for a truck. There are many better-value vehicles available if you know where to look.

Explore Top Car Lease Deals

, Automotive Content Editor

Meghan Carbary has been writing professionally for nearly 20 years. A published journalist in three states, Meghan honed her skills as a feature writer and sports editor. She has now expanded her skill-set into the automotive industry as a content writer for Auto Credit Express, where she contributes to several automotive and auto finance blogs.


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