Battery-powered electric vehicles and plug-in hybrids are vehicles car companies are highly motivated to sell. That’s unusual in today’s market, where new cars and trucks are so scarce, automakers and dealers aren’t feeling any pressure to offer a discount.
But automakers are facing a federal goal of 50% electric-car share by 2030, from very low single digits today—about 3% overall, 10% in California—and there’s no time like the present, to get people interested in electric vehicles.
Best lease deals are one way to stimulate that demand. With that in mind, EVs and plug-in hybrid electric vehicles (PHEVs, or plug-ins) are at the top of this month’s Top 10 Best Lease Deals for SUVs and Crossovers (below), as identified by Market Scan Information Systems.
Namely, the top three are the 2021 Hyundai Kona EV, the 2022 Kia Niro EV, and the 2021 Mitsubishi Outlander plug-in hybrid.
A plug-in hybrid is recharged by plugging it into an outlet or a charging station, hence the name. What have become considered “traditional” hybrids like the original (and current) Toyota Prius Hybrid, are recharged by the on-board gasoline engine, and by recovering energy when braking. Electricity from the plug is cheaper, especially at off-peak hours. The cost of home charging is like getting gasoline for $1.25 a gallon.
Randy Parker, senior vice president of national sales for for Hyundai Motor America, said sales are substantial, for what Hyundai considers “green” cars and trucks – hybrids, plug-in hybrids, battery-powered electric vehicles, and the hydrogen fuel-cell powered Hyundai Nexo. He said green vehicles accounted for 13% of the brand’s U.S. sales in October.
That was almost quadruple Hyundai’s mix of “green” vehicles a year ago, he said. “Obviously, there’s a lot of demand out there for green, which is a great place to be,” Parker said.
Here’s the November list of Best Lease Deals:
1. 2021 Hyundai Kona EV
Average Price:
- $42,783.33 average suggested retail;
- $304.84 average best monthly lease payment (captive)
Why We Picked It:
There are three varieties of the Hyundai Kona – two EVs, one gasoline — among Market Scan’s picks for Best Lease Deals this month. The 2021 Hyundai Kona EV is the most highly rated, a car for almost $43,000, at a monthly lease payment barely above $300. Compare that with the cheaper Kia Telluride (below) with a monthly payment that’s more than $100 per month higher. The other Kona best lease deals are for the 2022 Hyundai Kona EV, and the internal-combustion-engine 2021 Hyundai Kona. Despite widespread new-vehicle shortages in the industry, Randy Parker, senior vice president, national sales, for Hyundai Motor America, said the Hyundai Kona EV and for the internal-combustion version both had record sales in October. “We must be doing something right,” he said in a phone interview. Click to read our review of the Hyundai Kona EV.
Pros:
- Relatively good availability
- Estimated range of 258 miles on a full charge (based on Hyundai internal testing)
- Federal tax credit up to $7,500, plus likely additional state incentives
Cons:
- Available only at dealerships in California, Colorado, Connecticut, Maine, Maryland, Massachusetts, New Jersey, New York, Oregon, Rhode Island and Vermont.
- Smallish vehicle with a snug second row.
- Modest cargo space
2. 2022 Kia Niro EV
Average Price:
- $43,495 average suggested retail;
- $339.62 average best monthly lease payment (captive)
Why We Picked It:
Between different model years and different drivetrains, Market Scan lists separately three versions of the Kia Niro among its Top 10 Best Lease Deals. A fourth version is in the Top 20. They’re listed together here, to save space. Besides the 2022 Kia Niro EV, they are the 2021 and 2022 Kia Niro plug-in hybrids, and the 2021 Kia Niro with internal combustion engine. Click here to read our review of the Kia Niro EV.
Pros:
- Availability. Including all variants, compared with the year-ago month, U.S. sales of the Kia Niro nearly doubled in October, to 2,727, Kia said
- Kia Niro EV comes with a federal tax credit up to $7,500, plus many available state incentives
- Estimated range for the EV of 239 miles on a full charge, based on Kia internal testing. The Kia Niro plug-in hybrid gets an estimated range of 560 miles, on a full battery and a full gas tank; it’s eligible for a federal tax credit of $4,543
Cons:
- Electric-only range for the plug-in hybrid is just 26 miles. The gasoline engine kicks in under heavy acceleration, or when the battery charge is low.
- A plug-in hybrid can be recharged using regular household electricity, but it’s slow, and a 240-volt home recharging station greatly speeds it up.
- Kia offers EVs only at select retailers, with limited availability in California, Colorado, Connecticut, Georgia, Hawaii, Maine, Maryland, Massachusetts, New Jersey, New York, Oregon, Rhode Island, Texas, Vermont and Washington.
3. 2021 Mitsubishi Outlander Plug-in Hybrid
Average Price:
- $39,956.67 average suggested retail;
- $368.96 average best monthly lease payment (captive)
Why We Picked It:
Market Scan rates three model years – 2021, 2020, and 2022 — of the Mitsubishi Outlander Plug-in Hybrid (PHEV) among its Top 10 Best Lease Deals for the month, in that order. There’s very little difference among the ratings, they’re all comparable in terms of monthly payment vs. sticker price. Click here to read our overview of the Mitsubishi Outlander PHEV.
Pros:
- Federal tax incentives (see below) of $5,836
- New dashboard with digital display.
- 4WD at the push of a button
Cons:
- The 2021 and 2022 model get a bigger federal tax incentive, at $6,587, vs. the 2020 model, at $5,836.
- The 2020 model gets slightly less electric-only range, at 22 miles, vs. 24 miles for the 2021.
- A new, distinctly styled redesign arrives in the U.S. market in the second half of 2022, with more power and longer range, probably as a 2023 model. That’s going to make the earlier models look a little dated.
4. 2021 Honda Passport
Average Price:
- $39,566.43 average suggested retail;
- $384.81 average best monthly lease payment (non-captive)
Why We Picked It:
American Honda Motor Co. cites “limited inventory,” in reporting that U.S. sales for the Honda brand were down 23.1% in October, compared with October 2020, but the Honda Passport seems to have been less affected. Sales of the Passport model were down 6% below the year-ago month. Year-to-date, Passport sales were up about 46% vs. the same period a year ago. Click here to read our overview of the Honda Passport.
Pros:
- The Honda Passport has above-average availability, which is important nowadays.
- Safety features include blind spot information system with cross-traffic monitor.
- Rear-seat leg room
Cons:
- The 2021 Honda Passport misses out on a facelift for the 2022 model year. New features include the Honda Passport TrailSport Rugged Roads Project package of accessories, aimed at the off-highway crowd.
- AWD requires upgrade
- Subpar fuel economy
5. 2022 Chevrolet Trax
Average Price
- $23,805 average suggested retail
- $239.58 average best monthly lease payment (captive)
Why We Picked It
The 2022 Chevy Trax gets a new, more powerful version of the four-cylinder turbo engine that’s in the 2021 model. Market Scan also identified the 2021 Chevy Trax as a Best Lease Deal, for a comparable monthly payment. For the 2021, average suggested retail is $24,045; average best monthly lease payment, $242.54. Click here to read our review of the 2021 Chevrolet Trax.
Pros:
- Affordable
- Comfortable interior, at least in front.
- Infotainment system with 7-in. touchscreen standard
Cons:
- 2021 misses out on 2022’s 155-horsepower engine (up from 138)
- Could be hard to find. U.S. sales were down 91% in October, vs. October 2020, for all versions of the Chevy Trax combined, according to Motor Intelligence. That was just 838 units for the month. Year to date, Chevy Trax sales were down 53% vs. a year ago.
- Cheap interior
6. 2021 Honda HR-V
Average Price:
- $26,175 average suggested retail
- $265.13 average best monthly lease payment (captive)
Why We Picked It:
The Honda HR-V, Honda’s entry-level model for the U.S. market, had record-setting sales for the month of October. That was the ninth monthly sales record in a row, and not by just a little. The company said October sales were up 63% vs. October 2020. Year to date, sales were up 71%. The 2022 model went on sale in July. Click here to read our overview of the Honda HR-V.
Pros:
- Availability appears OK while bigger Passport “just missed” a 10th consecutive month of record monthly sales (down 6% in October), per Honda.
- Higher trim levels of the Honda HR-V (only) get a suite of safety features the company calls Honda Sensing, which includes Adaptive Cruise Control, Collision Mitigation Braking System with Forward Collision Warning, Lane Keeping Assist System, and more
- Wide variety of levels for price, trim, and equipment, including front- or all-wheel drive
Cons:
- While Honda brand’s basic models get good safety ratings, HR-V entry-level versions are missing some high-tech safety features found on more expensive models
- Engine can be noisy, rough
- Ride harsh at times
7. 2021 Dodge Durango
Average Price:
- $47,103.57 average suggested retail
- $497.26 average best monthly lease payment (non-captive)
Why we picked it:
Dodge seems to be finding enough computer chips to support sales of the Durango. In October, according to Motor Intelligence, Dodge Durango sales were up 46% vs. October 2020. Parent company Stellantis only reports sales quarterly, but through the third quarter, Dodge said Dodge Durango retail sales, not counting fleet sales, were the best since 2005. Click here to see our review of the Dodge Durango SRT Hellcat (high performance version).
Pros:
- Availability seems better than average.
- The 2021 model got new, more-aggressive exterior styling, LED headlamps, and an upgraded interior.
- Dodge says the Dodge Durango is “for muscle car people with families.”
Cons:
- The 2021 model misses out on Blind Spot Monitoring and Rear Cross Path Detection, which were made standard across the Dodge Durango lineup for 2022.
- Powerful engines mean poor gas mileage
- So-so handling (other than straight-line)
8. 2022 Acura MDX
Average Price:
- $54,470 average suggested retail
- $562.17 average best monthly lease payment (captive)
Why we picked it:
The luxurious, three-row 2022 Acura MDX is an early 2022 model. The redesigned 2022 Acura MDX reached U.S. dealerships in February 2021, after Acura skipped the 2021 model year. The 2022 Acura MDX got new exterior styling, and a long list of luxury improvements vs. the model it replaces. Acura considers the Acura MDX to be the flagship of the brand. Click here to see our review of the Acura MDX.
Pros:
- The all-new design, fourth-generation Acura MDX (and a big step forward)
- Removable, second-row, middle seat, so it can be set up for six occupants or seven. Without the middle seat, third-row access is easier
- Much-improved third row, additional 2.4 inches. of leg room
Cons:
- All-wheel drive optional (front-wheel drive standard)
- Availability could be a problem: October U.S. sales down 31% vs. the year-ago month (year-to-date MDX sales up 38%)
- MDX Type S high-performance version not available until December (turbo boosts V6 engine from 290 to 355 horsepower)
9. 2022 Kia Telluride
Average Price:
- $39,352.50 average suggested retail
- $410.36 average best monthly lease payment (non-captive)
Why we picked it:
The Kia Telluride, which first went on sale in February 2019, is a hit. It’s Kia’s biggest seller in the U.S. market, but sales fell in October, probably due to an industrywide shortage of computer chips. Kia America says it sold 82% of its available inventory in October, including all models, not just Telluride. Click here to see our review of the Kia Telluride.
Pros:
- For 2022, the Kia Telluride gets a new, modernized edition of the Kia logo.
- The 2022 also gets a bigger, 10.25-inch navigation display for upscale trim packages.
- All trims get updated, Navigation-based Smart Cruise Control. In addition to maintaining a safe following distance from the vehicle ahead, the system also slows the vehicle ahead of tight curves.
Cons:
- Scarcity. In October, total U.S. sales for Telluride were down about 21% vs. the year-ago month, to 7,695. Year to date through October, sales were up 39%, to 78,419.
- The larger display isn’t standard on all versions.
- Fuel economy so-so for its class
10. 2021 Honda Pilot
Average Price:
- $42,305 average suggested retail
- $439.94 average best monthly lease payment (captive)
Why we picked it:
The Honda Pilot is popular, coming off its best sales for the third quarter since 2018, the company said. But the industrywide computer chip shortage is catching up with Honda, too (see below). Since the 2022 Honda Pilot is already on sale since July, while they last, it’s a good time to get a Best Lease Deal on the old model. Click here to see our review of the Honda Pilot.
Pros:
- Seating capacity. The Honda Pilot has three seating positions in both the second and third rows, which is unusual for its size, Honda says.
- Estimated mileage 40 mpg city/37 mpg highway
- Safety features include Advanced Driver Assistance Systems, like automatic braking to avoid pedestrians and bicycles, as well as other vehicles.
Cons:
• Availability could be getting limited. U.S. sales of the Honda Pilot were down 16% in October, vs. October 2020, the company said. In the third quarter, Honda said the Honda Pilot had its best sales since 2018.
Methodology
Market Scan Information Systems Inc., Camarillo, Calif., identifies Best Lease Deals based on constantly scanning actual offers in the market, and comparing the best average monthly lease payment it can find, vs. an average suggested retail price for that model. Market Scan’s monthly payment is all-inclusive, including options, taxes and dealer fees. Therefore, it may not be as low as special lease deals advertised on dealer and manufacturer web sites, which typically don’t include taxes or fees, and may be for a stripped-down model that lacks popular options. All of those factors would serve to raise the real-world monthly payment. Market Scan also assumes: a 36-month lease term; a customer cash contribution of 5% of suggested retail; and a prime-rated credit score of 720. Deals may vary by region, and are subject to change without notice.
FAQ
Is new-product availability any better if I get a lease instead of a loan?
Nope. Desperate to find the new car or truck they desire, some people are wondering whether they can get what they want any faster, depending whether they finance the purchase with a lease or a loan. No, not really. Until the customer signs a finance contract, there’s no way of knowing in advance how the customer will finance the purchase, or for that matter if they’re paying cash.
My lease is expiring soon. I’ve got to get out of my old car and into a new one. What am I supposed to do, if the dealer doesn’t have the new vehicle I want?
Leasing companies are commonly offering extensions on leases, at the same monthly payment, often for a six-month interval. Even with the present shortages, that should allow plenty of time to order and receive a new vehicle. Customers who get an extension should also make sure they get a corresponding increase in their mileage allowance, to avoid fees for excess miles. Extending your lease at the existing payment is not to be confused with COVID-related programs where beginning last year, lenders allowed customers to defer monthly payments due to financial hardship. That is, defer, but not cancel. Those payments must be made up later, including interest.
Do I really have to return my leased car to the dealer where I leased it?
It doesn’t have to be the same dealer, for instance, if you’ve moved. But with the current shortage of both new and used cars and trucks, the captive finance companies for the automakers – which account for the vast majority of leases – are enforcing rules that require customers to turn in their off-lease vehicles to a dealer for that same brand. That way, dealers for that brand get first dibs on buying highly sought-after, “nearly new” lease returns, for resale.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Automobiles News Click Here
