Which Jeep is More Affordable to Lease?

Jeep
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Jeep is one of the most iconic car brands out there. From the Wrangler to the Cherokee to the recently revitalized Wagoneer, Jeep has a deep lineup of desirable automobiles. Purchasing a new vehicle, however, can be an intimidating process. 

Buying a new car is a big commitment. It’s a lot of money to spend on something that immediately loses value when you drive it off the lot. And in today’s world, buying a used car isn’t much better of a proposition. The cost of the average used auto has cruised to over $30,000 thanks to supply chain issues that have been the ripple effects of the Coronavirus. 

So, what’s one to do if they want to get into a Jeep but can’t justify the costs of owning a car? Leasing is one option that has become more appealing to many due to the current circumstances. When you lease a vehicle, you enter into a contractual agreement with the vehicle’s owner—probably a car dealership. The most simplistic way to envision leasing a Jeep is to equate it with renting versus buying a car. 

Like with any kind of financial arrangement, there are pros and cons to leasing versus buying; so you’ll want to understand these fully before entering into either arrangement. We’ll take a look at some of these later in the article. For now, let’s see which Jeep is more affordable to lease. 

What Are the More Affordable Jeep Vehicle Leases? 

When you’re looking to lease a vehicle, there are three main things you’ll want to investigate (other than how much you like the vehicle itself): the monthly payment, the amount due at signing, and the terms and conditions of the lease. Each of these will play an important role in determining the lease’s affordability. 

The monthly payment and amount due at signing are going to be largely influenced by two primary factors: the cost of the vehicle and current macroeconomic conditions. As with all things in life, when something is more desirable or expensive, it’s going to cost more to lease it. In terms of macro considerations, the prevailing federal funds rate, vehicle demand, and availability, as well as other factors can determine the costs that will be associated with leasing. 

With all this in mind, you can start to get a clearer picture of Jeep lease deals. For the lowest monthly payments, you’re going to want to look at some of the Jeeps that come with less demanding price tags. The base models of the Renegade and Cherokee will probably be the best starting point. From there, the Wrangler, Gladiator, and Compass will likely have the most approachable monthly payments and amounts due at signing. The higher-end Jeep models will, of course, be a bit more expensive—especially per month. 

What Are the Benefits and Drawbacks of Leasing a Vehicle?

Before you opt to lease a vehicle, you should know some of the finer details of the process. There are definitely some benefits to leasing, but there are less-desirable elements as well. Here are the main points you need to consider before signing a lease on any vehicle:

  • You’re only obligated for a limited time – This can be a benefit or a drawback depending on the person and the vehicle. Many see the fact you only have a leased vehicle for a few years as a huge positive. You don’t have to deal with maintenance, and you can constantly keep getting a new car every three years. On the other hand, if you do end up liking the vehicle a lot, leasing first can end up costing you more than if you had just bought it in the first place. 
  • You don’t need to have as much money upfront – A lease usually won’t necessitate as large of a down payment as an auto loan. The monthly payments will also typically be lower for a lease than a purchased vehicle. This can make it more affordable to get into a new vehicle. At the same time, you’re not building equity or owning anything when you’re just leasing. 
  • You need to look at the fine print – As mentioned previously, the terms and conditions are the third factors you need to look at before deciding on a lease. There are often penalties for driving more than a certain number of miles in a year, which can add up over time for those who go over the limit. It’s essential you know and understands these conditions before deciding a lease is right for you. 

Overall, there are many reasons to lease a vehicle. It can vastly simplify your life compared to ownership, as long as you’re okay with not building equity through your vehicle. Knowing the more affordable Jeep vehicles leases will get you into a great, high-performance auto without a high cost.

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