Truck and SUV Lease Prices Fall as New Models Loom
Analysts say impending 2020 releases are putting downward pressure on lease prices in every truck and SUV category in Wantalease.com’s secondary marketplace.
The average cost to lease a new Cadillac Escalade on Wantalease.com fell by nearly 23% in August, leading a wave of discounts for trucks and SUVs. The 2020 edition (pictured) is expected to hit showrooms sometime in the first quarter.
Photo courtesy General Motors Co.
CINCINNATI — Wantalease.com reports widespread and generous discounts on lease deals for new truck and SUVs throughout August, a month in which the cost to lease most cars has remained steady.
Lease prices fell in every truck and SUV category, including small, mid-size, and large. The Cadillac Escalade experienced the largest price drop of the month with a 22.96% decrease in average monthly payment. The GMC Yukon experienced a 20.72% drop, followed by the GMC Canyon Crew (-15.32%) and Ford F-150 (-12.09%).
The Escalade decreased in monthly payment by $248.61, bringing monthly payments to $689 per month. The Yukon dropped $142.69 to $449 per month.
“We’re seeing an increase in discounts and aggressive pricing beginning to permeate across trucks and SUVs as 2020 vehicles have begun to occupy dealer lots,” said Scot Hall, executive vice president of Wantalease.com. “Consumers are searching for aggressive deals on a variety of vehicles, but may find themselves leaning toward SUVs and trucks if they’re available at more affordable rates.”
The vehicles with the largest increase in monthly payment from July were the Ford Explorer (13.34%) and the Volkswagen Passat (11.59%). The Explorer is currently offered at $416 per month, while the Passat is offered for $229.
The most affordable vehicle of the month remains the Nissan Sentra, coming in at just $129 per month. The Nissan Sentra has maintained the lowest price on a new vehicle lease for the past six months.
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