With leasing activity continuing to evolve as analysts recently conveyed to Auto Remarketing, Growella — a financial education website for millennials — researched and published its list of the cheapest 100 vehicles to lease to put what it called “real, actionable information in the hands of today's car shoppers.”
Using vehicle depreciation data, average insurance costs and gas efficiency ratings, Growella ranked 100 models with an MSRP of $30,000 or less from most affordable to least affordable. Growella’s research uncovered that the most affordable vehicle to lease is the Mitsubishi Mirage, at $219 per month. The next most affordable vehicle to lease is the Subaru Outback at $234 per month, followed by the Nissan Versa at $307 per month.
Here are the top 10 according to Growella’s findings:
1. Mitsubishi Mirage
2. Subaru Outback
3. Nissan Versa
4. Subaru Impreza
5. Jeep Cherokee
6. Kia Soul
7. Hyundai Accent
8. Kia Rio
9. Toyota Corolla
10. Mazda MAZDA3
“A leased car costs more than just its monthly payment,” Growella founder Dan Green said. "When a driver leases a car, the costs of auto insurance and gasoline have to be considered, too.”
To determine the cost of leasing a vehicle, Growella assumed:
—A 25-year-old female driver in a city setting with no traffic offenses
—A 36-month lease
—Depreciation equal to the value of a trade-in car in 2017 minus its MSRP of three years ago at 15,000 miles driven per year
—Gas mileage as provided by manufacturers
—An average gas price as provided by FuelEconomy.gov
Growella also assumed the driver did not shop for new auto insurance during the lease, and that she neither moved, nor incurred a traffic offense, nor changed her driving habits.
To read the complete list of the 100 cheapest vehicles to lease, go to this website.