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Best New Car Lease Deals For May 2023

There are all kinds of reasons for needing a car over a shorter term, especially at a time when the auto industry is still undergoing supply-chain woes. Buying a car outright and then selling it in a couple of years involves tying up a bunch of capital and then taking a hit on depreciation. Instead, a 24-month lease provides the stop-gap filler you need to get around right now with reduced financial exposure.

This month, we have a host of two-year lease deals across the full spectrum, from family-friendly crossovers to luxury EVs. There's something here to fill nearly every need or to try out a new type of vehicle or brand to see if it fits your lifestyle. Have you always wanted to drive a V-8 sports coupe? Or see whether EV ownership is worth the potential charging hassles?

Check Our Leasing Guide

First, make sure you read our leasing guide. We've covered everything that may get glossed over in the showroom: advertising fees, money factors, residuals, legal implications, and all the other fine print that could cost you thousands more than you'd expect. When comparing similar cars, be aware that a lower monthly price often demands more money up front. As with any national lease special, enter your ZIP code on an automaker's website to check if these deals apply to your area. Prices do not include taxes or fees and may be higher or lower depending on your location. Research is always your friend.

Cadillac

$459 per month/$4879 at signing24 months/20,000 miles

The three-row Cadillac XT6 provides a bit of Escalade glam on a much more maneuverable platform and at a more reasonable price. This 24-month lease special is for current Cadillac owners and the above figures apply specifically to the entry-level front-wheel-drive model.

Chevrolet

$279 per month/$5179 at signing24 months/20,000 miles

Chevy's pulling the plug on the sixth-generation Camaro. If you've always wanted one of the bow-tie brand's pony cars, then you may want to take advantage of this 24-month lease deal on a Camaro LT1. Yes, you read that right. That initial $5179 check you need to write at signing isn't for a four- or six-cylinder model but a 455-hp V-8 Camaro coupe. Chevrolet has confirmed a new Camaro is in the works, but the brand has shared no specific details about the next-gen car. It's possible that the current Camaro may be the last one to offer a V-8 engine—or an internal-combustion engine.

Michael SimariCar and Driver

$269 per month/$1949 at signing24 months/20,000 miles

Chevrolet's Equinox deal applies to current GM lessees looking for something new. And if you're a GM employee or eligible family member, you can shave off a further $10 per month and $170 off the downstroke. The Equinox isn't terribly exciting, but it is fuel-efficient, easy to drive, and a competent luggage hauler. This deal applies specifically to the well-equipped—but not loaded—Equinox LT with front-wheel drive.

Kia

$259 per month/$3499 at signing24 months/20,000 miles

The Kia Sportage may not be a 10Best winner, but it is an Editors' Choice honoree. With a long list of standard features, plentiful space, and a comfortable ride, the Sportage hits the mark for many compact SUV shoppers. This deal is for the base front-drive Sportage LX (all-wheel drive adds $20 to the monthly bill). This means having to put up with the model's wheezy 187-hp four-cylinder engine. That said, the Sportage's mediocre engine wouldn't stop us from taking advantage of the 24-month lease deal.

Kia

$379 per month/$3999 at signing24 months/20,000 miles

Kia plans to bid farewell to the Stinger fastback after the 2024 model year. In other words, time's not on the side of consumers waffling on whether or not to park a Stinger in their driveway. Kia may have made the decision a bit easier, though, with this 24-month lease deal on an entry-level rear-drive Stinger GT-Line. Sure, the 300-hp GT-Line may not have the allure of the 368-hp Stinger GT2, but the four-cylinder model is still plenty fun to drive. Plan on spending an extra $30 per month if you want your Stinger GT-Line with all-wheel drive.

Michael SimariCar and Driver

$649 per month/$5343 at signing24 months/20,000 miles

The Mercedes-Benz EQB is the ideal crossover for those looking to dip their toe into EV ownership. With a boxy shape, it's a practical family hauler. It's even available with a third-row jump seat that is useless for adults but handy if you're carpooling home part of the soccer team. This deal applies to the EQB250+, which offers an estimated driving range of 250 miles. That's an adequate sum for most shoppers. Plus, if you discover that an EV is not ideally suited to your lifestyle, you'll be glad to know you're only committed to this electric SUV for just 24 months.

Nissan

$369 per month/$3139 at signing24 months/20,000 miles

The Nissan Murano is aging relatively gracefully, and while it is not the most athletic crossover option out there, it's still very comfortable. The lease here is for a base Murano S with all-wheel drive, which has a comprehensive list of standard features that includes a full complement of driver-assist items, including blind-spot monitoring and forward-collision warning.

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Contributing Editor

Brendan McAleer is a freelance writer and photographer based in North Vancouver, B.C., Canada. He grew up splitting his knuckles on British automobiles, came of age in the golden era of Japanese sport-compact performance, and began writing about cars and people in 2008. His particular interest is the intersection between humanity and machinery, whether it is the racing career of Walter Cronkite or Japanese animator Hayao Miyazaki's half-century obsession with the Citroën 2CV. He has taught both of his young daughters how to shift a manual transmission and is grateful for the excuse they provide to be perpetually buying Hot Wheels.

There Are New Car Deals To Be Had This Memorial Day

For the past few years, new-car prices have obviously been climbing, so it's nice to learn that there are some traditional Memorial Day deals out there this year.

With the pandemic fading away and the related supply-chain problems sorting themselves out, we're back to perks like low financing offers and factory discounts.

The best deals available knock around 10 percent off the price of the car but don't expect that sort of sale on everything on the lot.

For years, Memorial Day has been in the rotation for holidays that often come with deals at local car dealerships. It's the start of summer, after all, and that means hitting the open road to experience construction and traffic jams in new places. After years of a pandemic and related supply-chain problems, there's reason to wonder if new-car shoppers can expect exceptional discounts on a new set of wheels this weekend.

The good news for buyers is that there are a few signs that things are getting back to normal. How normal? A joint forecast from J.D. Power and LMC Automotive projects that new-vehicle retail sales for May 2023 will be 9.6 percent higher than May 2022, with almost 1.1 million sales predicted.

Discounts and Lower Interest Rates?

This year, the best Memorial Day deals take the form of up-front discounts and lowered finance rates. That's good, but let's not forget that the average new car price in the U.S. Was just over $48,000 last month. That's a lot, but it represented a bit of a plateau after almost two years of upward movement. It was the first time in 20 months that the average price of a new car once again dropped below the sticker price. As the world figures out its post-pandemic reality, including normalizing supply chains again, we find ourselves in a short moment of price stability, and dealers aren't making as much per car as they were before."The improved supply of vehicles vs. A year ago has resulted in a decline in dealer profits. However, dealer profits remain well above pre-pandemic levels," J.D. Power analyst Thomas King said in a statement. "The primary reason for the decline in profit is that fewer vehicles are being sold for prices higher than the manufacturer's suggested retail price (MSRP). This month, only 31 percent of new vehicles are projected to be sold above MSRP, which is down from a high of 49 percent in July 2022."

The somewhat stable prices and improved supply of new vehicles mean shoppers can indeed find deals this weekend. While not all of these are specific Memorial Day promotions, they're all available until at least the end of the month. With all of this in mind, here's an overview of some of this weekend's best new-car deals.

Check Your Dealer, but Discounts Are Out There

Consumer Reports found that the best deals available this weekend could drop the price of a new car by between 6 and 10 percent off the original MSRP. At the top of CR's list is the 2023 Chevrolet Equinox, which can be had for a 10 percent discount. Other Big Three models are also discounted: the 2023 Dodge Charger and 2023 Ford Edge are both seven percent off right now.

Plenty of models—including the Hyundai Santa Cruz, Honda Passport, and Subaru Outback—currently come with some sort of discounted lease deal. According to U.S. News, for example, the Outback can be had for $345 per month if you sign a three-year lease and bring $3545 to the signing.

There are Memorial Day sales offers and substantial factory discounts on some new Jeep models. Until the end of May, the Compass can be had with up to $3500 off—that price is for returning lessees, however—while there are discounts up to $2000 available for the Wrangler. Overall, these discounts are good for between 3 and 10 percent off.There are other deals to be found, and availability varies by location and other factors, but the good news is that car shoppers might just get lucky this weekend.

Contributing Editor

Sebastian Blanco has been writing about electric vehicles, hybrids, and hydrogen cars since 2006. His articles and car reviews have appeared in the New York Times, Automotive News, Reuters, SAE, Autoblog, InsideEVs, Trucks.Com, Car Talk, and other outlets. His first green-car media event was the launch of the Tesla Roadster, and since then he has been tracking the shift away from gasoline-powered vehicles and discovering the new technology's importance not just for the auto industry, but for the world as a whole. Throw in the recent shift to autonomous vehicles, and there are more interesting changes happening now than most people can wrap their heads around. You can find him on Twitter or, on good days, behind the wheel of a new EV. 

Best New Car Deals For Memorial Day 2023: Huge $25,000 Savings On One Sedan

The 2023 S60 comes with updates, but even so it looks like the PHEV models need a little help to get sales rolling. This is another Volvo with excellent styling and top-notch build quality and equipment. But the most powerful models, the plug-in hybrids, could use refinement, and the sportiest, the S60 Polestar Engineered, could stand to be sportier.

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