All the talk lately that some automakers are discontinuing or reducing the availability for leasing their vehicles has some consumers in a quandary. After all, not everyone wants to actually "buy" a new car, preferring to rent one for a limited time before trading their car in. Leasing has grown to become a significant option for new car shoppers, but due to the rapid decreasing value of some vehicles, has become an unattractive option for financing companies, particularly those owned by the proportional automakers.
Chrysler Discontinues Car Leasing
Chrysler made news earlier this summer when the company announced that they were getting out of the leasing business completely. Other automakers have not been as rashly restrictive, but many have changed their leasing plans accordingly. This means that in many cases you'll have to put more money down in order to lease and pay a higher monthly payment – changes which can affect your financial situation.
Because these changes have some consumers concerned, it is important for you to learn which automakers are providing leasing options to you. Furthermore, taking a closer look at the financial agreement you'll be signing when you lease will help you determine if leasing is right for you.
Top Ten Most Leased Cars
In July 2008, the following vehicles were in the most demand for leasing, according to LeaseTrader.com which tracks this information:
- BMW 3 Series
- Mini Cooper
- Toyota Camry
- Mercedes C Class
- Cadillac CTS
- Lexus RX Series
- Lexus IS 250
- Mazda CX Series
- BMW X Series
- Mercedes GL Class
Virtually every vehicle featured is a luxury model for the simple fact that they usually retain their value the best. The Mini Cooper is owned by BMW while the Mazda CX Series is one of the top selling crossovers available today while the Toyota Camry is the top selling car in America. The remaining models each appeal to high net worth people.
Ultimately, what this means for you is this: if you lease, your choices are much more limited than they were a year ago. Buying may not be an option for you, but there are some vehicles which can still be leased without draining your wallet. Of course, if you've had your eyes on a Chrysler 300, then considering a car such as the Cadillac CTS could be the best way for you to go.