Average monthly payment amounts for the 10 most commonly-leased cars
This story originally appeared on Stacker and was produced and distributed in partnership with Stacker Studio.
Average monthly payment amounts for the 10 most commonly-leased cars
Leasing is an auto industry shorthand term for a long-term rental of a new vehicle, a method often used by businesses that provide company cars for their employees. But leasing is incredibly popular in the consumer market as well. Experian reports 26.66% of all new vehicles were leased in the first quarter of 2021—down from 30.68% in the first quarter of 2020, before the coronavirus hit the U.S. economy and workforce. There are regional differences as well. The northeast United States leads the nation with 46.29% of new vehicles being leased. In the southern U.S., that number is just 15.87%.
The rates of leased vehicles as a percentage of all new vehicles are fairly high. Which new vehicles are leased the most in the United States? Using Experian’s State of the Auto Finance Market report—the most recent data available is for the first quarter of 2021—CoPilot took the top-10 commonly leased models and compared the differences between the average monthly loan and lease payments for each one. The vehicles are ranked by their market share in the first quarter, and the average monthly payments are also compared across the top-10 vehicles and between the first quarter of 2021 and the fourth quarter of 2020.
#10. Chevrolet Equinox
- Market share of leased model: 1.8% (0.2% lower than in Q4 2020)
- Average monthly loan payment: $444 (#9 highest among top 10, 1.8% lower than in Q4 2020)
- Average monthly lease payment: $319 (#9 highest among top 10, 0.3% lower than in Q4 2020)
The Chevy Equinox is a compact crossover sport utility vehicle, meaning it’s an SUV carriage mounted on a chassis typically associated with a car. This gives crossover SUVs a combination of carlike handling with more cargo space and higher visibility. The 2022 Equinox starts at $25,800. Chevy offers a variety of 4 liter engines at different size and performance points, and the Equinox has optional all-wheel drive. Chevy reports the Equinox gets 26 miles per gallon in the city and 31 miles on the highway. This matches up with Environmental Protection Agency numbers for the 2020 Equinox, which it reported gets between 24 and 28 combined city and highway miles for four different powertrains.
#9. Honda Accord
- Market share of leased model: 1.8% (0.1% lower than in Q4 2020)
- Average monthly loan payment: $488 (#7 highest among top 10, 3.8% higher than in Q4 2020)
- Average monthly lease payment: $380 (#6 highest among top 10, 3.5% higher than in Q4 2020)
The Honda Accord is a midsize sedan that comes in a variety of trim levels depending on your needs as a consumer. The 2022 Accord starts at $24,970. Honda says the base model gets 30 miles per gallon in the city and 38 miles per gallon on the highway. The touring model drops to just 22 city miles and 32 highway miles, while the Accord Hybrid gets 48 miles per gallon in both settings. The Accord has been manufactured for decades, with enduring popularity around the world.
#8. Jeep Grand Cherokee
- Market share of leased model: 1.8% (0% higher than in Q4 2020)
- Average monthly loan payment: $591 (#3 highest among top 10, 0.3% lower than in Q4 2020)
- Average monthly lease payment: $464 (#3 highest among top 10, 2.1% lower than in Q4 2020)
The Jeep Grand Cherokee is a perennially popular SUV with a sturdy, truck-like unibody construction. The Grand Cherokee starts at $34,970 for the base model. Jeep, which is owned by Chrysler, has sold the Grand Cherokee at a variety of trim levels for several decades. The EPA says the 2021 Jeep Grand Cherokee’s six-cylinder models get a combined 21 miles per gallon city and highway, while the higher performance eight-cylinder models get from 13 to 17 combined miles per gallon. The Grand Cherokee Trackhawk is the highest trim level, starting at an eye-watering $88,690.
#7. Toyota Tacoma
- Market share of leased model: 1.8% (0.1% lower than in Q4 2020)
- Average monthly loan payment: $566 (#4 highest among top 10, 1.3% higher than in Q4 2020)
- Average monthly lease payment: $408 (#4 highest among top 10, 3.3% higher than in Q4 2020)
The Toyota Tacoma is a midsize pickup truck whose 2021 model starts at $26,400. It’s available in both four- and six-cylinder engines at a variety of trim levels. The most expensive model, the TRD Pro, starts at $44,325. Toyota says the base four-cylinder model gets 20 miles per gallon city and 23 miles per gallon highway. The EPA corroborates those numbers, reporting an average of 21 miles per gallon for most 2021 Tacoma models.
#6. Ford F-150
- Market share of leased model: 1.9% (0.2% higher than in Q4 2020)
- Average monthly loan payment: $674 (#2 highest among top 10, 2.3% higher than in Q4 2020)
- Average monthly lease payment: $548 (#1 highest among top 10, 11.2% higher than in Q4 2020)
The Ford F-150 is a perennially bestselling, full-size pickup truck that comes in almost every possible iteration of cabs, trims, and more. The 2021 F-150 starts at $29,290, while the most expensive model starts at $73,105. The EPA reports the four- and six-cylinder F-150 models get at least 20 miles per gallon combined, while the eight-cylinder model gets 19 miles per gallon combined. All are lower for ethanol-boosted E85 fuels. Ford has announced an all-electric F-150, the Lightning, which will be released in 2022.
#5. Nissan Rogue
- Market share of leased model: 2% (data not available for Q4 2020)
- Average monthly loan payment: $502 (#6 highest among top 10)
- Average monthly lease payment: $386 (#5 highest among top 10)
The Nissan Rogue is a compact crossover SUV that its maker says gets 27 city miles per gallon and 35 highway miles per gallon. The Rogue comes in four trim levels ranging from base model to platinum. The base model starts at $25,850. The EPA reports 2021 Nissan Rogue models with four cylinders get between 28 and 30 combined miles per gallon. The crossover is currently in its third generation, beginning with 2020 model years.
#4. Ram 1500
- Market share of leased model: 2% (0.1% higher than in Q4 2020)
- Average monthly loan payment: $691 (#1 highest among top 10, 0.4% higher than in Q4 2020)
- Average monthly lease payment: $491 (#2 highest among top 10, 0.4% lower than in Q4 2020)
The Ram 1500 is a full-size pickup truck that’s been manufactured for decades. The 2021 Ram 1500 trim levels start at $32,795. The EPA reports Ram 1500 models with six cylinders get between 20 and 26 combined miles per gallon. Ram was originally part of the Dodge family of products and is still owned by parent brand Chrysler. The most expensive trim level starts at $57,350.
#3. Honda Civic
- Market share of leased model: 2.4% (0.1% lower than in Q4 2020)
- Average monthly loan payment: $415 (#10 highest among top 10, 1.2% higher than in Q4 2020)
- Average monthly lease payment: $306 (#10 highest among top 10, 1.7% higher than in Q4 2020)
The Honda Civic is a compact or midsize car that comes in sedan and hatchback styles. The sedan has the lowest starting price at just $21,700 for the 2022 Civic sedan. The hatchback starts at $22,000; the 2022 Civic represents the beginning of the 11th generation of this versatile vehicle. Honda reports the 2022 Civic sedan gets 31 city miles per gallon and 40 highway miles per gallon.
#2. Honda CR-V
- Market share of leased model: 2.4% (0.3% lower than in Q4 2020)
- Average monthly loan payment: $474 (#8 highest among top 10, 4.6% higher than in Q4 2020)
- Average monthly lease payment: $372 (#8 highest among top 10, 1.4% higher than in Q4 2020)
The Honda CR-V is a compact crossover SUV, meaning it’s manufactured on a car frame but has the space and cargo room of an SUV. Honda reports the CR-V has been the bestselling crossover SUV for the past 10 years. The CR-V comes in five trim levels ranging from starting prices of $25,350 to $33,650. There’s also a CR-V hybrid version, with three trim levels that start from $30,560 to $36,350. Honda reports that the CR-V gets 28 city miles per gallon and 34 highway miles per gallon.
#1. Toyota RAV4
- Market share of leased model: 2.5% (0% higher than in Q4 2020)
- Average monthly loan payment: $504 (#5 highest among top 10, 2.2% higher than in Q4 2020)
- Average monthly lease payment: $377 (#7 highest among top 10, 0.5% lower than in Q4 2020)
The Toyota RAV4 is a compact crossover SUV that dates back to the 1990s. The base trim level starts at $26,250. Toyota offers six trim levels of the gasoline engine RAV4 and an additional five trim levels of the hybrid RAV4 that starts at $28,800. The hybrid RAV4 gets 41 city miles per gallon and 38 highway miles per gallon. The gasoline RAV4 starts at 27 miles per gallon in the city and 35 highway miles per gallon.
This story was produced and distributed in partnership with Stacker Studio.
