According to Alec Gutierrez, senior market analyst of automotive insights for Kelley Blue Book, consumers searching for a budget-friendly new vehicle this month need to look no further. Kelley Blue Book scoured its incentive and Fair Purchase Price (the price car shoppers are typically paying a dealer for a new vehicle) data to identify the most affordable new vehicles available today. First, KBB highlighted those vehicles with the most attractive lease offers and determined what it would cost to buy that same vehicle instead, taking into consideration any available incentives. To further aid shoppers they also identified the most recent used model-year vehicle that could be purchased within $50 of the rock bottom lease price. Among these vehicles, there are several instances where leasing or purchasing new is a better value buy than used.
For instance, shoppers interested in the Nissan Versa, Hyundai Accent or Ford Fiesta would be best served buying the new model rather than leasing. Each of these vehicles can be purchased on a five-year note for only $30 to $40 more than the best available lease option. For only a few bucks more every month, a consumer could own these vehicle outright after five years rather than having to give it up with no equity at the end of their two to three year lease term.
Those consumers willing to forgo that new-car smell and are open to a slightly used vehicle should take a look at the 2011 Nissan Sentra. A 2011 Nissan Sentra with 24,000 miles is mechanically identical to the brand new model, and since it can be purchased for only $34 more than a lease on a 2012, it makes an excellent choice. The remaining vehicles on the list make excellent lease candidates. They all lease offers at least $100 more affordable per month than buying new and are significantly newer than the used version in the same price range.
Typically cheaper than buying a new or used vehicle on a monthly basis, leasing allows consumers to drive more car than they can afford to buy. For those that want a brand new vehicle every two to three years that is always covered under warranty, leasing makes an excellent choice. A lease also allows consumers to mitigate shocks to the used-car market. Kelley Blue Book expects used-car values to steadily decline during the next few years and a lease is a great way to reduce exposure to declining values. The major downside to leasing is that at the end of the lease term, a consumer is typically left with little equity in their vehicle, if any, which is of little concern to those planning to jump into another lease. In the long run, it is always more affordable to buy a new or used car, and drive it until the wheels fall off. However, at the end of the day, there is nothing quite like driving off the lot in a brand new car.
Ten Affordable Vehicles to Either Lease, Buy New or Purchase Used in June 2012 | |||||||||||||
Payment* |
Lease vs. Buy |
Comparable Used Car |
|||||||||||
MY |
Make | Model | Trim |
Lease |
BuyNew |
BuyUsed |
New |
Used |
MY |
PP** |
Miles |
||
2012 |
Nissan | Versa | S Hatchback 4D |
$350 |
$382 |
$350 |
($32) |
$0 |
2011 |
$11,100 |
24,000 |
||
2012 |
Hyundai | Accent | GLS Sedan 4D |
$331 |
$365 |
$336 |
($34) |
($6) |
2011 |
$10,450 |
24,000 |
||
2012 |
Ford | Fiesta | SE Sedan 4D |
$348 |
$392 |
$363 |
($44) |
($15) |
2011 |
$12,250 |
24,000 |
||
2012 |
Chevrolet | Cruze/Cobalt | LS Sedan 4D |
$357 |
$443 |
$370 |
($86) |
($12) |
2010 |
$11,850 |
32,000 |
||
2012 |
Nissan | Sentra | SR Sedan 4D |
$364 |
$451 |
$397 |
($88) |
($34) |
2011 |
$12,750 |
24,000 |
||
2012 |
Chevrolet | Malibu | LT Sedan 4D |
$384 |
$486 |
$412 |
($102) |
($28) |
2009 |
$13,215 |
43,000 |
||
2012 |
Honda | Civic | LX Sedan 4D |
$333 |
$445 |
$370 |
($112) |
($37) |
2009 |
$11,850 |
43,000 |
||
2012 |
Subaru | Impreza | 2.0i Sedan 4D |
$336 |
$454 |
$401 |
($119) |
($65) |
2008 |
$11,450 |
56,000 |
||
2012 |
Honda | Accord | LX Sedan 4D |
$383 |
$526 |
$416 |
($143) |
($32) |
2009 |
$13,115 |
43,000 |
||
2012 |
Volkswagen | Jetta | 2.5L SE Sedan 4D |
$339 |
$561 |
$408 |
($222) |
($69) |
2009 |
$12,750 |
43,000 |
||
*Payment includes monthly cost of fuel assuming 12,000 miles driven per year and $3.60 gas, any applicable incentives and a 10 percent down payment | |||||||||||||
**PP represents Kelley Blue Book’s Private Party Value and assumes stated mileage, typical equipment configuration and good condition |
Lease Details | |||||||||
MY |
Make | Model | Trim |
MPG |
Adv. Pay* |
Term |
Down |
Payment |
|
2012 |
Hyundai | Accent | GLS Sedan 4D |
33 |
$169 |
36 |
$1,899 |
$331 |
|
2012 |
Honda | Accord | LX Sedan 4D |
27 |
$250 |
35 |
$0 |
$383 |
|
2012 |
Honda | Civic | LX Sedan 4D |
32 |
$220 |
35 |
$0 |
$333 |
|
2012 |
Chevrolet | Cruze | LS Sedan 4D |
30 |
$159 |
24 |
$1,879 |
$357 |
|
2012 |
Ford | Fiesta | SE Sedan 4D |
33 |
$149 |
24 |
$2,158 |
$348 |
|
2012 |
Subaru | Impreza | 2.0i Sedan 4D |
30 |
$169 |
42 |
$1,969 |
$336 |
|
2012 |
Volkswagen | Jetta | 2.5L SE Sedan 4D |
28 |
$159 |
39 |
$1,999 |
$339 |
|
2012 |
Chevrolet | Malibu | LT Sedan 4D |
26 |
$179 |
24 |
$1,589 |
$384 |
|
2012 |
Nissan | Sentra | SR Sedan 4D |
27 |
$179 |
39 |
$1,999 |
$364 |
|
2012 |
Nissan | Versa | S Hatchback 4D |
30 |
$179 |
39 |
$1,999 |
$350 |
|
Note: Incentives may not be available in all regions or combined, see your local dealer for details | |||||||||
*Adv. Pay refers to the advertised lease payment before amortizing the required down payment and adding fuel costs
|
|||||||||
Buy New Details | |||||||||
MY |
Make | Model | Trim |
MPG |
APR |
Cash |
MSRP |
FPP* |
Payment |
2012 |
Hyundai | Accent | GLS Sedan 4D |
33 |
3.90% |
$13,320 |
$12,673 |
$365 |
|
2012 |
Honda | Accord | LX Sedan 4D |
27 |
1.90% |
$23,050 |
$20,413 |
$526 |
|
2012 |
Honda | Civic | LX Sedan 4D |
32 |
1.90% |
$18,795 |
$17,271 |
$445 |
|
2012 |
Chevrolet | Cruze | LS Sedan 4D |
30 |
2.90% |
$500 |
$17,595 |
$16,902 |
$443 |
2012 |
Ford | Fiesta | SE Sedan 4D |
33 |
2.90% |
$500 |
$15,465 |
$14,860 |
$392 |
2012 |
Subaru | Impreza | 2.0i Sedan 4D |
30 |
1.90% |
$18,245 |
$17,391 |
$454 |
|
2012 |
Volkswagen | Jetta | 2.5L SE Sedan 4D |
28 |
0.90% |
$24,230 |
$23,055 |
$561 |
|
2012 |
Chevrolet | Malibu | LT Sedan 4D |
26 |
0.00% |
$3,000 |
$22,870 |
$21,935 |
$486 |
2012 |
Nissan | Sentra | SR Sedan 4D |
27 |
0.90% |
$1,000 |
$19,140 |
$17,957 |
$451 |
2012 |
Nissan | Versa | S Hatchback 4D |
30 |
0.90% |
$500 |
$15,350 |
$14,483 |
$382 |
Note: Incentives may not be available in all regions or combined; see your local dealer for details | |||||||||
*FPP refers to Kelley Blue Book’s Fair Purchase Price, the price one can expect to pay based on sold transaction data
|
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Buy Used Details | |||||||||
MY |
Make | Model | Trim |
MPG |
PP* |
Miles |
Payment |
||
2011 |
Hyundai | Accent | GLS Sedan 4D |
30 |
$10,450 |
24,000 |
$336 |
||
2009 |
Honda | Accord | LX Sedan 4D |
25 |
$13,115 |
43,000 |
$416 |
||
2009 |
Honda | Civic | LX Sedan 4D |
29 |
$11,850 |
43,000 |
$370 |
||
2010 |
Chevrolet | Cobalt | LT Sedan 4D |
29 |
$11,850 |
32,000 |
$370 |
||
2011 |
Ford | Fiesta | SE Sedan 4D |
33 |
$12,250 |
24,000 |
$363 |
||
2008 |
Subaru | Impreza | 2.5i Sedan 4D |
22 |
$11,450 |
56,000 |
$401 |
||
2009 |
Volkswagen | Jetta | SE Sedan 4D |
25 |
$12,750 |
43,000 |
$408 |
||
2009 |
Chevrolet | Malibu | LT Sedan 4D |
26 |
$13,215 |
43,000 |
$412 |
||
2011 |
Nissan | Sentra | Sedan 4D |
27 |
$12,750 |
24,000 |
$397 |
||
2011 |
Nissan | Versa | S Hatchback 4D |
30 |
$11,100 |
24,000 |
$350 |
||
*PP represents Kelley Blue Book’s Private Party Value and assumes stated mileage and good condition |