At just $139/month over three years, it's a tempting deal.
Buying a car versus leasing one is a debate that will likely rage on for some time, but there is little doubt that the latter option will allow shoppers to drive away in a newer or more impressive vehicle at a lower monthly cost. And presently, amid the unfolding Covid-19 crisis, it's more of a priority than ever before for consumers to keep monthly costs as low as possible. That's why the 2020 Hyundai Elantra appears to be such a tempting prospect at the moment.
A report by CarsDirect says that the Elantra SE is the cheapest compact car to lease in the country this month. With Hyundai reducing lease payments, the model can be leased for just $139 per month over three years, excluding $2,499 which will be due upfront.
In total, this equates to a monthly cost of just $208 per month assuming that 10,000 miles are covered annually. The low cost can be partially attributed to coronavirus relief incentives offered by the manufacturer in an attempt to assist consumers. However, the number quoted here applies in Los Angeles, so the monthly lease cost could differ depending on which state you are in. Volkswagen is another mainstream manufacturer to provide its own financial relief efforts as the pandemic continues to unfold.
As a comparison, the report points out that the 2020 Toyota Corolla LE has a lower signing fee of $1,999 but a higher monthly leasing cost of $199 over 36 months. While the two cars share almost the same MSRP, the Corolla's monthly leasing cost works out to $47 more than the Elantra's. As ever, all aspects of a lease agreement should be carefully scrutinized before you sign, such as Hyundai's limited mileage allowance.
Some cars, such as the 2020 Mitsubishi Mirage, are cheaper to buy than the Elantra yet a fair amount more ($276/month, including the signing fee) to lease. So, it's worthwhile weighing up all your options. Notably, Hyundai is also providing the choice to finance at 0% APR over a period of 84 months.
With Hyundai set to release its all-new Elantra later this year, it's not a massive surprise that the current model is available at such a tempting price. In addition, the current Elantra is hardly last season, having received a significant refresh not too long ago. Shoppers on the hunt for a reliable, refined, and low-cost sedan could do far worse.
According to the report, the offer isn't expected to last beyond May 4.