And yet it won't even hit dealers until summer.
The 2021 Ford Bronco has unfortunately been delayed until this summer but this isn't stopping the automaker from setting things like lease rates and other relevant pricing details. The decision whether to buy or lease a new vehicle oftentimes boils down to which is simply the better deal in terms of monthly payments. Remember, it's always possible to buy the vehicle once the lease is over. But the 2021 Bronco's lease rates aren't looking great.
CarsDirect has seen an incentive bulletin recently received by dealers informing them of expensive Bronco lease rates. To begin with, all 2021 Broncos have a 36-month APR equivalent to 6.29 percent for 36 months - more than double the 2.95 percent lease rate of the currently on sale Bronco Sport.
That pricey lease rate, however, is only good for customers with excellent credit. Those who aren't in that position could find lease rates with Ford Credit up to 13.04 percent on a 24-month lease. With rates like these, the Bronco's affordability could be out of reach for a lot of people. Furthermore, the expected high Bronco demand next summer also puts dealerships at an advantage because they'll have far less motivation to negotiate on both financing and leasing.
Those who do manage to locate one and are intent on leasing will likely have no choice but to pay a premium. There's currently an 18-month waiting list after Ford began taking pre-orders last summer.
Those unwilling to pay the hefty leasing premium might now consider the smaller and less expensive Bronco Sport instead. In theory, that's a good idea but in practice, the lease rates here are, once again, disappointing due to a combination of residual values and crazy dealer markups as high as $10,000 due to high demand. At this time, Ford has not released incentives for financing a new Bronco, but don't expect things like low-interest rates and/or factory rebates.
Unless Bronco buyers can avoid dealer markups, owning or leasing one of those awesome new SUVs is not going to be cheap for the foreseeable future.