This could differ in some parts of the country.
After a six-year absence, the Toyota Venza crossover has returned to the market earning rave reviews. Although it's based on the hot-selling Toyota RAV4, the reborn Venza has its own distinct personality thanks to its overall more premium packaging. It could even be passed off as a Lexus, save for the badging, something that Toyota has seemingly taken note of when it comes to lease pricing.
CarsDirect noticed something a bit troubling with Southern California Venza leases; they're pretty expensive. In fact, the numbers aren't much less than a new Lexus NX. For example, a new 2021 Venza is currently being advertised in that region at $399 a month for 36 months with $1,999 due up front and a 12,000-mile yearly limit. Toyota calculated these numbers based on an MSRP of $33,914.
Factor in the down payment and customers are really paying $455 per month. If this sounds like a lot of money then you're right. A Lexus NX lease offer is proof. Right now, one could alternatively opt for a 2021 NX 300h at $389 a month for 36 months and $2,999 due on day one. Now, here's where things get strange. The Lexus NX's lease price is based on an MSRP of $45,405, a nearly $11,500 difference over the Venza, and yet the NX's effective monthly lease cost is only $17 more.
What's going here? It appears the answer has to do with interest rates. The NX has a much lower interest rate of just 0.3 percent while the Venza is 4 percent.
There's also a bigger discount of $1,250 compared to $500 for the Venza. As part of its annual 'December to Remember' sales event, Lexus is also giving customers an additional lease payment worth up to $700. There is, of course, a couple of downsides to the NX offer.
First off, there's a 10,000-mile year cap instead of the Venza's 12,000 miles, and, of course, the Venza is all-new while the NX dates back to 2014. But as noted above, be sure to check Venza pricing in your region because this may not be a nationwide offer. Southern California residents should also know this offer is good through November 30.