You Can Now Lease The Chevy Silverado For Less Than A Sonic

May. 23, 2020 7:30 AM ET by Karl Furlong Pricing / 12 Comments

One of America's favorite trucks can be leased for much less than you think.

The Chevrolet Silverado 1500 may not be a hot seller like the Ford F-150, but it's still hugely popular. In fact, a solid first sales quarter of the year saw it steal back the number 2 spot from the brilliant Ram 1500. The latest Silverado is a capable and rugged truck and, as the Memorial Day holiday approaches, it's now even more appealing thanks to some incredible deals this long weekend.

The folks over at CarsDirect crunched the numbers and found that a Silverado at $41,000 can work out to be less expensive to lease than a lowly Chevrolet Sonic which costs half the price. It doesn't sound possible, but by combining several discounts, it is.

2019-2020 Chevrolet Silverado 1500 Front Angle View

2019-2020 Chevrolet Silverado 1500 Rear Angle View

The specific Silverado in question is a 2020 Crew Cab with the 4x4 drivetrain, the V6 engine, and in Custom trim - this is the cheapest trim available with the Crew Cab. The 4.3-liter engine produces 285 horsepower and 305 lb-ft of torque. The monthly lease fee works out to $363 over 39 months, with a Sign & Drive promotion ensuring that $0 is due upon signing. That's brilliant value for a large, capable truck.

The Chevy Sonic LT hatchback, by comparison, carries a much lower MSRP of $20,295. But it requires a $1,509 fee due at signing and works out to a more expensive $368 per month over the same time period. Differing residual values of 35 percent for the Sonic and 61 percent for the Silverado also play a factor here, along with a $1,500 bonus for the big truck for customers moving from another lease. This bonus doesn't apply to the Sonic.

2019-2020 Chevrolet Silverado 1500 Front View Driving

2019-2020 Chevrolet Silverado 1500 Rear View Driving

It doesn't stop there - it's possible to lease the Silverado for as little as $305/month. This is due to a Costco Auto Program from Chevrolet that amounts to a further saving of $1,000. This, combined with opting for the cheaper 4x2 model and the Sign & Drive promo, equates to an overall $305/month.

By comparison, a listing for a 2020 Ford F-150 XL SuperCrew 4x2 requires you to hand over $4,429 when signing. All of which means that if the 2020 Chevrolet Silverado 1500 was already on your shortlist, this weekend is as good a time as any to get behind the wheel of this popular truck. The offer ends on June 1.