Now Is the Time to Get Yourself a Midsize Sedan on a Dirt Cheap Lease Deal
“Stepping up to a midsize is basically a no-brainer for buyers at this point,” CarsDirect’s senior price analyst Alex Bernstein tells TTAC.
With demand for midsize sedans drying up, deals on aging models are warming up.
Now in its sixth model year, the 2017 Volkswagen Passat 1.8T S — the entry-level Passat — is available in June for a 36-month lease at $189 per month and $1,999 due at signing.
The 2017 Honda Accord, a new version of which is due later this year, is also available in June in basic LX trim on the same terms.
Meanwhile, the mid-grade 2017 Toyota Camry SE 2.5, set to be replaced in the coming months by an all-new model, is likewise available in June for $189 per month with $1,999 down over 36 months.
“This is about as cheap as lease deals have ever been on these midsize sedans,” Bernstein says. But it actually gets even cheaper, marginally cheaper, according to CarsDirect’s examination of 500 lease deals.
The Toyota Camry is America’s best-selling car so far this year, but sales are in decline because of the model’s old age and the general neglect buyers are showing toward midsize cars. Not only are three pickup truck lineups outperforming the Camry in 2017, three compact crossovers are doing so, as well. Camry sales are down 12 percent, year-over-year. That Toyota would offer deals is not surprising, but the affordability of this Camry offer is nevertheless extreme.
The Honda Accord was America’s best-selling car in May 2017. Honda reported a 5-percent uptick in May Accord sales, but year-to-date, Accord volume is down 7 percent.
The Volkswagen Passat, on the other hand, is no best seller. The Passat was also featured in our 12th Midsize Sedan Deathwatch as we begin to see Volkswagen’s midsize sedan sharing space with the new Chattanooga-built Atlas SUV. Passat sales are rising this year, but only in comparison to a dreadful 2016.
According to Cars.com, there are roughly 114,000 new Camrys, Accords, and Passats in stock in U.S. dealers.
As attractive as deals on that trio of sedans can be, the entry-level 2017 Hyundai Sonata SE’s best lease deal is a $179 monthly payment with $2,199 due at signing. That effective monthly cost puts the Sonata SE five bucks below the Camry, Accord, and Passat.
And, one dollar below the Sonata’s effective monthly cost, is a lease offer on the 2017 Subaru Legacy 2.5i Premium — one rung up from the base model. With $0 down, the Subaru’s $239 payment over 36 months is ever so slightly lower, all things considered.
With prices that low, why buy a small car?
Timothy Cain is a contributing analyst at The Truth About Cars and Autofocus.ca and the founder and former editor of GoodCarBadCar.net. Follow on Twitter @timcaincars.
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