Best Midsize Luxury SUV Lease Deals

Midsize luxury SUVs are a popular segment in the automotive market, offering a perfect blend of performance, comfort, and advanced technology. For those looking to lease rather than buy, the midsize luxury SUV category presents excellent opportunities to enjoy top-tier vehicles without the long-term commitment. Leasing an SUV can be an affordable way to access premium features and the latest technology. In this article, we'll explore some of the best lease deals available for midsize luxury SUVs, focusing on performance, interior quality, and overall value for money.

What to Consider When Leasing a Midsize Luxury SUV

Leasing is an attractive option for drivers who want to experience the latest models with lower monthly payments compared to buying. However, it’s essential to consider several factors:

1. Lease Terms: Standard lease agreements typically last between 24 and 36 months. The terms will dictate the length of the lease, the mileage allowance, and the monthly payments.
2. Mileage Limits: Most leases come with annual mileage limits, typically around 10,000 to 15,000 miles. Exceeding the mileage limit can result in additional fees.
3. Residual Value: This refers to the vehicle’s estimated worth at the end of the lease. A higher residual value means lower monthly payments.
4. Money Factor: Equivalent to the interest rate on a loan, the money factor can significantly impact the cost of the lease. It's important to look for deals with a low money factor to reduce costs.

Top Midsize Luxury SUV Lease Deals in 2024

1. 2024 BMW X5

• Monthly Lease Payment: $879
• Down Payment: $4,999
• Lease Term: 36 months, 10,000 miles/year

The BMW X5 remains one of the top contenders in the midsize luxury SUV category, offering a blend of luxury, power, and advanced tech features. For 2024, the X5 comes with updated engine options and a refreshed interior. Standard features include leather upholstery, a panoramic moonroof, and BMW's iDrive 8 system with a 14.9-inch touchscreen.

Pros:

• Powerful engine choices with strong fuel economy.
• Spacious and luxurious interior with high-quality materials.
• Advanced driver-assistance features come standard.

Cons:

• Higher monthly payments compared to some competitors.
• Additional fees for certain features, like adaptive cruise control.

2. 2024 Audi Q7

• Monthly Lease Payment: $779
• Down Payment: $4,500
• Lease Term: 36 months, 12,000 miles/year

The Audi Q7 continues to impress with its sleek design, spacious cabin, and dynamic driving performance. Equipped with a turbocharged V6 engine, Quattro all-wheel drive, and a host of tech features, the Q7 is a versatile choice for families seeking luxury and practicality.

Pros:

• All-wheel drive comes standard, making it great for varying weather conditions.
• Three-row seating, ideal for larger families.
• Virtual Cockpit digital gauge cluster included in the lease.

Cons:

• Third-row seats can feel cramped for adults.
• Technology interface has a steeper learning curve.

3. 2024 Mercedes-Benz GLE

• Monthly Lease Payment: $849
• Down Payment: $5,199
• Lease Term: 36 months, 10,000 miles/year

The Mercedes-Benz GLE is known for its smooth ride and upscale cabin, making it one of the top choices in the luxury SUV market. For 2024, it features an updated infotainment system and additional tech options. The GLE offers a wide range of powertrains, including a turbocharged four-cylinder and a plug-in hybrid model.

Pros:

• Quiet and comfortable ride, ideal for long-distance travel.
• Available plug-in hybrid model for improved fuel efficiency.
• High-end interior materials and finish.

Cons:

• Higher starting price, especially with optional features.
• Less cargo space than some competitors.

4. 2024 Volvo XC90

• Monthly Lease Payment: $759
• Down Payment: $4,000
• Lease Term: 36 months, 12,000 miles/year

The Volvo XC90 combines elegant Scandinavian design with cutting-edge safety features. The 2024 model offers a plug-in hybrid option and a spacious, minimalist interior. Volvo’s reputation for safety is evident in the XC90, which comes equipped with advanced driver-assistance systems and a semi-autonomous driving mode.

Pros:

• Superior safety ratings and features, including adaptive cruise control.
• Available plug-in hybrid option with improved fuel economy.
• Elegant, modern interior design.

Cons:

• Less sporty performance compared to rivals.
• Infotainment system can be slow to respond.

5. 2024 Lexus RX 350

• Monthly Lease Payment: $699
• Down Payment: $3,999
• Lease Term: 36 months, 12,000 miles/year

The Lexus RX 350 is one of the most affordable options in the midsize luxury SUV market, without sacrificing quality or features. For 2024, the RX offers a refined interior, smooth ride, and an updated infotainment system. It’s an excellent choice for those looking for reliability and comfort.

Pros:

• Lower monthly payments compared to other luxury SUVs.
• High predicted reliability ratings.
• Smooth and quiet ride, making it perfect for daily commutes.

Cons:

• Less engaging to drive than some European competitors.
• Limited third-row seating.

Is Leasing the Right Choice for You?

While leasing can be a cost-effective way to drive a new vehicle, it’s important to consider the following:

1. Do you drive frequently? If you drive more than the average mileage (10,000–12,000 miles per year), a lease may not be the best option due to the excess mileage fees.
2. Do you like new vehicles? Leasing allows you to drive a new vehicle every few years, making it ideal for those who want to experience the latest models and features.
3. Do you want lower monthly payments? Leasing typically offers lower monthly payments compared to buying, but you won’t own the car at the end of the lease term.

Best Time to Lease a Midsize Luxury SUV

To get the best lease deals, timing is crucial. Manufacturers often offer the most competitive deals at the end of the year or at the end of a vehicle’s model year, as dealerships aim to clear inventory for new models. Holiday sales events, such as Labor Day, Memorial Day, and Black Friday, are also excellent opportunities to find great lease deals.

Lease vs. Buy: A Comparison

Aspect	Leasing	Buying
Ownership	No ownership at the end of the lease term.	Full ownership after loan payments.
Monthly Payments	Lower monthly payments.	Higher monthly payments.
Mileage Restrictions	Mileage limits apply.	No mileage restrictions.
Maintenance Costs	Often covered by manufacturer during lease term.	Owner is responsible for all maintenance.
Customization	Limited customization options.	Full control over customization.
End of Term	Return or buy the vehicle at residual value.	Keep or sell the vehicle.

Conclusion

The midsize luxury SUV market offers a wide range of leasing options for consumers seeking comfort, performance, and the latest technology. The BMW X5, Audi Q7, Mercedes-Benz GLE, Volvo XC90, and Lexus RX 350 all stand out as top contenders for 2024. When leasing, it’s crucial to consider factors such as mileage limits, monthly payments, and the residual value of the vehicle. Timing your lease to coincide with sales events can also help secure the best deal.