Yes, several September 2026 lease deals genuinely beat buying a three-year-old used car on monthly payment. A handful of new leases now undercut the average used-car loan payment by $250 or more. But that math only works if you don’t drive much. You also need to be fine handing the keys back in two or three years.
That’s the trade-off nobody explains clearly at the dealership. Leasing wins on price today. Buying wins on equity tomorrow. This month’s numbers make that gap unusually wide. It’s worth doing the comparison before you sign anything.
Which September 2026 lease deals actually beat buying used?
Several current lease specials price out cheaper per month than financing a comparable used vehicle. That list includes the Toyota Corolla LE, Buick Encore GX, Hyundai Ioniq 5, and Chevy Equinox EV. These deals work because manufacturers are subsidizing the payment to move specific trims. It’s not because the cars are actually cheap to own long-term.
| Vehicle (2026 model) | Lease Deal | Due at Signing | Beats Avg. Used Payment ($542/mo)? |
|---|---|---|---|
| Toyota Corolla LE | $219/mo, 36 mo | $2,999 | Yes, by $323 |
| Buick Encore GX Preferred | $219/mo, 24 mo | $4,739 | Yes, by $323 |
| Chevy Equinox EV LT | $269/mo, 39 mo | $3,659 | Yes, by $273 |
| Hyundai Ioniq 5 SE RWD | $329/mo, 24 mo | $4,999 | Yes, by $213 |
| Toyota Tacoma SR5 | $259/mo, 36 mo | $3,999 | Yes, by $283 |
| Ram 1500 Big Horn (loyalty) | $554/mo, 42 mo | Varies | No, roughly a wash |
Notice the pattern here. It’s mostly compact cars, EVs, and trucks that automakers are still trying to clear off lots. The Ram 1500 deal only looks good if you already qualify for the loyalty discount. Even then, it barely edges past a typical used payment.
Why are lease payments suddenly competitive with used loans?
Lease payments only cover a vehicle’s expected depreciation, not its full price. A strong residual value plus a manufacturer incentive can push the payment well below a used loan. Average lease payments still run higher overall. But the best individual deals beat the average used payment outright.
According to LendingTree’s 2026 auto finance data, the average new-vehicle lease payment sits around $617 a month. The average used-vehicle loan payment is about $542. Those are averages across every trim and term, though. The specific deals in the table above are the exceptions that beat both numbers, not the rule.
New car loan payments, meanwhile, average closer to $748 a month. That’s exactly why leasing looks so appealing right now. Financing costs are part of the story too. Buyers with good credit are still paying around 6.56% APR on new loans, and used-car rates run even higher.
Are EV lease deals still worth it without the tax credit?
Yes, EV leases remain some of the cheapest options this month. Automakers are eating the cost themselves to keep volume moving. The Ioniq 5 leases for as little as $329 a month in some regions. The Equinox EV isn’t far behind, even after the federal $7,500 credit disappeared.
We’ve covered how the loss of that credit changed the math for buyers in our piece on whether the EV tax credit is still worth chasing. Short version: manufacturers have partly filled the gap with price cuts and lease cash. EV leases are one of the few places that subsidy still shows up indirectly. If you’re weighing an EV purchase at all this year, our full EV decision framework walks through the bigger picture beyond just the monthly payment.
When does buying used still win?
Buying used still wins in a few clear situations. If you drive more than 10,000-12,000 miles a year, leasing gets expensive fast. The same goes if you plan to keep the car past three years or want to build equity instead of handing back a car with nothing to show for it. Lease mileage overages typically run 15-25 cents per mile, which adds up fast for road-trippers and long commuters.
Used EV prices have also dropped enough that they now roughly match comparable gas cars. We broke that down in our look at used EV pricing trends. That shift makes buying a two- or three-year-old EV outright a much stronger option than it was a year ago. You also skip the mileage cap entirely.
Certified pre-owned used to split the difference nicely. But CPO volume has been shrinking, and we’ve noted in our piece on whether CPO is still worth it that the premium doesn’t always pencil out anymore. If a lease deal beats the used payment by more than $200 a month and you don’t drive much, take the lease. Otherwise, a well-chosen used car still builds you real equity that a lease never will.
FAQ
Is it cheaper to lease or buy used right now?
It depends on the specific deal. This month several new leases — including the Corolla, Equinox EV, and Ioniq 5 — beat the average used-car loan payment by $200 or more. Most other vehicles still cost less to buy used.
What mileage limit comes with most September 2026 lease deals?
Most mainstream leases cap you at 10,000-12,000 miles a year. Some EV lease specials, like certain Ioniq 5 offers, drop that to 7,500 miles. Check the fine print before you sign, since overage fees add up quickly.
Do lease deals include the destination fee?
Most advertised lease payments include the destination charge but exclude tax, title, license, and dealer fees. Your out-the-door cost will run higher than the sticker payment.
Can I negotiate a lease price like I would a purchase?
Yes. The selling price, or “cap cost,” is negotiable just like a purchase price. Pushing it down toward invoice lowers your monthly payment even on an advertised special.