"If you can't find the truck or SUV of your dreams out there but still need to jump into a new vehicle, leasing is a great solution," said Ivan Drury, Edmunds' senior manager of insights. "You'll be able to find cheaper monthly payments, and since a lease is usually a much shorter commitment than a purchase, you can test the waters with a new brand or vehicle type that you might not have considered in the past. By the time you come back to the market, the inventory situation will be in a much better place."
Edmunds experts also note that consumers who are committed to purchasing their next vehicle instead of leasing could benefit the most from shopping around based on available financing. Edmunds analysts have put together a list of vehicles that commanded the lowest average annual percentage rates (APRs) as of May, which can be found below.
"Automakers and dealers aren't pushing out as many cash-based incentives right now, but there are still some decent financing deals out there if you know where to look," said Drury. "Although average APRs are somewhat reflective of the creditworthiness of the shoppers who bought them, these vehicles are being incentivized by automakers that are taking advantage of low corporate borrowing costs."