Do any Toyota or Lexus SUVs lease favorably?

Ask the Hackrs
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Esteemed Hackrs,

I’m still looking to lease (or purchase) a new vehicle (probably an SUV) as of early August. My search is pretty broad: in addition to the JGC 4xe, X3 M40i, etc., I’m also looking at the now-ancient 4Runner and Lexus GX 460. I know both will soon see major updates, but I can’t wait for those to hit the dealer lots; besides, I’m sure both will have huge ADMs for a long time.

Looks like both the 4Runner and GX 460 can be had with pretty solid discounts off MSRP, but I’m wondering if these lease well at all? I’m just worried that their resale value will take a huge hit once the next-gen versions come out, so leasing seems like the sensible option.

If leasing isn’t advisable for these two models, would any of the other Lexus or Toyota SUVs be better candidates? Maybe the RX, Highlander or RAV4? I’ve seen some of the advertised deals, but am not sure if their LH Scores are all that great.

Any advice would be greatly appreciated, thanks! By the way, I’ll be in GA but will travel for a good deal, of course.

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What do you get for a lease price when you plug the discounts youre seeing into the calculator with the programs as they apply to you?

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At a corporate level Toyota has apparently decided that they’re not too interested in leasing.

Your best bet is to finance/purchase an RX. There are big discounts in the #marketplace

Fuel and maintenance will be a lot less than the V8 models. You also won’t have the regret of seeing how discounts got bigger in 6-12 months.

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I guess it’s time to spring for that “Super Supporter” membership!

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There was a moment, maybe still is, to get a semi ok lease deal on a Highlander LE FWD under $600 with little $$ upfront. I took delivery of a 2023 4runner RWD last November with a $16k onepay.

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I’m pretty sure the price to lease Toyota & Lexus are around the German prices. If your purchasing there great since there reliable even though they might not have the best tech or feel.

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Get a tundra imo. 4Runners just don’t lease well. They’re a buy. Tundra does everything an suv does if you get a tonneau cover.

I have 5k off highlander fwd. 5-7k off most tundras. They make for solid leases in the 600 range

Resale won’t be an issue if the redesigned tundra is any indication. People still want the old “reliable” engine. 21 and older tundras still sell for a ton.

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Thanks, Jim. You’ll be my first stop if/when I decide to go the Toyota route. Tbh, I’m not much of a pick-up truck guy, but the Tundra is pretty cool (and apparently makes for a good lease). Kinda wish the 4Runner wasn’t due for an imminent replacement, otherwise I’d just buy one of those. Then again, that slightly weak (but thirsty) V6 and antiquated five-speed auto might get old after a while. Anyway, to be continued…

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That’s not even semi ok. That’s terrible.

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I’m at approx 585 with 5k off msrp. That’s about as good as you’ll ever get on these with tax tags fees inc for most states.

Rates are 7-8% this is just the new norm for leasing now…they want you in evs

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I’m embarrassed to admit that we paid about $650/mo. to lease my wife’s Highlander Hybrid Ltd several years ago. Seemed reasonable at the time, but I shudder to think what the LH Score was! :joy:

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A hybrid Limited is very different from a LE FWD.

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Yeah, true…but MSRP on it was in the mid-40s back then, so I’m pretty sure we overpaid.

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Prob by around 100-150/mo overpaid. I’ve seen much worse though

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That’s all water under the bridge but right now when 2023 Pilots and Tellurides start at ~$36k and the Highlander has $5k discount it makes no sense to take the awful lease.

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I’ve seen this statement a few times recently. Is there any data that suggests that the real-world resale value of desirable cars takes a hit when they get replaced? B/c my own understanding is that the resale value is not much affected at all in such cases.

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Yeah, I don’t have any data to support that… I’m just thinking, if you buy a '23 4Runner and the '24 version is vastly improved, then in a handful of years the '24 should collect a big premium over the antiquated '23 in the second-hand market. Then again, MSRP will undoubtedly creep up on the 4Runner as well, so the '24 will also carry a significant cost premium. Same goes for the Lexus GX: whereas they can now be had for $60K-$65K (b4 discounts), I’m sure the next-gen version will start in the $70Ks and quickly move up from there.

Anyway, I’m sure the professionals on this site have much better insights to share…

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Its the 2025 that taunts the redesign and introduction to hybrid terrain in the 4runner.

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Yeah, maybe Toyota will skip the '24 altogether and introduce the next-gen 4Runner as a '25 in the middle of next year. I’m sure it’ll look just like the new Tacoma and feature the same turbo and hybrid engines. And the new-gen Land Cruiser (also for '24?) will just be a less luxurious version of the upcoming GX. Plenty of customers for all models and trim levels sharing the same platforms, I’m sure.

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His point is you really should know how to put a deal together yourself using the calculator…it means you have researched and know MF, RV and reasonable discount.

So many people come here clueless about lease components and have no idea how to get to a payment. Those people usually get hosed unless they use a broker.

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