Least expensive lease for gas vehicle - 36 months - Detroit area

My brother lives in suburban Detroit and needs the most basic transportation possible. I will be co-signing lease (and paying) as he has no money and poor credit. My credit is excellent.

I am trying to find the absolutely least expensive vehicle at 12,000 miles/year. I’d consider any arrangement to get the all-in 36 month cost at its lowest (including one-pay, ignoring opportunity cost)

We are open to almost any vehicle - although I’m pretty leery of Mitsubishi - with the goal of having no repair downtime (even with warranty, rental cars are expensive if car is in the shop for days or longer).

I’d even consider a longer than 36 month lease for makes that have longer warranty. And bonus points for included maintenance.

I’m looking for guidance on available lease deals – and for cars you would avoid like the plague regardless of the deal. And, to the extent you have opinions on the co-sign arrangement, feel free to roll them out - I know that I am 100% financially responsible for lease payments and return costs.

final note - I looked buying a new car for him but I couldn’t get the cost under $20K - other than for a Mitsubishi - and if I buy I’d need something reliable like a Toyota.
Thanks

Toyota COROLLA :call_me_hand: purchase no lease

Do you trust your brother to take decent care of the car?

Would an EV work for your brother?

I suspect you’re going to get asked this since as of now it’s one of most feasible ways to get a “cheap” lease.

Thanks but really want to stay under 20K which won’t get a new Corolla

No, EV won’t work for him for many reasons. I’ve had several and understand the benefits fully - but won’t work for him. Thanks

Consider purchasing a reliable, pre-owned vehicle that has already undergone most of its depreciation.

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With $2K off you’d be close to $20K on an LE trim👌

I’m pretty experienced buying used cars and I’ve never seen the spread so small between high quality used and new, particularly with low cost vehicles. Add to that is the nature of depreciation on low priced cars - meaning 20% off a 100K BMW is a much better deal than 20% off a 25K Civic. And after 2 years the BMW is likely to be 35% depreciated vs the 20% for the Civic

Finance a minimal amount if necessary to finance a brand new Corolla or Elantra.

I’m not an expert on affordable non-EV leases, but I’ve seen brokers advertise deals like a Honda Accord for around $350/month, a Kia Forte for about $300/month, and Corolla leases starting at $310/month. I’ve also come across offers for the CX-90 PHEV at roughly $350/month.

That said, these deals were all in California. Lease pricing in Detroit could be a whole different story.

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