Suppose the cost(s) were about the same for either car.
So for example, …
Would you go for a Camry XLE or a base Lexus ES350
or a Ford Fusion Titanium of a base Lincoln MKZ
or a 4-Runner XLE or a base Lexus GX470
and so on
Do you want all of the toys and a very comfortable interior. Or do you want the status of the premium brand sans much of the good stuff.
What’s your style ?
I suppose it depends on what the programs looked like. There’s plenty of cases where base Acuras have leased better than comparable Civics and Accords for various reasons. I guess it depends on what exactly I was missing out on. All the safety stuff I’m not really that concerned about, IMO I think it tends to make drivers more reliant and less attentive. Creature comforts like leather, sunroofs, infotainment… That’s a different story. I can’t think of a “better” badge that could have given me premium wheels, a roof, leather, heated seats and Android Auto than Chevy did for what I paid for my Malibu at the time, but things change.
I’d get the Lexus. I rented the lincoln when I went to Florida with my wife looking for a house in November & as it was a nice car,it just Didnt do it for me. My wife liked it,but I’d Definitely go with The Lexus.
A swing and a miss….
All things equal I’d seriously consider the top trim of the cheaper car, but the reality is that even a mid-level trim of a luxury car will often lease for less than the top trim of a non-luxury car. I was recently quoted more for a top trim Jetta SEL Premium than a mid-trim Audi A4 Premium Plus w/ nav.
To me the main defining factor would be the engine. Between a luxury car with a 4 banger and a regular brand with a 6 pot, I’d go with the latter. If it’s one of those where they share the same engines and the difference would be more options / tech in the regular brand ride, I’d go with the luxury brand.
Powertrain would be important, but I wouldn’t necessarily turn down a decent Turbo 4 over a N/A 6 cylinder if the gas mileage was significantly better and it wasn’t a total dog. An SUV is probably a different story, especially if it was a bigger one. Then again they are putting turbo fours in halfway decent trucks now, so who knows lol.
I’m a brand snob (I have an opinion over everything as small as bottled water and tissues), so I would definitely say luxury brand. The only exception to this would be a BMW because they are truly stripped in the base trims. Low optioned Lexuses aren’t bad at all. The badge means a lot to me and there is a lifestyle associated with a luxury car that is very appealing
Maybe its all personal opinion and how long you might want to own a car but…
Between a stripper M3 and a fully loaded Msport 335 or 340, i’d still pick a M3 any day of the week… The price is very close, just a few percent different.
Having had two BMW M3’s one was fully loaded (moonroof, premium sound, nav, leather) and one was a stripper (without any of the above) and to be honest the options to me were fluff because to me its a performance car.
On a non-performance car deal, I also went from a fully optioned Tesla to a lightly optioned Telsa and didn’t feel like I missed much.
From a money perspective, it could be 30-40% higher lease payment from a lightly optioned to a heavily optioned, so think of it this way… the same money would have leased you 3 heavily optioned cars or 4 lightly optioned cars. Same money can lease you 3 cars over 9 years, or 4 cars over 12 years 
All else being equal, the luxury model should have a better service experience at the dealer. Loaners for service and warranty work, more amenities in the waiting area, etc. Can make a big difference if you end up needing anything beyond regular oil changes.
It kinda depends on what the options are. Some options are useless to me, while important to some one else. And vice versa.
The label “Leather” doesn’t mean much to me either. MBtex is better than quite a few OEM leathers. Just because it once had some bovine DNA in it doesn’t make it luxurious.
Like Max said, it depends on the options. Premium sound, heads up display, blind spot monitor, and voice controls are all pretty important to me. Some of those, like the HUD, are tough to find in lower model cars.
I’m not necessarily a brand snob, but a car is something a little bit more than just an appliance that takes me from A to B—if I’m going to drive something, I want to enjoy it.
I get enjoyment out of a variety of things, but in general, upscale cars make me happier. Not necessarily because of options or features, but because it’s often easy to tell that they’ve been put together well, are well-thought out, and drive better. Those are the things that tend to allow me to enjoy keeping a car for a longer time without getting the itch to trade out of it for something else.
All things are almost never equal, and each brand has a different structure as to what a base luxury model looks like, vs a top end entry level.
IMHO, from a pricing, resale, leasing perspective, loading up a car is almost never the answer. If you’re not in the midrange or low, you’re leaving money on the table a bit unless there is some fire sale on the top end model.
in you’re comparisons… I don’t think I’d own either the ford or the lincoln. The 4Runner is more appealing than the Lexus.
I am a car guy. I like certain cars and not others based upon how they drive and look. I have a mental block with the “near luxury” segment, I’m not a fan of the status symbol entry level luxury cars, ala A3, CLA. It
say to me that you want to look flashy and upper class, but you’re not there yet, you’re just trying to show off. Having said that, I can appreciate an S3.