Leasing a new Lexus can be a less expensive way to experience driving a luxury car—you can expect to pay around $900 per month to lease a new Lexus. But restrictions like mileage limitations and wear and tear charges can mean that leasing isn’t the best option for everyone.

Purchasing a car outright isn’t the only way that you can get behind the wheel of a new car. A lease offers the perks of having a new car without spending as much money and can allow you to drive a premium-level car that you wouldn’t necessarily be able to buy.

But depending on your priorities and preferences, leasing isn’t always the best option. Leases come with restrictions, and you aren’t building equity with your monthly payments. Instead, you’re paying for depreciation and the enjoyment of being able to drive a new luxury car at a more affordable price.

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How to lease a Lexus

Leasing a car isn’t necessarily any more complicated than buying, but there are some factors you should determine before you start shopping. Here’s what you should do before you make your way to the dealership:

Know your credit score

, and make improvements if needed. Leasing generally requires a higher credit score than purchasing, and a score of 740 or more will get you the best deals. A lower credit score can mean anything from having to pay more up front to not being able to qualify at all.

Establish your monthly budget. Experts recommend that you spend no more than 10–20% of your monthly income on a car payment. This will vary according to your individual budget and lifestyle, so make an honest reckoning as to what you can afford.

Calculate the upfront costs. Most Lexus leases have upfront signing costs of several thousand dollars. Depending on your credit score, there may be an additional security deposit required as well.

Estimate your expected annual mileage. Most leases come with mileage restrictions of 10,000–15,000 miles per year. Depending on how much you drive and what options the dealer offers for extra mileage, a lease may or may not be a wise choice.

Once you have a handle on your finances, then you can

explore the lease options

that Lexus offers. If you want one of the cheapest Lexus leases, look at the NX or the RX. If your budget allows for it, you can consider splurging on a fancy GX.

Having your budget firmly established ahead of time is key when you’re at the dealership. It’s the salesperson’s job to sell you as many add-ons as possible, and it’s easy to say yes to multiple little upgrades that add up to a lot in the end.

Pro Tip Lexus offers a quick but helpful
online quiz
to determine if leasing or financing is the best option for you.

MORE:

Is it better to lease or buy a car?

The final step: shop for insurance

Good car insurance will be mandatory as a part of your lease, and you will need more than the minimum liability coverage required by your state. Expect to need a

full-coverage insurance

policy for your new Lexus. Many dealers also require

gap insurance

when leasing a car.

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MORE:

How to calculate a car lease payment

How much does a Lexus lease cost?

Leasing a Lexus should cost less than buying one, but how much will it be? The specific amount that you’ll pay to lease your Lexus will depend on a lot of factors, such as:

The length of your lease

The make and model you select

The selling price

The financial terms of your lease

State sales tax

Any additional options or extras you include with your lease agreement

Lease offers fluctuate throughout the year and can vary by region. If you want to lease a Lexus SUV for 36 months, you can expect your monthly payment to be roughly between $662 for an NX and $896 for a GX. But remember, that’s just your monthly payment. When you lease a car, there are additional costs that will be due at signing.

Let’s take a look at the upfront costs that are involved in leasing a Lexus NX:

First month’s payment: $871

Down payment: $1,000 (at least)

Security deposit: $0–$500 (dependent on credit rating)

Acquisition fee: $725

At the end of the day, you’ll have anywhere from $2,596–$3,096 due at signing. There’s also a disposition fee due at the end of any lease, so it’s important to factor in all the costs when you are deciding whether to lease or buy.

Lexus also offers discounts on leases to new college grads and recently discharged military personnel. In addition, there are lease options for:

A one-payment lease, which will cost you more money up front but will save you money over the life of the lease

A multiple security deposit lease, which will lower your monthly payment but require more deposits

A low-mileage lease if you drive 12,000 miles a year or less

Check with the dealer for details and make sure you’re getting the best offer for you!

Services included in a Lexus lease

Lexus doesn’t appear to routinely include any maintenance services with their leases. But the vehicle should still be under warranty for most—if not all—of the lease term. That means that any major services that are needed should be covered.

If you want to

purchase a service plan

for your new car, Lexus offers several different options. There’s a lot of variation in what they cover and what they cost, so check out Lexus’ website to find out which one is right for you if you are interested.

Lexus also offers an optional

Excess Wear and Use

protection plan, which might help take some of the stress out of worrying about dents and scratches.

Key Takeaway Lexus monthly lease payments for an SUV will range from $662 to about $900, but don’t forget to take your upfront and maintenance costs into consideration.

What to do when your Lexus lease is up

When your lease is up, you’ll have a decision to make. You can turn in the vehicle (and lease or finance a new car if you like), or you can purchase it if you’ve gotten too attached to say goodbye.

MORE: How breaking a lease can affect your credit

How to return a leased Lexus

Time’s up? Here’s what to do:

Schedule your complimentary pre-inspection 15–60 days before the end of your lease

Make any necessary repairs

Remove all personal items and make sure all original equipment is in the vehicle

Complete and return your Odometer Disclosure Statement

Contact the dealer to schedule your final inspection and return

Lexus has a thorough

End of Lease

section on their website, which includes a checklist, forms, and contact information.

All leases come with a $350 disposition fee that is due at the end of the lease, regardless of the vehicle’s condition. After you have turned in your vehicle, you will get a final statement that will include the disposition fee and any applicable extra fees for mileage and wear and tear.

How to purchase a leased Lexus

Can’t bear to part with your car friend? That’s understandable.

If you decide that you want to keep your car, you can request a payoff quote or get financing through Lexus Financial Services. You might also be able to get a good rate on a car loan through your bank or credit union, so make sure you explore all options if you’re thinking about buying.

MORE:

How to prepare a car for inspection when returning a lease

How to find affordable car insurance for a Lexus

You have a lot of options when leasing a Lexus, but one thing is for sure—you’ll need first-rate insurance coverage for your new beauty. The best way to find that? Comparison shop with

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FAQs

Is Lexus leasing worth it?

It depends on your finances and what you prioritize as a driver and car owner. If you like the idea of having a luxury car for a relative bargain and aren’t into long-term car commitments, then a lease might be a solid option for you.

What’s the cheapest Lexus you can lease?

The amount you’ll pay to lease a Lexus will depend on a lot of factors, including your credit score, the make and model you choose, and any additional taxes and fees. In general, the Lexus RX or NX will be among the most economical choices.

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