The Chevy Silverado is one of the best selling trucks in the United States, often competing with the RAM 1500 and the Ford F-150. Currently, the auto industry is desperately trying to recover from the sales losses suffered during Q1 and Q2 of this year. As a result, more aggressive financing and leasing offers are available, even for best-selling models like the Silverado. CarsDirect reported that a new lease deal available at a national level now offers the 2021 Chevy Silverado for $259 a month.
The 2020 Chevy Silverado gets a more aggressive lease deal
While the 2021 Chevy Silverado’s $28,600 starting price is already quite reasonable, this new lease deal makes it a bargain. Achieving the $259 per month figure is relatively straightforward and available in all states. The lease itself is for the Silverado 1500 Crew Cab V6 and runs for 24 months. One downside is that it requires $2,109 at signing. Dividing the upfront cost over the 24-month term results in an effective cost to lease of $347 per month. This lease deal also imposes a 10,000 mile-per-year limit.
If you don’t need the latest and greatest Silverado, the 2020 model with the same trim level is also available. The 2020 Silverado’s lease deal is more aggressive, resulting in a $229 per month payment with $1,949 due at signing. The rest of the terms are identical to that of the 2021 model.
What else can I lease for similar money?
In terms of full-size trucks, the Chevy Silverado has the best lease deal at a national level. If you live in California, you get an additional two options. Firstly, the 2020 GMC Sierra 1500 SLE Double Cab 4×2 is available for $319 a month. The GMC’s lease deal runs for 36 months and requires $439 due at signing. The effective cost of this deal is $331 per month once the upfront payment is divided.
Stepping away from General Motors, the 2020 RAM 1500 Classic Warlock 4×2 Crew Cab is also available in California for $229 per month. Unlike the Chevy Silverado and the GMC Sierra, the RAM requires a sizeable amount due at signing. With $3,889 paid upfront, the lease runs for 36 months. If we divide the upfront cost, the effective cost of the lease is $337 per month.
Should I get the 2020 or the 2021 model?
Despite the narrow price gap between the two available Chevy Silverado models, the 2021 model gets some significant improvements. According to CarBuzz citing GM Authority, the most significant improvement in the 2021 Silverado is the inclusion of standard safety equipment such as Automatic Emergency Braking, Front Pedestrian Braking, and Forward Collision Alert.
The 2020 model available for lease does not include these systems as standard. Given that the price difference for the two model years comes down to $30 per month, it’s worth opting for the newer truck. These new standard safety systems could easily save your life when you least expect it.