The most affordable way to get yourself behind the wheel of an all-new Volvo is by leasing one. Before you make any final decisions, you’ll need to take into account the unique costs associated with leasing.

There are several ways to finance a car. If the responsibility of buying a new vehicle or the risk of shopping used concerns you, leasing could be a great middle-ground. Leasing offers drivers access to brand-new and even luxury cars without the financial burden of a traditional auto loan.

That being said, leasing isn’t for everyone. One of the drawbacks of leasing is its increased limitations. You’ll also be paying for convenience as opposed to the actual value of your vehicle.

Thankfully, the

car insurance

broker app

Jerry

is here with a comprehensive guide to everything you need to know about leasing a Volvo. In this step-by-step breakdown, we’ll cover the leasing process, costs and services, and the options you’ll have when your lease comes to an end.

In the end, we’ll help you decide if leasing a Volvo is the right choice for you. We'll even show you how to save on

Volvo car insurance costs

to make a

car loan

payment more manageable.

MORE: Volvo car-buying guide

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How to lease a Volvo

While there’s a lot to consider before signing, the actual process of leasing a Volvo is generally straightforward. Before you head off to your nearest dealership, you’ll want to take a look at this checklist to make sure you’re getting the best deal on a Volvo lease:

Check your credit score. Oftentimes you’ll need a higher credit score to lease a Volvo than to finance one. As a general rule, a credit score of at least 700 is ideal.

Determine your budget. We suggest that you allocate no more than 15% of your monthly income to your lease payments. For example, drivers who make approximately $4,000 per month should aim to find a lease with monthly payments less than $600.

Estimate your down payment. The majority of Volvo leases will require pricey up-front costs. You should expect to dish out at least a few thousand dollars on a down payment for your Volvo lease.

Calculate your annual mileage. Some of us drive much more than others, and if you’ve got a particularly long daily commute, you might want to consider opting for a high-mileage lease that gives you up to 20,000 miles per year. Typically leases only offer a limit of 10,000 to 15,000 annual miles.

Once you’ve got your finances in order, you’ll want to start comparing lease offers with your local Volvo dealership.

To benefit from the cheapest Volvo lease options, you’ll want to consider some of Volvo’s more affordable models, such as the

2022 Volvo XC40

or the

2022 Volvo XC60

. If you can afford a more expensive lease, you should consider leasing the 2022 Volvo XC90.

You should be aware that your Volvo dealer might try to talk you into opting for extra features that will drive up your leasing costs. Having a set budget before visiting your dealership can help you turn down unnecessary add-ons and help you keep your lease payments at bay.

The final step: shop for insurance

Once you’ve decided on the Volvo lease that best suits your needs, you’ll need to get an insurance policy to help protect your investment. That’s where

Jerry

comes in.

By downloading the app and entering your information, Jerry can match you with the most competitive quotes from 50+ top insurance providers. Signing up with Jerry takes less than a minute, and saves users an average of $887 per year.

MORE: How to calculate a car lease payment

How much does a Volvo lease cost?

You’ll pay less money by leasing your Volvo compared to financing one—but how much can you expect to save? Determining the exact cost of your Volvo’s lease depends on several factors, including:

The model

Negotiated selling price

Your lease term

Money factor (i.e. your interest rate)

Add-ons and accessories

State sales tax

Offers throughout the year can affect leasing options. However, drivers can generally expect a monthly payment of $579 for a 36-month lease on a Volvo XC40 and $719 for an XC90. Additionally, you’ll need to factor in costs such as a down payment, acquisition fees, and taxes that contribute to the overall amount due at signing.

Let’s break down what the costs for a 2021 Volvo XC40 could include:

First month’s payment: $579

Down payment: $2,569

Security deposit: $0

Acquisition fee: $951

In total, you’re looking at a $4,099 payment to lock down your Volvo XC40 lease. Keep in mind that this amount excludes additional costs for taxes, add-ons, and any other variables that increase the total cost of your lease.

For perspective, a lease on a Volvo XC90 will require $5,125 due a signing. That’s only a $1,000 increase despite the model having an MSRP more than $20,000 higher than the XC40!

Services included in a Volvo lease

One of the most attractive perks with leasing a new Volvo is that routine maintenance costs will be covered for most—if not all—of your lease term. Most Volvo leases include Complimentary Factory Scheduled Maintenance, which covers maintenance costs for three years or up to 36,000 miles.

Check out

Volvo’s website

for a full list of services included in their Complimentary Maintenance package.

Another benefit of leasing with Volvo is their No Effect on Trade-In feature. This guarantees that the value of the vehicle at the end of the lease term won’t affect a driver’s ability to purchase or lease a new car at trade-in.

Key Takeaway Monthly lease payments for a new Volvo will run anywhere between $500 and $800 depending on the model, but keep in mind that additional fees will be due at signing.

What to do when your Volvo lease is up

At the end of your 36-month lease term with Volvo, you can either return the vehicle or purchase the car outright if you aren’t ready to say goodbye.

How to return a leased Volvo

To return your leased Volvo you’ll need to follow these simple steps:

Schedule a complimentary vehicle inspection

Contact

Motorcars Volvo

to schedule a lease turn-in appointment

Return your Volvo to the dealership

Pay any end-of-term payments

After returning your leased Volvo, a secondary inspection will be conducted by the dealership to determine if you owe any end-of-term payments due to excess wear and use.

How to purchase a leased Volvo

If you’re not quite ready to move on from your leased Volvo,

Motorcars Volvo

can help you generate a payoff quote and walk you through options for financing your vehicle. You could also explore financing options with your bank or credit union if that’s your preference.

MORE:

Is it better to lease or buy a car?

How to find affordable car insurance for a Volvo

No matter which Volvo model you decide to lease, you’ll need affordable, reliable insurance to protect your investment. With the top-rated car insurance app

Jerry

, finding great deals on quality coverage has never been easier.

By downloading the app and entering your information, Jerry can generate quotes from dozens of top insurance companies to make sure you’re getting the best deal for the coverage you need.

Jerry routinely shops long after you sign your lease to ensure you’re always staying on top of your savings!

“Wow what an amazing app! I saved about $65 on auto insurance with
Jerry
! Switched from Progressive to Mercury for auto insurance and it was so easy.” – Rachel R.

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Is Volvo leasing worth it?

Deciding to lease a Volvo will depend on your finances and priorities as a driver. If car ownership is important to you, leasing likely isn’t the best choice. Conversely, if commitment is less important for you, leasing might prove to be a great option.

What’s the cheapest Volvo you can lease?

With a monthly lease payment of $409 and $4,399 due at signing, the 2021 Volvo S60 is one of the cheapest leasing options with Volvo. The S60 boasts the lowest monthly payments, and the S90 requires only $4,019 due at signing.

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