Anyone who has ever leased a vehicle knows that often lease payments are significantly lower than payments when you purchase a vehicle outright. However, a lot goes into figuring how much a lease will cost per month, and one of the key metrics is something called the residual. Residual has to do with how much value is left in the vehicle at the end of the lease, depending on mileage and presumed deterioration of the vehicle.
The higher the residual value of the vehicle you want to lease, the lower the lease payments will be. Unfortunately, some leaked documents hint at bad lease residuals for some Bronco models in 2022. One of the new models that have been rumored is called the Heritage Edition. This Heritage Edition has a cool style that’s a throwback to the original Bronco of the 60s. However, documents suggest this high-end model will have one of the worst residual values of any Bronco models.
The leaked information comes from a residual value guide that was sent out to dealers. According to that document, Ford says the Heritage Advanced and Heritage Limited Advanced each have a 36-month residual value of only 54 percent with a 15,000 mile per year lease. Buyers can improve that residual value slightly if they go with a low-mile lease allowing only 10,500 miles of driving per year. If they opt for that low mile lease, the residual value is 57 percent.
Interestingly, the same document shows that the four-door Bronco Base model has a residual value of 71 percent. Consider that for a minute, the cheapest Bronco available is worth nearly three-fourths of its original value at the end of a three-year lease, while one of the most expensive trims is worth only slightly more than half. There are certainly other factors that impact how much a lease costs.
The residual value isn’t the only factor that goes into that, but it is a big one. Considering the Heritage Edition has the worst residual values, that means it will also have one of the highest payments. Those who leased the Bronco First Edition frequently had payments in the area of $1000 per month, the Heritage Edition may be similar. The good news for Ford is there’s so much demand for the Bronco. The Heritage Edition with throwback styling cues will certainly be in demand, and a poor residual value isn’t likely to dissuade those who want one.