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Jeep is selling two different versions of the Grand Cherokee for 2022. The first is the new Jeep Grand Cherokee WL, a redesign with the latest features and tech. The second is the older-generation Grand Cherokee WK. Confusingly, different incentives can make finding the best deal harder than you think. Here's why.
The 2022 Grand Cherokee WK looks identical to last year's model and has an MSRP of $38,575 including destination. The new Grand Cherokee WL starts at $40,120. That's a difference of just $1,545. If you're buying rather than leasing, odds are that the WK will be a considerably better deal based on current offers.
Here in California, the WK offers 0% financing for 48 months plus $1,000 in bonus cash. The WL only offers 2.93% APR. On two $40,000 SUVs, this can equate to a difference of over $3,400 in cost. In this scenario, the Grand Cherokee WK is, unsurprisingly, a much better deal. However, lease prices are a different story.
Based on Jeep's website, you can lease a 2022 Grand Cherokee WL Laredo from $416 for 36 months with $3,799 due at signing. That's based on 12,000 miles a year and has an effective cost of $522/month. The Grand Cherokee WK Laredo is listed at $429 with $3,799 at signing, which comes out to $535/month.
Unlike buying, factors like residual values can make some SUVs better to lease than others. In this case, the newer model manages to actually be cheaper to lease. If you're looking to get the best deal possible and aren't looking to buy, odds are the Grand Cherokee WL may be a considerably better value this month.
Having said all of that, Jeep hasn't been immune to an inventory shortage, and real-world prices are set by dealers. As a result, lease prices you see advertised by Jeep on TV and online may be harder to get than you think. We recommend comparing prices carefully with multiple dealers ahead of the Presidents' Day holiday.
If you can still find one in stock, the 2021 Grand Cherokee WK offers 0% APR for 72 months in most parts of the country. In addition to being one of the few cases in which you can still score zero interest for 6 years, this also happens to be one of the best Presidents' Day SUV deals ahead of the holiday later this month.