hd54321

Can't afford to purchase the car so I want to lease it plus I like the fact that I pay tax on the monthly payment instead of all up-front. Been told by Santa Monica Mitsubishi dealer (in California) that the EVO is leaseable even though the Mitsubishi website won't let you run a lease calculator on the EVO. Don't know if the salesperson was BS-ing me or not. Someone please confirm this.

So, I went to Leasecompare.com and tried to do a quick lease quote on the car. Guess what the residual came out to for a 4 year lease - $10,476.00!!!!!!! The car basically depreciates more than 2/3 its MSRP over 4 years!! As a note, the STi has a residual of $13,000+. Not much better but better than $10,000.00.

I got the residual above with the following variables:

Length of lease term: 48 months
MSRP: $30,812.00 (straight from Edmunds.com)
Negotiated price: $29,000.00
Down payment: $0.00
Mileage: 15,000/year

Can anyone tell me if this is true for the residual or if they are getting a higher residual from mitsubishi financing.

-HD

leaveit2bevo1

Do not get your evo from santa monica mitsubishi, ask anyone. Many including me have had to many probs wit them and what ever they told you is probally a lie.

Fireball

iTrader: (15)

Most leasing companies don't know how to figure the residual on this car, so they guess it to be the same as all other Mitsu's. The Evo is not going to be a good lease car until you start seeing some 4 years from now going for a lot higher than they think it would. It's a catch 22. Hard to explain, not even sure how. It's just a bad idea to try leasing an Evo.

Joe250

iTrader: (11)

...just read a few posts. How many people bought their Evo's to just commute? I read what people do to their cars and I sure wouldn't give them much when they're done with them. (Of course, my car is only drive to church on Sundays )

I also wanted to lease, knowing that I would be getting another new car in 2 to 3 years. The dealer told me that they could not lease them at first. When pressed, he admitted that they could, but that the residuals were so low, it would cost almost as much as regular financing. I gave up at that point and did a regular loan.

Joe
http://www.joe250.com

MalibuJack

iTrader: (5)

Yeah.. You can't really determine the resale/residual value of this car yet.. It is going to depend on its longevity, how much in demand it is, how reliable, and how rare.. It could end up being a fairly valuable car.. Or a boat anchor.. But it hasn't been around here long enough to determine.

Z1 Performance

iTrader: (185)

I thin its fairly safe to assume, like most Japanese cars, it will depreciate its way to the basement - though its "limited production", its by no means a collector car. I suspect in 4 years you'll be looking at a $12k car, tops. Pretty much the same direction the WRX takes (and the STi will a well). A New 02 WRX was around $24-25k, some sold for much higher. Tat same car today is around $14k..thats a ton to depreicate in such a short time, but its fairly typical for this ilk car.

Chris in HB

iTrader: (3)

I'll buy your Evo off-lease for $11K. Can you say, "Full-blown, stripped out track monster?" I knew that you could...

psycho 4 life

resale/residual value of this car will be alot higher because of supply and demad not many was ship for this so that makes it more valueable on the street, don't lease it's not worth it,

as far as the end of the lease the dealer will be happy if you don't buy the car, most dealers make their moneyfrom use cars, because they can mark up the price.

Z1 Performance

iTrader: (185)

Supply may be limited, but demand is definately not going to be there....its just not that kind of car to the masses

webguy330i

iTrader: (17)

I was told Mitsu wasn't even financing these cars, and the lease calculator on their site doesn't work anyhow (it's disabled). Did anyone actually finance through Mitsu?

GPTourer

Wrong. Mitsubishi IS financing these cars, and every other new Mitsubishi. They just don't have any of the special financing stuff like 0% interest, or no payments till 2004. But they do have a standard financing and leasing plan.

webguy330i

iTrader: (17)

Any need for that, I mean really?

It may be that my dealership chose not to use Mitsu financing, or that they prefer local banks or that they get better rates through local banks. Either way I was just curious. I didn't think Mitsu would give up the opportunity to make more money very willingly.

GPTourer

Okay, then replace wrong with: "I am sorry to inform you that that statement is incorrect." I meant no disrespect.

The "standard" (as in non special) rates that Mitu offers on the Evo (or any other Mitsu if someone does not qualify for special financing or would rather have the rebates) can be beaten by several banks or credit unions, particularly if someone has good credit. But it is still wrong for them to tell you that they don't finance it all. Some people might see it as a negative quality if a company won't stand behind (i.e. finance) their own product. If they are a Mitsu dealership and are ineligible to use Mitsubishi financing they are in sad shape indeed.

bricke

I have never been a fan of 'Leasing' a vehicle. To me it just like renting something, but you have nothing to show for it at the end. I don't think I would lease one, not for a few years at least until the market value has been decided.

webguy330i

iTrader: (17)

They are certainly in sad shape, that's well-known. I happen to know the sales manager so I couldn't help but go through with them.