wh03lse

Are any of you Evo ppl leasing ... Can I get some specs on that ... I saw majority paying monthly and stuff but I figure that leasing one should be financially easier hahah ...

especially OC Cali ppl , cause Im around here =P ... Havent seen too many Evos around .. which is a good thing =P


Ive been thinking about 350z ... WRX ... get another Si o_O ... or maybe Evo ... parents think 350z only cause they say its "proven" which makes sense coming from the 300z line =)

kay thats it for now ...thanx

D0WNxSH1FT

i plan on leasing an '05 Evo. but NY is ghey about leasing cause of stupid laws now. try www.leasecompare.com they would give u a good quote (tho u cant do the '04 Evo ...that should be up by now, but isnt).
i hope they change the law, or i find a company that will lease the evo, or else im gonna have to buy her in Mass. or find the money to finance one over 5years.

Lee_K

The residuals for 03 Evos (don't know about the 04s, but no reason to expect much difference) is just awful: 39% after 36 months. For that reason, very few Evos were leased, as the monthly payment was actually larger than traditional financing for five years. I could not find a dealer around here that would even entertain a lease, although some local credit unions would but asked me why I would bother. It really doesn't make much sense with such a poor residual.

Leasing works best when there's a manufacturer's incentive, or for a car that doesn't lose its value very quickly (Hondas, BMWs, etc.)

D0WNxSH1FT

i understand that they assume its gonna be worth crap in 3years cause people will drive them hard. BUT, who's to say that u will? what if someone drove it pretty normally, and it was worth $20,000 after 3years (ok maybe less), but u get the idea.

...i just want a chance to own an Evo lol. but ive got a while before ill have spendable cash for my next car.

OnlineAlias

Doesn't matter if you will drive it hard or not, the perception is there and therefore the prices at the end of the lease will be lower. Rememember, it's the bank who has to sell the car at the end of the lease for market value, not you.

wh03lse

there's gotta be someone out there that had a good deal financially "paying" for their evo by leasing ... i mean ur not payn the tax and stuff that you have to do for actually buying it ...the monthly payments should be lower tho considering its like RENTING the thing ...

i think because the bank has to sell you the car ... maybe they hope that you would wanna end up keeping it ... because as you lease it the value will drop and if you end up wanting the car*pssh who wouldnt want an evo* ... the price that its worth is sold to you at that price ... its like a win win situation except that you cant mod the thing up and u gotta worry about those dents and dings =X *shoot man, just leave the thing as gorgeous as it already is ^_^ * ...

SoMeOnE punch out some numbers here ... I wanna lease this!

NoTec

iTrader: (4)

Everyone seems to be on the right track. Leasing this car isnt worth it.

wh03lse

it sounds like its a smart way to go ... just as the reasons i named .. i mean ... im not gonna mod the damn thing .... i mean if thats ur reason to not lease it then im pretty much set then rite ...

robertrinaustin

iTrader: (5)

The reason you shouldn't lease it is bacause your payments won't be any cheaper. This is the usual reason people lease, more car for less money. The problem, as someone posted earlier, is that without manufacturer support on the finance side, the lease will cost you too much from a credit union or bank.

OnlineAlias

You would be much better off leasing a bigger name car with broader market appeal...like an S2000...

MisterSpoot

Alright, I wrote a lease calculator a while back before I went lease shopping. Really, considering a $29,999 sticker price, a 1% advertising charge, no capitalized cost reduction, a residual value of 39% after a 36-month term, and a Money Factor of 0.0025, you'd be looking at ~$605/mo for the car, excluding sales tax.

Now, Cali has weird sales tax (by county... right?). Let's take 7.5%. This brings your lease payment awfully close to $650/mo.

For $650/mo over 36 months, that's $23,400 out of a $30,000 car you have to give back (or you can finance the balloon). Granted, that doesn't include interest you'd pay for financing, or sales tax, but the Evo is a VERY VERY bad lease.

An example of a great lease is like... the S2000. The car has about 53% of its residual value after 5 years (average car would have 40%). A 4 year lease on that car would run only about $350-360/mo before tax with no money down, whereas financing that beast over 4 years would be around $810/mo (with a 4.9% interest rate, no money down).

D0WNxSH1FT

yea i used to want an S2000 (i still do) but its not practicle for a daily driver, i would have to take two cars up to boston when i move back and forth. ill have one someday when i can afford a weekend car to autoX.

MPZ06

IMO the only time to lease is when the parent company is offering an awsome money factor.

Take a look at the infinity g35 If you wanted a 4door auto with all the bling msrp 32-34K they had lease deals going for around 399. 00 ++with about 2500 out of pocket. Great money factor

But a g35 coupe 6sp still around 34-36K msrp was around 599.00 ++ with 4k out of pocket
Ok money factor but not as great the other.

MY point. if a company wants to move 30-40 thousand cars they offer a great lease to get it on the street. You can lease a 28K bmw325i for around 300/m why awesome money factor.

Quantifier : The above quoted prices are dereived from my some what faulty
memory (heh heh) and are not intended to represent actual prices. Dealer price
may vary, not included are destination fee, port tax, audio dvd equipment,
floormats,hooker tax,wheels and tires. Engine is available at a slight extra fee!


No really, This is what I remember from about a year ago when my wife was thinking about getting a G35, I could be off by a few bucks

wh03lse

But there should be a whole list of factors to the cost for a specific person's lease and stuff ... And your down payment could swing things around couldnt they .. The more you put down it should be like your ticket to gettn in the car , but of course leasing it hahah ...


There's a whole slew of leasing and buying...the good and bad... sounds more bad than it is ... but I think it would make for a good deal ...its such a nice car and the dealers arent there to NOT sell cars... they're trying to put them out there so I would think you could cut something nice ... it all depends on the variables I think in the long run

MisterSpoot

The Evolution's biggest issue is it's residual value. This isn't determined by Mitsubishi or the dealerships, but by third party organizations. No Mitsu has a great residual value. They could offer an insane MF of 0.0010, and the lease rate would still be terrible. You'd have to throw a TON of money down, which for a lease is ridiculous, because in most cases you intend on giving the car back. If you're going to throw a ton of money down on an Evo, you'd be foolhardy not to just buy it. Why? Because between the capitalized cost reduction, and the total payments, the total sum of money would total would it require to BUY an Evo and have it completely paid off!

Edmunds.com has a good leasing primer, and will help you determine what cars make "good leases". I threw the S2000 out there since it's arguably the "best to lease" sports car. Heck, you can lease an S2000 ($33K car) for significantly ($125/mo difference or more) less than you can a Hyundai XG350 ($25K car) The Mercedes-Benz C-Class also comes to mind as being an extremely good leaser.

Calculate your lease payment

Article on residual value

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Edit:
Your "average" car will have a residual value of about 40-42% after 5 years. Here are the best and worst, though.

Cars with the highest residual value after 5 years time:

54% BMW Z8
54% Mercedes-Benz C-Class
53% Mini Cooper
53% Porsche 911
53% Porsche Boxster
52% Lexus SC430
52% Acura TL
52% Honda S2000
52% Dodge Viper
52% Lexus GS300

Cars with the lowest residual value after 5 years time:

20% Hyundai Accent
22% Kia Spectra
23% Chevrolet Cavalier
23% Dodge Neon
23% GMC Sonoma
24% Dodge Intrepid
24% Pontiac Sunfire
24% Pontiac Grand Am
24% Chevrolet S-10
24% Dodge Stratus

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Edit 2:

There's not too much you can do to "influence" a lease price.

First, is to negotiate the selling price of the car BEFORE any capitalized cost reduction. If you can get $2K off the car, that's $2K less that's figured in.

Next, find out the residual value of the term you intend to lease. This is for your own protection against a dealer that might be unscrupulous.

Next, ALWAYS find out what the base money factor (BMF) is for the term you intend to lease. Ideally, you should NEVER pay more than 3 points above this number, however your credit score will always affect this. If your credit score exceeds 700, you should be able to get a MF of at worst 4 points above BMF. If your credit score is less, expect to see more points over base.

Last, money down. However if you intend to lease a car and say good riddance to it later on, there's not much of a point. If you were to keep the money and use it to apply it to payments bit by bit, the "extra" money you'd dole out is negligable, and you get to keep all that cash on hand for something more important (emergencies).

That's really it. After that, barring specials, there's nothing that'll influence the monthly payment of a lease. Regardless, the Evo is a terrible car to lease. 39% after 3 years is absolutely abysmal, and more often than not, financing the car would cost you less than it would to lease it.