edofloat

The X is a good lease in spite of the higher money factor. FYI take the money factor x 30 and that will give you the interest rate, which as I said is not a good deal. But the high residual value offsets this by a wide margin. 69% of MSRP of $40,240 = $27,765 I paid $35,800. The part I'm paying for is $8,035 plus the cost of the money over 24 months. I seriously doubt you can own the X for 24 months for that kind of money.

The dealer won't lease it? You couldn't be more wrong, a dealer would rather lease to everybody because they know when you will be back for another vehicle. The dealer advertises leases to create traffic, and should show a lease to customers who it makes sense to lease, meaning they tend to trade every 24- 40 months and drive average miles.

In fact they will lease anything that has a good lease.

Check out a lease on the Eclipse Spyder GT and it is way more than leasing the EVO even though the EVO stickers for almost $8,000 more, I checked this too the EVO leases better because it has a stupid high residual. We'll see if I'm right as soon as some run through auctions some where. I bet they have a hard time getting the residual value in one year let alone two.

A lease on an EVO X is good, because it is unlikely that my car will be worth $27,265 when it's 24 months old with 30,000 miles. Think about it, a base EVO X GSR with full warranty starts at $32,990 plus $625 shipping and can be bought for around $30k.

Will you buy my driven hard 2 year old EVO with 30,000 miles for $27,265 or a new one for about $3k more?

I know what I'll do, I'll have another new car for sure, I suspect the actual residual of the car will be significantly less. That has been the pattern on previous EVO's and most any other car for that matter, especially new models. They tend to have higher residuals when new models come out to help get more out on the road, and most times don't have residuals anywhere near what they predicted. The lease right now as long as you get a fair price on the X is a good deal and is more cost effective than a buy. I can still do as I wish with the car, I'll turn it in stock like the day I leased it.

SHIFTT IX MR

You can lease anything you want- dealers would probably perfer that since the leasing business is lucative; first they make money off you during the lease, then they make even more money from the sale, or re-lease of the vehicle.

edofloat

Yes the dealer can benefit by getting your lease turn in, Mitsu will give them first chance to buy it other wise its off to the auction.

The dealer can make roughly the same amount if you lease versus buy, they can take a small mark-up in the financing and what ever they can do on the sale price of the car.

The biggest reason to lease it is more cost effective and they know when their customer will be in the market for another vehicle.

98gtr

ok guys..thanx,hopefully i can get rid of my m3 asap and pick up a new x and be part of the fam...the x will be the daily driver, and the skyline gtr will be the weekend car..LOL


thanks again

whooshski

iTrader: (1)

I think leasing would be an excellent idea if you dont plan on keeping the car long.

Spoolin11

I leased mine for 4 years here are my figures:

Purchased from Ricart
Lease through Huntington Bank
$36,300 (Sticker was $38,100)
.00185% Money Factor (4.44% Interest Rate)
$1,900 Check to them (first month's payment, tax, title, tags and small amount down)

$519 payment

Buyout of the vehicle after 4 years is approximately $17,500

I am fairly confident that four years from now I could easily get that much out of it if I decided to sell it. What are 2004 Evo’s going for these days since that car is 4 years old now? My guess is more than $17,500

~Ryan

dek0026

i saw no sense in buying one either given that my last car was traded after 2.5 years. here is my work up...from the top of my head.

Sticker $33680
Negotiated $29820
Interest rate 5.99 (a little high)
Residual after 36 months 57% or 17500 (approximate and from sticker price obviously)
No money out of pocket and my first payment was made.
Monthly payment 449.98/month

also 18000 mile per year allowance.

now a 3 year old evo with nearly 60000 miles on it? i'd be uncomfortable buying that!

i don't think it was too too bad. it was a payment i could live with.

Renesis83

$450 a month is not bad at all ,
for a 3yr old evo driven hard with 60k miles, I m not touching that

devinramen

I leased my X for 5 years. I do, however, plan on buying it outright in less than 3. It'll work out great for me but here's my figures:

MSRP: $40,420
Negotiated: $37,680

Down payment, taxes, title (due at signing): $1866

Money Factor: .00185
12,000 miles/year

Payment/mo: $495

My residual was 49%, which I think is a little low.

edofloat

When did you lease? That's below the lowest buy rate for the EVO. EVO gets the standard lease rate which isn't a deal at all. .00185 is 5.55% APR which on the EVO is not bad at all.

Right now the lowest money factor is .00284 which is 8.52% APR. They must have made a mistake. Not only that the residual at 60 months is 40% for a 12,000 miles lease or 39% for a 15,000 miles lease.

98gtr

hey guys thanx again for all the figures on your leases.The dealer i went to wanted 2k down and my payment would be around $490 a month..

rdandy5875

Sounds about right but not enough info to know where they are making their money. How many months? and what is the car's msrp and residual?

If you don't know these figures you should before jumping into any lease.

I'm trying to get a base model for about $450 a month on a 36 month, zero down, with about a $20k resid, but I don't think it will happen. Rent is the killer at about $150/month. Money factor is pretty high, I'd like to know how some people got a lower money factor than .00284.

edofloat

I'd say somebody in a hurry looked at the wrong factor and made a mistake, happens a lot. Mitsu Motor Credit will just make them write a check to make up the difference. Once the deal is contracted and your gone there is nothing the dealer can do, unless they talk you into re-signing somehow.

Trust me, I know what the rates are right now and the EVO has never had a low rate in the last several months, the may have looked at the special diamond plan for the Lancer which may not have originally indicated that the EVO was not included so they may have used the wrong rate. Good way to loose a bunch of $$$.

I suppose the other way is charge more for the car say closer to sticker and use the profit to buy the rate down and sign it out at a lower rate for a customer who is rate sensitive but may have not gotten the best price.

edofloat

One more thing I paid .0002 extra on the factor so I did not have to pay the security deposit. That was less out of pocket at signing too.

spooled_u

Where can you find out the residuals and current money factors? Is this something the dealership will willingly give out or do you have to enter into negotiations first ? I was thinking about purchasing an X, but then I realized that I've never owned a car longer than 2 years. I guess I have to face the music that I just get sick of them or \want something different very frequently. I guess leasing makes sense to me if I can get a good deal on one...