rogue

iTrader: (34)

0%.. I did it this pass weekend got a good deal with trade in and payed only my taxes.

jazket

iTrader: (1)

freaking wait!

wait, wait, wait!

rogue

iTrader: (34)

for?

jazket

iTrader: (1)

He said he wants to hit the 0% deal on an '08. I say freaking wait!

Too many times, I said to myself... why didn't I wait. I got the 08 Lancer with a 152 horses, I could've gotten an 09 with 168 and a bit more refined car.

Freaking wait...

wait... did he buy it already?

rogue

iTrader: (34)

You can save a few thousand and pay no interest. Even if there is a bump in power you could make it back up with a MBC and a ECU tune. It took 2or 3 years for the turbo to change to a larger housing in the EVO 8

srt4evah

iTrader: (5)

I haven't picked up a car yet. The dilemma for me is wondering if they'll possibly upgrade the internals of the engine or transmission for 2009. However, after thinking about it for a bit, this engine is barely a year old, so I doubt they'll do much to tweak it, and anything they tweak can surely be retrofitted, so I'll probabbly jump on a 2008 lease deal very soon.

Thanks for the input guys! Now the real question is.... Octane Blue or Phantom Black?

spooled_u

I'm telling you, man, do not go with those Mitsubishi lease deals. Bring your own, or do the 0% financing. Those Mitsubishi lease deals are GARBAGE. Avoid like the plague.

jazket

iTrader: (1)

^ Ditto

If your credit is in good standing, and you make money to afford the Evo without struggling, find yourself a deal somewhere else. Most direct financing are garbage.

I know for experience CapitalOne is off-the-chain, and I've been a loyal customer for a reason. If you have awesome credit, they'll hook you up. Unless they can give you 0% then I guess a Mitsu Loan will do.

Is that a Lease deal? I seriously haven't seen 0% for 60 months on an X purchase... I've sen 0% for 48 Mo. and that's with an uber-badass credit (like up in the 700s, scratchin the 8's and long credit history).

JeffAhn

I'm gonna be in complete agreement here - solid rule of thumb is to minimize your down payment whenever leasing...period.

You're playing right into the salesman's hands when you have the "but-my-monthly-payment-will-be-only-X" mentality.

Jeff_Jeske

iTrader: (66)

What if you do the lease and then decide you want something else - which is what 90% of us car guys do?

If that is what happens.... you just paid $11,000 to drive a car for 2 years and only 24k miles. Now that is a serious rape. That lease pretty much forces you to purchase the car after two years for the full price of $32k.

I don't see how that is a great deal. In this market the EVO should be selling at invoice or below. I wouldn't pay a dollar more. These days you can walk into a dealership and tell them you want that car for invoice and drive it off the lot with 0% to boot. Then after two years you can sell it at invoice minus $6K which is much better than that lease.

rogue

iTrader: (34)

I bought mine on Sat with 0% for 60 months. I have excellent credit but I remember seeing a paper that said someone with Tier II credit would also qualify. I cannot remember that the baseline score had to be though.

srt4evah

iTrader: (5)

Ok, I'm willing to listen to a rational argument against leasing. Do you guys have any reasons why you think the leases are a bad deal? Here's the math:

$4000 down + $307/mo(tax included) for 24 months = $11,400
Purchase price at the end of the lease is $21,450
If I decide to purchase the car at the end of the lease, that's $34,230 including sales tax on the $21,450 purchase price.
Total cost to own = $34,230
Cost to walk away = $11,400

If I do 0% financing for 60 months, the payments equal $527/mo including the tax.
24 months of payments would be $12,680. The remaining loan would be $18,970.
Estimated value of the car after 2 years, should I want to walk away, would be about say $21,500 (same as the estimated residual value of a leased car, based on average expected depreciation).
If I sell it then I'll get back about $2500 more than I owe, so I wind up paying about $10,200 for owning it for two years.
Total cost to own with 0% loan: $31650
Cost to walk away after 24 months: $10,200

So after running the numbers thoroughly, it would save me about $600/yr, $1200 total, if I finance instead of leasing. At the same time, if I put $4000 down on the financing, I pay $460/mo, versus paying $307/mo if I put $4000 down on the lease.

I think the lease offers me more flexibility in terms of having the walk away option after two years (EVO XI???), and also having the lower monthly payment. In the end, if may cost me $1200 more over 5 years if I decide to keep the X, but that equals $20 a month ($1200 divided over 60 months) that I'm losing versus financing, and at the same time keeps another $153-220/mo in my pocket.

I like to spend money on a monthly basis, so having the extra monthly cash flow matters more to me than saving $1200 over 5 years, it comes down to a matter of personal preference I guess. I prefer current cash flow over long-term savings.

Are there some catches to the lease deals that I am missing though? Like voiding my deal if I mod the car? Anyone know for sure?

rogue

iTrader: (34)

Lease is good if you put nothing down. If you just want to drive a nice car from A to B.

You are not supposed to modify leased cars and they most remain in good condition. You also have a limitation on miles. If you can work in an option to buy at the end that is reasonable then it ma be worth it.

srt4evah

iTrader: (5)

Actually, that lease forces me to purchase the car for $21,450 after 2 years, not $32,000. If I purchase it after 2 years, it's about $1200 more in the final analysis than if I had financed it at 0% from the beginning.

As far as walking away losing $11,000 after 2 years, if you finance at 0% and decide to sell after two years, you're still losing about $9800 in depreciation, so either way you lose a big chunk of change. The difference between $9800 and $11,000 is easier absorb, technically you losing $1200 more than if you bought at 0% and sold it in 2 years.

As for the 12,000 mile limits, I can live with that, I plan to keep at least my SRT-8, possibly the SRT-4 too (unlikely though), so I'll have two cars to spread the miles out.

I dunno, you guys have given me some serious food for thought, and I'm going to consider all the options until the day I pull the trigger, maybe in the next couple weeks. Thanks again for all the discussion!

SHIFTT IX MR

60 months holy shyt! Are you gonna try paying that off before the note matures, I can barely stand driving a 3 yr vehicle. I couldn't imagine myself behind a 3+ yr old car and enjoying it as a daily driver.

If its not a daily driver it doesn't bother me. I have 97 TT Supra, which still has the stock leather interior, although, it has turned from supple soft, to hard raw hide.