robertblaze

Hey guys,

I am from Michigan. Just signed up here and am considering getting an EVO MR. I am mainly considering a lease option at the moment. To anyone that has leased or is currently leasing this car, how have your experiences been with leasing? Is your insurance expensive? Thank you.

mshilto89

iTrader: (2)

Leasing a vehicle usually requires that you carry a higher insurance coverage and a larger down payment. My suggestion to you is do some more research and make sure that the Evo is what you really want, and then just buy/finance. Very rarely do you come out on top with a lease.

Arsenal4Life

Well im leasing my GSR. I put 4000 down on a 2 year lease, and my payments are hanging around the 400 mark. On the other hand, i got an amazing deal on my trade in. So far ive had the car since april, and i love it. Im probably going to end up buying it, unless the evo xi is released in 2015 as rumor has it. Thats the main reason i leased, because the evo xi might be really sick

robertblaze

Thanks for the replies. That is a very good point but the next gen evo may be coming out soon, I didn't even think of that.

I am not sure I can afford to finance the car but it is something I will look into. I would hope to be able to get lease payments around $300 a month. My insurance company told me that it would make no difference if I lease the car or finance it insurance wise, is this incorrect?

Also, what do you do with the car when you are finished with the lease? Return it to the dealership?

Arsenal4Life

Yup and wash your hands of it. But if you go over on mileage or theres damage, they can hit you with fees.

DizzyPA

I did a 2 year lease on a '13 GSR SSSL with Aero package, 2900 down (2400 up on the trade, 500 cash) and my payment with taxes (in PA) is around $350. Insurance you just have to carry full coverage and a maximum $500 deductible. For me the only insurance cost increase was due to the deductible change (I usually do $1k collision deductible) as I already carried maximum liability coverage.

Overall, I think the lease isn't a bad deal with the promo they were running (don't know if they are still running one). Of course, I would've rather bought it, but spousal unit still doesn't like my car choice...

gh0stStatus

Your best source of knowledge for these types of questions would be the insurance company, not an automotive forum.

When I talked to my company (Allstate) they informed me it doesn't matter if it is a lease or a purchase.

I did not ask about deductibles as I always keep mine at $500/$100 so I can't say if you could carry a higher one.

tellme718

iTrader: (2)

You should do your research before misinforming people about leasing. If people didnt come out on top after a lease then nobody would be doing it anymore and it wouldnt exist.

To OP, Ive sold cars for many years and leased my MR just under a year ago. I did a two year lease with 12k miles a yr. I put nothing down and walked out pating 450 a month for an MR premium with Nav. Not the touring model. My buyout will be 29k if I decide to keep it. I think leasing is a great route to figure if you want to keep a car or just get a new one. Insurance will usually be a bit higher as the minimum coverages on a lease are usually higher than a buy purchase. I do like my evo very much but who knows if the XI is better so Im keeping my options open.

Arsenal4Life

^^^ yeah that...

Just dont get an MR. Save the manuals!!

mshilto89

iTrader: (2)

You shouldn't bash people on the forums who are trying to help the op in the long run.

I stated the facts.

-When you lease a vehicle, it is usually required to carry a higher insurance coverage which increases your monthly payments.
-Unless you have perfect credit, you will normally have to put down a higher down payment than if you were buying.
-Also, if you travel a lot, or put a lot of miles on your car (over 12k a year isn't uncommon where I live for most residents, I average about 25k-30kyr)
-I said very rarely do you come out on top, not that it didn't happen, just very rarely. As you stated, you may have been one of those few that actually benefited from it, but again rarely does it happen.

I will agree with you that leasing is a great way to find out if you want to keep a vehicle, however, a lot of people get screwed in the process.

Also, the primary reason for leasing is for major companies/corp's. They're the ones who benefit from it the most.

skellin

Never leased a Hyundai, but I've leased from Nissan, Acura and Toyota. Never had an issued at turn-in time.

Arsenal4Life

Where the ... did hyundai come into play??

robertblaze

I think I should be alright credit wise last time I checked my FICO was over 760. I do not drive many miles, less than 12k a year for sure. How picky is the dealership about the condition that the car is returned in? Has anyone been charged for things that they found to be unsatisfactory?

PaulyX

I have my 2013 evo gsr leased and its awesome. A smidge over 300 bucks including insurance to keep it rolling onthe streets and I have the buy option so I'm keeping it

Arsenal4Life

Depends on the dealership honestly. But mitsubishi has a returning customer program where if you either lease a new mitsu or buy the one you leased they wave all fees. That includes if you go over your mileage limit. So if yoy plan on staying with mitsu you will be ok