donmeca2020

iTrader: (2)

here in south florida, when i went to a dealerships all around here in broward and in dade county, i seen alot in broward just sitting here. as opposed to dade county they were moving abit faster. i guess it just depends on where you shop for it. i got a pretty good deal for a 05 GSR no ssl. just cloth recaros, mitsu sound system. sticker was 31,500 i got it for around 28,000.

Erik@MIL.SPEC

iTrader: (94)

I got a 4.99% rate on an 84 month loan 2 months ago. Now, I will pay off the loan sooner than that, but why the heck use my money when I can leverage the banks money? I have better uses for my money, and can earn a better return on it rather than dumping some of my own duckets on a car.

chiquita

at my local mitsubishi dearlership in Pennsylvania, there is a 04 yellow evo 8 selling for $23,000.


which I had the guts to buy it, but I can't right now.

WrX Kila

iTrader: (18)

YEP YEPA. I see lots of them on the lots. Now the evo9 will be a different story.

pacent

iTrader: (9)

New? Whats the name of the dealership?

chiquita

yep, BRAND NEW and it's located at Motor World in Pennsylvania. I just bought my Ralliart last year. I have been thinking about trading my Ralliart in and that is a sweet price on the evo. I just can't buy it right now, so for the money I am enjoing my Ralliart. The time will come in my life for an evo but like I said it's just not the time for an evo in my life right now.

propellerhead

iTrader: (3)

I'm not trying to hate, but if you have to finance one of these bit ches for 84, 72 months or even 60 months, you probably can't afford the car. The maintenance is high and the residual values are going to be low, especially if you mod the car at all. Have you figured out your total amount paid over the life of a 72 month loan compared to a 36 or 48?

Erik@MIL.SPEC

iTrader: (94)

You're assuming a lot. I can afford the car. Other people may be in over their heads, I don't know. I am also buying a place (and Cali ain't cheap). I car zero about residual value (it's a depreciating asset, give me a freakin' break) and the maintenance ain't that bad. Maybe it is for a recent college grad earning 30 to 40, I don't know. Like I said, I will pay this car off before 7 years (probably more like 4), but this car is property of my LLC and I get a tax write off.

purecoda

iTrader: (6)

btw, as far as depreciation goes, the evo was ranked as having the best resale value among sedans.

pacent

iTrader: (9)

I emailed them and this is the response I got

Good Afternoon!

Thank you for the e-mail, and for choosing MotorWorld!

Great news! Our internal computer is currently showing that we have one Lancer
model in stock on our lot with an MSRP of $33,144. However, this model is not a
demo.

We would love to tell you all about it with a brief phone conversation. Please
expect a call shortly at the number you've provided. We will discuss your likes
and dislikes, and your "maybe, if the price is rights," if you know what I mean.
We will be sure the Lancer suits all of your needs, then provide you with our
absolute best, no-hassle, no-haggle price. Our aim is to make this the easiest,
most-convenient purchase experience of your life.

We will then schedule a meeting for you to see and drive this Mitsubishi. If
you prefer, (and it is not too far), we may be able to bring it to your home or
business -- again, anything to make this as easy and enjoyable for you as
possible.

In the meantime, please do not hesitate to contact us with further questions or
concerns. You may simply reply to this e-mail, or call us toll-free at the
number listed above and below. Thanks again, and we look forward to speaking
with you soon!

Jen Orr
Internet Sales Coordinator
MotorWorld, a MileOne company
800-437-8539
(570) 820-6803 (Fax)
(570) 820-6929
jorr@motorworldgroup.com
Please visit us at http://www.motorworldgroup.com, and Take the Tour!

propellerhead

iTrader: (3)

I'm not assuming anything. My opinion is based on personal experience.

A few ideas:

1.) Of course the car is a depreciating asset. But with a 7 year loan you'll likely be upside down for the entire life of the loan. What happens *if* you need to sell the car? You'll likely owe more than it's worth and you'll end up having to buy yourself out of the debt.

2.) If you run a business you might agree that tying yourself to a fixed expense 7 year contract for a depreciating asset is not a great idea.

3.) If you want to consider that this car is a business expense for the purposes of tax deductions then you really can't drive the car for personal use. If you do drive it for personal use then benefit is considered income and is taxable as such. I personally know people who make a full time living advertising and selling parts on this board. He dosn't drive his Evo on a daily basis for this very reason.

4.) How much money are you putting down on the car? Consider taking some if not all of the money you would out down on the car and hold it back to use to "buy down" the monthly payment on a 48 or 60 month loan. Between the interest you earn on the downpayment money, the interest saved on a shorter term loan you might save a bit of cash. And you'll be less likey to be upside down in 36 or 48 months. It sounds like you might be trying to keeop your debt to income ratio below the guidelines for securing a mortgage. It's likely that you'll also screw yourself on a mortage since your FICO will probably drop down to a lower tier.

5.) Make sure you have a simple interest contract. A Rule of 78s contract will screw you over so badly you won't be walking for 7 years.

6.) Whenever possible, pay cash for depreciating assets unless the opportunity cost of the spent capital is higher than the depreciation.

7.) Have fun.

8.) If you already figured out all of the above, ignore me. maybe someone else will see it my way.

Good luck.

propellerhead

iTrader: (3)

Like I said, if the car is modded AT ALL, that rating won't count for squat. It will mean as much as your 36 month bumper to bumper warranty.

MTMS4

The USDM Evo hasn't been around for very long, so residuals are high at the moment (supply and demand). Once the IX is launched and the X (which is probably only 12-18 months behind) the used value will drop considerably. In the UK where Evos have been around since '92, the re-sale value is so-so and on the decline. After 7 years, I would expect an Evo to be worth around 30% of MSRP (unless it becomes a real collectors item).

ottomitsubi

Otto Mitsubishi has Evo's discounted $1500 now! Clifton Park, NYwww.ottocars.com

Hypnoz

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