2009 Lancer SE

[Athrun88]

I would like to call on the aid of new and veteran RFDers on my situation. I am looking at a 2009 Mitsubishi Lancer SE with CVT and trying to decide whether i should lease or finance.

Here is some information from the site:

Base MSRP: 19,998
CVT: 1,200
Destination Charge: 1,245
PDI: 250
Total MSRP: 22,693 (does not include taxes)

Now, here is where my dilemma is: I have no idea if I should be financing or leasing. As far as I have been told, Mitsubishi only allows lease terms of 5 years at a rate of 8.38%. If I were to finance, the site allows for 5 years at 4.8%.

Any help would be greatly appreciated and if any more information is required, please feel free to ask any question required. Thank you in advance to the community.

Regards.

[AGR-1]

From the Mitsubishi site:

36 month lease at 2.8% 36 month Finance at 3.8%

If you go to the payment calculator on the site it will give you a lease and finance payment for 36 months.

[Athrun88]

Thanks for the reply. I understand that you can set different terms, however, a dealer whom my father is an acquaintance of told us that Mitsubishi will only lease on 5 year terms. Fact or fiction? I have yet to call other dealers about this and plan on visiting some dealerships this Thursday. Just wanted to get as much information beforehand so that I have a decent fighting chance.

Thanks again in advance.

[express.items]

Not to threadjack, but I'm stuck between this and the 2009 Corolla S, have you considered other cars? or firm on the Lancer.

[Athrun88]

I have considered other vehicles: Civic, Mazda3, Corolla, Versa, etc...

In terms of styling, I found that the Lancer was the best of the bunch while keeping the price within affordable range with the options that I chose. My personality is that I want to be original, hergo, a Civic or Corolla I dropped early in the process. I love the Mazda3 however, it is a bit pricier than the Lancer when equipped in a similar fashion.

Regards.

[express.items]

I have considered other vehicles: Civic, Mazda3, Corolla, Versa, etc...

In terms of styling, I found that the Lancer was the best of the bunch while keeping the price within affordable range with the options that I chose. My personality is that I want to be original, hergo, a Civic or Corolla I dropped early in the process. I love the Mazda3 however, it is a bit pricier than the Lancer when equipped in a similar fashion.

Regards.

I have yet to test drive a Civic or Mazda3, but I'm leaning towards the 2009 Lancer SE w/ CVT, same pricing as you heh. I too think the Lancer looks the best. I'm a tad worried about the paint issues though.

See http://www.redflagdeals.com/forums/s...d.php?t=587846

Anyway, I spoke to Scarborough Mitsu and the dealer recommended financing on a 2008 at 0% given that it looks the same as the 2009. Well some don't have the fog lights, but they may have a 2008 with fog lights.

[thephenom]

Thanks for the reply. I understand that you can set different terms, however, a dealer whom my father is an acquaintance of told us that Mitsubishi will only lease on 5 year terms. Fact or fiction? I have yet to call other dealers about this and plan on visiting some dealerships this Thursday. Just wanted to get as much information beforehand so that I have a decent fighting chance.

Thanks again in advance.

This "acquaintance" should no longer be an acquaintance. You can lease the car for less than 5 years. Friends that rips off friends aren't friends.

[Sepiraph]

Yes you can definitely lease for less than 5 years, in fact I would not recommend leasing for 5 years (since the higher interest rate), 3-4 years is what people usually do.

I think if you are going for the SE, you might as well consider getting the 08. IMO it's only worth getting the 09 GTS since it has a more powerful engine. I don't know if 09 has the same paint as 08, but I'd imagine so.

[Athrun88]

Each time I visit this thread, I am surprised to see replies. Thank you again for your opinions. After discussing the financial aspects of owning a vehicle, I have decided with my father that I will be financing a 2009 Lancer GT for 60 months. I've also had the chance of going to several dealerships (IMO, they should take the 'deal' out of 'dealership' when referring to most asian companies) and all of them said that they could not take much off the sticker price because "that is how Mitsubishi prices their vehicles". So, here is a new question (apologies for some dumb/annoying questions) but what would be the best possible deal for a 09 Lancer GT including taxes and fees? I am trying to get it at around 24000 initially. Anyone think that is either too low or too high? Thank you again for your opinions.

Regards.

[thephenom]

Each time I visit this thread, I am surprised to see replies. Thank you again for your opinions. After discussing the financial aspects of owning a vehicle, I have decided with my father that I will be financing a 2009 Lancer GT for 60 months. I've also had the chance of going to several dealerships (IMO, they should take the 'deal' out of 'dealership' when referring to most asian companies) and all of them said that they could not take much off the sticker price because "that is how Mitsubishi prices their vehicles". So, here is a new question (apologies for some dumb/annoying questions) but what would be the best possible deal for a 09 Lancer GT including taxes and fees? I am trying to get it at around 24000 initially. Anyone think that is either too low or too high? Thank you again for your opinions.

Regards.

Not sure if you are aware of this.

Simply by going online builder, the car total cost is only $24693, so in reality you're only asking for $613 off before taxes. That shouldn't be hard to swing. Try getting an APA quote and use their pre-negotiated deal.

Here's the BIGGER problem IMO. Online the finance rate is listed at 4.8% for 60 months. Over the 5 years of paying off the car, you'd pay a TOTAL of $31440.60! Not to mention you'd be paying $500+ a month for the finance. That's $6747.6 in interest alone over the 5 years without taking into considering of time value of money. That's really not worth it IMO especially since all the competing car in the market are offering much lower finance rate. (ie Mazda's 0% for 60 months, Honda's 2.9% for 60, and GM's 0% for 60 months.)

[nalababe]

Not sure if you are aware of this.

Simply by going online builder, the car total cost is only $24693, so in reality you're only asking for $613 off before taxes. That shouldn't be hard to swing. Try getting an APA quote and use their pre-negotiated deal.

Here's the BIGGER problem IMO. Online the finance rate is listed at 4.8% for 60 months. Over the 5 years of paying off the car, you'd pay a TOTAL of $31440.60! Not to mention you'd be paying $500+ a month for the finance. That's $6747.6 in interest alone over the 5 years without taking into considering of time value of money. That's really not worth it IMO especially since all the competing car in the market are offering much lower finance rate. (ie Mazda's 0% for 60 months, Honda's 2.9% for 60, and GM's 0% for 60 months.)

APA for the SE last year was about 700-800 off, 900 off price with CVT.

[Athrun88]

Not sure if you are aware of this.

Simply by going online builder, the car total cost is only $24693, so in reality you're only asking for $613 off before taxes. That shouldn't be hard to swing. Try getting an APA quote and use their pre-negotiated deal.

Here's the BIGGER problem IMO. Online the finance rate is listed at 4.8% for 60 months. Over the 5 years of paying off the car, you'd pay a TOTAL of $31440.60! Not to mention you'd be paying $500+ a month for the finance. That's $6747.6 in interest alone over the 5 years without taking into considering of time value of money. That's really not worth it IMO especially since all the competing car in the market are offering much lower finance rate. (ie Mazda's 0% for 60 months, Honda's 2.9% for 60, and GM's 0% for 60 months.)

Awesome, thanks for the information. I have considered the Mazdas, Hondas and GMs. This may be seen as a personal flaw, but I found all other makes to be too common. Everywhere I turned, I would see another Mazda, Honda or Toyota. In the realm of NA makes, my parents have owned 3 NA makes (Dodge, Ford, Jeep), and all of them, just after the standard warranty expired, developed faults and I have concluded that, although they are cheap to begin with, their repair costs far outweigh their initial benefits. Although there is a shadow on the quality of Mitsubishi, they do have one of the best factory warranties in the industry and I tend to baby my vehicles (did so with the Jeep that I inherited from my parents).

As for the cost, would it be cheaper (and simpler) if I acquired an auto loan from a bank? I hear their rates are FAR cheaper than inhouse financing offered by the manufacturer. Thank you again.

Regards.

[CSR]

Awesome, thanks for the information. I have considered the Mazdas, Hondas and GMs. This may be seen as a personal flaw, but I found all other makes to be too common. Everywhere I turned, I would see another Mazda, Honda or Toyota. In the realm of NA makes, my parents have owned 3 NA makes (Dodge, Ford, Jeep), and all of them, just after the standard warranty expired, developed faults and I have concluded that, although they are cheap to begin with, their repair costs far outweigh their initial benefits. Although there is a shadow on the quality of Mitsubishi, they do have one of the best factory warranties in the industry and I tend to baby my vehicles (did so with the Jeep that I inherited from my parents).

As for the cost, would it be cheaper (and simpler) if I acquired an auto loan from a bank? I hear their rates are FAR cheaper than inhouse financing offered by the manufacturer. Thank you again.

Regards.

There's a reason why the other makes are common. They're good.

[thephenom]

Awesome, thanks for the information. I have considered the Mazdas, Hondas and GMs. This may be seen as a personal flaw, but I found all other makes to be too common. Everywhere I turned, I would see another Mazda, Honda or Toyota. In the realm of NA makes, my parents have owned 3 NA makes (Dodge, Ford, Jeep), and all of them, just after the standard warranty expired, developed faults and I have concluded that, although they are cheap to begin with, their repair costs far outweigh their initial benefits. Although there is a shadow on the quality of Mitsubishi, they do have one of the best factory warranties in the industry and I tend to baby my vehicles (did so with the Jeep that I inherited from my parents).

As for the cost, would it be cheaper (and simpler) if I acquired an auto loan from a bank? I hear their rates are FAR cheaper than inhouse financing offered by the manufacturer. Thank you again.

Regards.

For a loan from banks, unless you or your parents have awesome credit history/rating, it won't be very cheap. Even at prime rate, you're looking at 4ish%.

I agree with you that those cars are very common, but it's up to you to decide whether being "unique" is worth that extra $4000 or whatever it might be. And TBH, Lancer is becoming one of those more common cars out there in the compact class with the Civic, Corolla and 3.

Let's put it this way, for $31000 of a Lancer SE, I would finance a Civic Si over 36 months and still have $1500 to spend on other things, even at 60 months, you're paying the same for a Si to a Lancer SE. You can probably get a GTI for similar price too, maybe just a tad more. While the Si and GTI are a bit more common than a Lancer, they are both a better drivers' car. If you want something more unique than a Lancer, take a look at the Hyundai Sonata. 0% financing for 60 months as well, and the price works out to be the same as a Lancer SE. While it's not the coolest looking car, it has a good amount of features, and actually a pretty good car to drive.

There's a reason why the other makes are common. They're good.

And cheaper financing too.

[AGR-1]

Why would you even consider financing a Mitsubishi? These cars are not known to uphold their value over the years.

You want to be different and drive a Mitsubishi, you should lease it for 36 months and let some multi billion dollar finance company hold the value of the car, not you.

For any young person to do a 60 month finance on any car is a recipe for disaster from the outset. Chances are very good that you will not keep the car for 60 months, chances are excellent that you will be "upside down" if you want to trade it in after 24-36 months.