I went thru this when buying my GSR. So here's some info for a fellow Evo'er with regards to leasing or buying an MR...

Do your best to avoid leasing, unless you can write it off. When you compare the TOTAL COST, financing always costs less.

First, a few things to consider aside from $$.

LEASING:
- you don’t own the car. The ownership has both yours and the dealer’s name on it.
- you’ll pay more in insurance (about $10/month)
- mitsu is brutal with modifications and warranty work. I have to think this extends to their leasing rules too.
- you’re locked in. You can only buy it out once the term is done.
- if you are buying it out, you’ll have to transfer it over just to your name. As a result, you are basically buying the car from yourself. There’s another $400-500 admin fee, a registration fee, and certification to get it all over into your name.
- dont forget, you pay the HST on the buyout portion.
- added: a good point made by gatsu... leasing doesn't affect your credit rating as drastically as financing. So, if you're in the market for a mortgage, you will get more if you lease.

FINANCING:
- you own the car (or more so then leasing). So you do what you want with modifications.
- the loan is open, meaning you can pay it off at anytime, with no penalty. You can even add a chunk of cash at anytime, which will lower the amount you pay in interest. (your payment stays the same, it’s just more goes to principle, less to interest. So its paid off quicker, and you save some $$)
- if you have to sell it, it’s much easier. No penalties, and no worries of trying to find someone to take over the lease.

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The example used is a 2010 MR, frt, PDI, $53,398. With $10,000 down. In Ontario with 13% tax. All #s from Mitsu website.

A 48 month finance term is ideal since it’s 0%, but you’ll be over a $1k for a car payment with only 10k down. So, this is with an 84 month term at 2.8%. This will get you down to a payment similar to a lease.


Based on their website, numbers are this:

LEASE:
36 months, $10k down, MR = $690/month (with 13% tax)

FINANCE:
84 months, 10k down, $660/month (this includes tax)... $30 cheaper.



Now for the total costs: (these are just quick calculations..)

LEASE 36 months:
down pay = 10000
690*36 = 24814
buyout = 28827 (25511+13% tax)
xfer owner = 700
Sub total = 64342

Here’s the kicker… you’ll have to come up with $28800 in 3 years! If you can’t do that, then to buy the car out, you’ll need to finance that 28k. Keeping it within 84 months, means you have to pay that off in 48 months. That payment is about $650 @ 4.8%. So you’ll need to add:

Interest = $3,012

After 7 years, GRAND TOTAL COST TO LEASE, AND BUYOUT: = $67,354 (64342 + 3012)


FINANCE 84 months:
down pay = 10000
660*84 = 55440

After 7 years, GRAND TOTAL COST TO FINANCE = $65,440


So, about $2k less to finance then to lease. And, if you can pay it off quicker than 7 years, it’ll be that much less.

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Good to know~ dang... Canadians have to literally break the bank to have these cars

2.8% is a steal! The dealership I went to calculated a loan rate of 7.2% from the bank... I was shocked.

 

The 2.8% is what was listed on the mitsu website. I sure hope they would stick to that rate or eve lower.

2.8% vs 7.2%.... ewww

edit: if I was to finance, I'd probably take the 60 months term, which is 1.8% suggested by the mitsu site, I have seen promotions for 0% on 60 months though.

 

Dunno about the Evo, but I know that they will do 0% out to 72 months on the Ralliart. I think that they only just started doing that this month.