I'll have to double check, but I believe it was in the official press kit released by Mitsubishi.

In either case, I would hardly call the EVO VIII a "Limited" production car. Limited usually implies 2000 units or less and more frequently is 1000 units or less.....

 

Are you INSANE!!!

Think about that! That's too much money for a car that no one has stats on and IMO isn't work it. That' puts you in M-3 range for payments.

I for one will not pay that much in a car payment unless I have NO debt at all.

God help you for wanting to pay almost $500 and you don't know what your insurance is going to be.

Good Luck!

 

Great point!....a lot of people are getting all excitied about buy a car without even considering the cost of insurance! Very important!

I feel sorry for anyone that buys an EVO expecting to get only PIP insurance or the minimum required in your area. Those are usually the people that need it the most! LOL

 

What are you willing to pay then? You have to lower the payment somehow, whether it's trade-in, down payment, low rate, etc.

If you come in with 10k to put down, but had to go 10k in debt to save up that kind of cash, then you are probably a lot worse off than if you took the bigger loan and not run yourself into debt saving for the down payment.

Unless of course you have all your other debt in places with sub 5% APR like the car loan would offer... but I'd rather owe 10k more to a car loan at 4% than 10k to credit cards at 10%.

 

M3 range?! Maybe a 5 year old M3. An M3 is about 50k new..that would be about 800 a month for 6 years or 900 a month for 5 years!! Hardly in the same range of payments. I am looking at paying 450 a month with 5k down on the Evo.

 

Amen.

My 2001 e46 M3 (loaded with every option minus the sunroof) was almost $55k, payments were $1050 per month with zero down on a 5-year loan.

My 1995 M3 (purchased 18 months ago for $20k) was $600/month over a three year loan (most banks won't loan any longer on a car that old) before I paid it off.

The evolution's going to be ~$560 for a five-year loan... ~$900 for a three-year loan. Assuming nothing down. With rates at or under 5% in a lot of places, borrowing money on a new car loan is a pretty safe bet right now.

 

By whose definition?

4600 is hardly hihg-volume for a company shooting for annual sales of 500,000 units per year.

 

All I have to say is if this is your hobby and you don't have others
that cost this much, and most importantly your spouse or significant other is cool with it, and you can afford it and the
insurance, do it. I believe we who do get this car will be extremely happy. I am happy with my WRX but damn, Recaro seats, Brembo brakes, Carbon fiber spoiler, Nice stock rims, Fmic vs. Tmic, much nicer too look at, limited edition unlike the WRX, that's without getting technical. If I was to add just those things
listed above to my WRX, I would go past the sub $30k evo VIII's msrp, and best of all, all of those parts are under factory warranty.

Just my opinion. It will be mine, someday.

 

One of my friends bought a new M3 last year. I think he put about 20k to 30k and traded in his Eclipse GS-T. With that amount up front you could buy an evo outright. So I agree with broeli.

$500 or less a month is the right range for the evo.

 

Dont forget how credit rating affects the interest rate. 5-6% is for people with really good credit and low debt ratio.

Turbo

 

Go to www.peoplefirst.com. I got 4.40%. This was 2 weeks ago. It took me only 20 minutes to get a loan car loan.

 

Ok..Ok...I was getting carried away for a moment.

Regardless, the Evo in my eyes is not worth more than say $375 a month.

I made the mistake once of burying myself in a car payment and I won't do that again. I love the EVO and think we are all very fortunate to get such great cars, but at what cost? I think someof us need a quick reality check and look around first before you finance your next 5 to 7 years away on a car that you might not like in 6 months. Who knows....If you can afford it then more power to you.

Just think first...

 

In reality putting money down on a car is one of the biggest waste of it you can do. Why? you ask. Because....it's very easy. Cars do not retain value. I would rather put 0 down on a car. Finance it for 6 years and keep it for 4-5 years. You'll at the very least break even on the sucker. Putting 10,000 down on a car, just to get your payments down to a range that more suits your income, in 4 years that 10,000 will be gone. I know I know...you say well what about all those payments i made. Well yes you will have equity...but not 10,000 dollars equity...see my point. I would rather pay 3,000 bucks more interest over the life of the loan than put 10,000 down. When i could take that money and invest it and make possibly more than 3,000. Taking a long loan out does have it's advantages...I see your point before you even say it.....But, your gonna be buried in that car? Yes for 2 or 3 years....but i plan on keeping it at minimum 4-5 years.

And if you think 450-500 bucks a month is insane....Ha! you got a lot to learn...that is average anymore!....6 years is almost average anymore too! I used to sell cars.....and i had these people that had to have the montero limited....roughly 40 grand after taxes....well they were trading in 2 cars (both cars were less than 2 years old)..and they were buried about 7 grand in those together....well in the end try about 854 bucks a month for 84 months.

It is all in how the person looks at it....but I would rather lose 3,000 bucks at the end of a deal in 5 years and put 0 down than put 10,000 down out of my bank account and be 3,000 ahead in the end. Unless you have the money to pay the car completely off I wouldn't put money down on a car unless, you are going to finance less than 3 years It is just not worth it in my opinion.

 

As someone who still deals with this on a daily basis, I couldn't agree... less.

Why pay interest on something that depreciates? The only time no money down makes sense is with 0% interest or a lease. Otherwise, you will be much better off putting money down.

Take the $10k down scenario. If you don't put that cash down up front, you have to finance that $10k. If the interest rate is not 0% then you are going to be paying interest on that money and that is going to cost you a lot more than $10k. It may well cost you more than you would earn investing the money, particulalry given the current market. Also, with that much down you have equity in the vehicle the day you drive it off the lot, not 4-5 years from now. Not only does this mean you won't need to buy Gap Insurance (another $500 saved) but you can also get out of the vehicle at any time. You won't be tipped like in the situation described above. No worries about rolling bad money into your next car loan.

 

Ummm, $375 a month is an ES Galant 4-banger with a sunroof - nothing down

You might want to rethink your position.