I have a friend in the car business and he just sold a Red Evo with 10K miles on it overseas. The car was bought over the internet and sent to the port and off to someplace, I cant remember. He picked up the car at Auction and said they were going to 24K at the auctions. In fact he had his guy at the auction try to get a yellow one that was there. He limited the guy to 24k and the car sold to someone else for $24,200. There are a few used ones on lots around here. Most are priced are $25900 with 10 to 12k miles on them. My friend found one that the dealer was taking to auction, he offered them $23,500 on it, they said they would take it if it didn't sell at the auction for more. Needless to say it sold at auction and he didn't get it.

The resale value of them in the Southeast seems to be pretty good. I picked up my Evo new with spoiler and sunroof for $28k + tax and tags. I would seem to think that only loosing $4000 or even $5000 is not that bad for having the car for 11 months already.

Still the best way to get the most money out of any car is to sell it yourself. I think the Evo is holding its value pretty well. The demand for a good used Evo is pretty high. They seem to disapper off lots very quickly. The hard part is trying to find one that someone hasn't driven the **** out of.

Brian

 

I think what your seeing is more a regional thing.... I check the trade in value for the montery bay (cali) area and it's ~25k for an evo in excellent shape with the milleage you quoted.

 

Most places won't even finance a daewoo and those that do...prepare to be gouged.

As for me, I'm keeping the Evo. I plan to give it to my son when he's 18. Of course I'll have to detune it a bit.

The only way for the car to hold its value is if Mitsubishi stopped production of it and there is a high demand for the car. Mitsu is already beginning to mass produce the car by offering an RS, Standard, and MR version so I don't see it happening. Of course, I don't know what I'm going to be wearing to school tomorrow so who knows?

 

I think so. Look at all the drift **** with there 240's and AE86. I seen a AE86 go for like 9 or 10 grand. This is a car from the mid 80's with like 80,000 miles.

 

oh, i forgot, you guys who think i should have sold it privately, consider this. If you trade in a car in NJ, you cut your taxable amount from the new car by the tax rate. I took 23000 and got a 2200 credit in sales tax, so i did not pay any tax on my new truck. if i had sold the car for the 23000, i would have lost that 2200 and had to pay the tax. also, do you want 500 punk *** kids bugging you to "test"drive it every 15 minutes? ...that is why i got rid of the stinkin thing. My wife was tired of the kids bothering her(it was her car)

 

The Evo does attract a few too many hip hop kiddies...

 

Telling everyone to get rid of their car now if they have the least idea to get rid of it soon and going on conjecturing about Mitsu's, dealerships', banks', and others' opinions is an emotional reaction = panic in my mind.

If you want to buy a new car and get rid of it in the next model year YOU ARE GOING TO TAKE A BATH. This vehicle may be worse than others for a variety of reasons at resale (actually, we're talking wholesale trade-in here it seems). A final shot of pity over the bow of those that paid over list is further attempt to evoke an emotional reaction, not one of logic.

I'm just tired of the oh my God, a)all clutches are bad, b)all transfer cases will explode, c) all the rear bumpers are going to rust off, d) the new models are going to kill the value of the '03, e) yadda-yadda-yadda emotionally inspired reactions...

My $.02...

 

blahhhhh blahhhhhhhh blahhhhhh like I was thinking in a future trade in the day I bought it! A real Evo owner get the car to drive it, to have fun with it. Mitsubishi is going downhill?
f u c k it, who cares. It is the car that I like not mitsu. Like someone said, get a frikin honda if you care about resale so much.

 

Since when does a car ever keep its resale value well? As stated many times already, a car is rarely, if ever, an investment.

$6k-$7k "loss" on a $30k car that is a year old is NOT bad. Cars (with some rare exceptions) always lose a significant amount of their value as soon as you drive them off the lot.

While the EVO can probably be considered a "rare" car, I think the expectation of being able to re-sell in the upper $20k range so soon after its release is unrealistic. The auto industry as a whole will just see it as another car. Only the niche market that it was designed for will pay top dollar for it. Don't expect to be able to sell it to someone who doesn't know what it is and have them give you $$$ for it.

Let the car live its product life for a while, let some more idiots wreck them, and let Mitsu discontinue it after a short run (check Mitsu's history -- they always end up doing this for their "special" cars). THEN check the resale value -- you might be pleasantly surprised.

Cabo

 

Your right in a way
the resale value does suck but the KBB is great
Mostly this is due to Mitsu Corp., and the horrible marketing.

In 5 years this car will be a classic like the other mitsu's before,
(like the eclipse GSX or the 3000 GT VR-4)

When the 03 Evo came out, it was perfect timing. The WRC Championships were finishing and the Movie 2 Fast 2 Furious informed the American public of its exsistance.

So the first year of the Evo I belive was a success, (Automobile Magazine Car of the Year)

Now in 2004 the Mitsu Evo's were not sellin to well on the east coast, But the West coast there are selling ok.

They come out with the 2004 Evo in April (4 months late in my book) Then only one month after the 2004's are launched, they announce the 2005 Evo's and MR will be launched in September of 2005

Now does anyone recall any Auto Corperation launching two Model years in the same Year
(I can't recall in Corperations doing something so dumb)

Now why would any Mitsu dealership try to buy a used 2003 when they have to get rid of all there 2004 models because the 2005's will be delivered to there lot in 2 months.

What I'm trying to say is your car is very valuble but not at the time being
But if you wait in a couple of years you will start seeing the true value in your investment show.

The last year of production for the Evo will be 2006

 

Agreed.



EVOs have been out a little over a year and anyone trading in a new car about a year after they bought it should expect to get robbed.

...regardless of whether or not it is an EVO.


Cabo

 

You're going to hate this, but consider it fair balance.
I think this car was a wonderful bargain new. Anything AWD and very fast was a fat, heavy Audi or a quite expensive Porche. Even adding lots of modifications doesn't add up to either of those. I figured it wouldn't hold much market value, with everyone flogging them to death (clutchs, anyone?), so my attitude has been to enjoy it, drive it, and now to mod it. In a couple of years, others can buy these used, upgrade them to their heart's content, and they will be classics of a sort. But decent resale has never been in the cards for these overachieving econoboxes. Buy them, enjoy them, and keep them or consider the drop in trade-in as a late-fee for a superb experience.
Now, back to the Vishnu site to try and figure out that green wire....
Doug

 

So true. You should have thought more before you bought it if you were worried about trade in value in a year. some things come up unexpected but for the others duhhh. you didnt think kids would bother you driving it? Look at the wing on it. like moths to the flame

 

Let me get this right, you bought an Evo for your wife, then got rid of the car because of what you call "Punk *** Kids" that were bothering her about wanting to check the car out. hmmmm...

This is a dream car to lots of kids and I am proud to be able to afford it! Really it's better you don't have the car now, since it is obvious that you are not a true Evo enthusiast! No harm intended by these statements, but there is no one, I mean no one that's gunna sway me into parting with my Evo, I don't care how many rides I have to turn down! Holla!!!!!!

 

I never once thought about resale value of this car when I bought her. It has been my dream car for many years and now i have her, I don't ever plan on selling. I say good riddance to you sir!