I thought about leasing an EVO X at first. The lower monthly payments looked nice... and the overall maths meant I would pay less for the car with leasing than with financing. BUT... and here's the big BUT... I drive a lot... and my mileage overages would have been HUGE. So that means I would have paid huge mileage penalties at the end of the lease. So because of that I ended up purchasing my EVO.

If you don't drive much... and realize that you have to return the car in OEM shape to the dealer when you're done... I don't see why you couldn't lease. Also realize that if you don't want the car anymore... you have to get them to agree to transfer the lease to another person (if you can find someone to take over the lease). You have more freedom with buying.

 

Yeeesshhh.... leasing is just sounding more and more like a pain in the *** more than anything. i guess if you were the unenthused driver it might be something to consider. however someone like myself who loves to drive, and has the mod itch, buying is my best course of action...

 

If you've never leased, then you are kinda talking out of context, especially with the thou shalt not break a lease bit.

Leases to me are for people who can't afford the car they really want. I have leased (335i), regretted it, and got someone to assume it. I'll never lease another car again, but if you get someone to assume your lease, you are completely removed from responsibility.

With 0% available for purchasing, it's crazy to lease an Evo. If you have a desire to modify it, they will catch you when you turn it in and you'll get hammered with charges. The paint on these cars is thin, it will speckle on the sides, you'll get hammered with charges. You drive the car a bit too much (life happens), and you'll get hammered with charges.

Worse, the charges you accrue might be high, tempting you to buy out at the end. Nothing is financially worse than leasing a car then buying it at the end. You'll end up paying so much more for it.

If you can't afford the car payment, but you can afford the lease payment, you need to be looking at a cheaper car.

If you can afford an Evo and a 20% down payment on a good deal + cover your taxes up front, you'll be sitting pretty, because these cars hold their value decently enough that you won't be upside down.

 

You can buy it out anytime so you can therefore trade it in on another car anytime. Done it a couple of times, traded the car in on another car during the lease.

 

Yeah, yep, and yes. I've seen it happen to a few guys.

 

there are some wise comments in this thread, but a lot of "it didn't work for me so it won't work for you" opinions as well.

i've leased and owned several vehicles. i'll do either and am indifferent to which method of financing to use. But leasing works very well for certain owners and poorly for others, likewise 'owning' or actually, financing with a car loan to own.

i did 100% financing at 0%/60mos on my evo -- no, car loans do not necessarily require you to put any money down (but this depends a bit on your credit).

leases can make sense if the money factor is comparable to a bank loan, AND you drive 12-15K per year (i.e. as close to the annual mileage allowed in your lease, or a few miles over it). if you drive a lot fewer or a lot more than your lease allowance, the lease is an expensive way to finance the car.

R U A Modder? If you lease, you run the risk of getting charged for excessive wear & tear. If you leave your mods on the vehicle, whatever your paid for them is gone... same, if you own. Mods actually make an EVO harder to sell. Been there, done that -- just assume the mods are worth $0 when you go to sell the car, maybe you get something for them, maybe not.

MODS that pay for themselves? Not many -- CLEAR BRA (done correctly) probably will, because with the new water based paints (which are softer) you're likely to get chips fairly quickly -- and this detracts from resale value.

 

Sure you don't have to put anything down. You can finance more than sticker if you are trading in an upside down car, but I was just mentioning a way to do it and make sure you are rightside up when you drive off the lot.

 

i put 10k down when i bought my 2008 gsr. On top of that, I also got the 60m 0% deal. my payments are only 450 a month

 

LOL I don't have to experience a lease to be very well-versed on it; I've purchased enough cars and researched leasing, have relatives who lease, have talked to dealerships about leasing, determined pre-lease contracts, etc. to know more than the average Joe. I digress.

Of course it's possible to break a lease. If you transferred your lease to another person, that's the safest and best way to do it BUT you have to find someone willing to take on your contract. Of course it's also possible to get out of a lease but you WILL pay lots of money.

I was responding to the poster who decried leasing because HE is driving WAY OVER his annual limit. I don't know anyone who would takeover his lease since he's past 15,000 miles per year and probably has 1-2 years left on his contract. He will either pay up the yin-yang by lease's end OR he will park his nice Evo and watch it sit in the garage until the lease is over. It was clearly a bad decision for him.

Many of my clients lease their Ferraris, Lamborghinis, Bentley's and most high end cars. Does that mean they can't afford it? I doubt it since they could all purchase 10 Evos if they wanted to (which they don't). So although leasing IS an option for those who can't afford financing, leasing is ALSO an option for those who have plenty of money and desire several vehicles.

Of course, as I say, the "plenty of money" status doesn't apply to many Evo owners since the demographic is 18 - 30 years old and many Evo owners cream their pants when they learn they can attain an Evo for a 7 year loan term. Sucks to be them.

I DO agree about not purchasing the Evo is you cannot make loan payments but somehow stretch yourself to make loan payments. And btw, financing is obviously an option for MANY Evo owners who can't afford to buy the car outright.

Most financial experts would tell you that buying a depreciating asset that you even add worthless mods to (worthless as in it actually takes the resale value DOWN) isn't very smart either. From that perspective, I'd say over 90% of the Evo owners here who did not buy their cars outright or took more than a 36 month loan are probably not making the smart money decision to begin with. But that's not a very popular thing to say is it?

 

Ok listen "bro" I did my research and I know what does into having a lease. I am not some punk kid who got this car. At the time I had a great job and could afford the car plus I was commuting to NYC taking a bus everyday so mileage wasn't a concern. I have lost my job maybe 3 times since I got this car. Not once did Mitsubishi offer to help me get out of my lease or give me an option to get out. I actually lost my job a month after getting the car and have been struggling to make ends meet. You should be so fortunate that you have a job and can afford it but IMO a lease is evil. Just but the car out right.

So next time before you pass judgment on someone why don't you get to know the facts. And how much time do you have on your hands that you have to creep through the forum reading through all my old post. GET A LIFE

So why don't you stop trolling. Cuase obviously you don't use this forum when you have been a member since 2005 and only have 164 post. Go drive your subi.

 

I know I can trade it in but a lot of places now especially in Jersey all have tried to take advantage of me. Once place made me an offer on an base lancer BASE! for 300 a month, I would rather pay the extra 150 and keep my car. Plus insurance goes up as well.

 

getrad,

sorry to hear about your job situation, i genuinely empathize with you.

however, i don't think the lease financing structure in and of itself is "evil".
your experience, however, is an important reminder that a lease is an ironclad contract, just like a bank loan. and as we all know, only the US Govt hands out 'bailouts' like lollypops ... not the local bank and not MMCA. So before you borrow/lease, weigh the costs (this month's, next month's and so on to the end of the lease).

 

Yeah things are good for me now and I have a very good job and can afford the car and then some. So I highly recommend putting a lot of thought into leasing. But I myself will never lease again.

 

Apples to oranges. No one drives a Ferrari more then 10K miles a year, the depreciation is generally insane, and if you can afford one, you can afford to basically flush money down the toilet. Evo's are many people's primary and only vehicle to be used year round commuting to work.

It's a very nuanced argument about buying depreciating assets, and it's generally used in the context of businesses which have to replace those assets over and over. If you know you have to replace your car in 3 years due to better technology, then yes, leasing makes sense. But for many people the evo is both their dream car (or one of them) and they have no plans to get rid of it and ALSO their primary car which they will use daily for commuting and life in general. Also, I'm not sure about the statistics, but with the very low number of Evo's on the used market, even from 5+ years ago, I'd say that generally Evo owners have a generally long term of ownership, on average probably longer then the typical 3 year lease term.

I can certainly see the value in leasing, but the arguments you just presented weren't very good. If you are planning on getting rid of your car after 3 years anyway and don't drive often, leasing can, and often does, make sense.

 

I wouldnt be good with leases