Experiences with leasing?
Evolving Member
Joined: Dec 2011
Posts: 105
Likes: 0
From: Poolesville, MD
Hey guys,
I am from Michigan. Just signed up here and am considering getting an EVO MR. I am mainly considering a lease option at the moment. To anyone that has leased or is currently leasing this car, how have your experiences been with leasing? Is your insurance expensive? Thank you.
I am from Michigan. Just signed up here and am considering getting an EVO MR. I am mainly considering a lease option at the moment. To anyone that has leased or is currently leasing this car, how have your experiences been with leasing? Is your insurance expensive? Thank you.
Evolving Member
Joined: Dec 2011
Posts: 105
Likes: 0
From: Poolesville, MD
Your best source of knowledge for these types of questions would be the insurance company, not an automotive forum.
When I talked to my company (Allstate) they informed me it doesn't matter if it is a lease or a purchase.
I did not ask about deductibles as I always keep mine at $500/$100 so I can't say if you could carry a higher one.
When I talked to my company (Allstate) they informed me it doesn't matter if it is a lease or a purchase.
I did not ask about deductibles as I always keep mine at $500/$100 so I can't say if you could carry a higher one.
MMCA or Ally ( the companies mitsubishi does their leases through require 100/300/100 coverages with no more than a $500 deductable
Evolving Member
Joined: Dec 2011
Posts: 105
Likes: 0
From: Poolesville, MD
I think I should be alright credit wise last time I checked my FICO was over 760. I do not drive many miles, less than 12k a year for sure. How picky is the dealership about the condition that the car is returned in? Has anyone been charged for things that they found to be unsatisfactory?
Thread Starter
Newbie
Joined: Jun 2013
Posts: 11
Likes: 0
From: Michigan
Not sure how much you put down but that seems like a damn good deal.
Thread Starter
Newbie
Joined: Jun 2013
Posts: 11
Likes: 0
From: Michigan
You have waaay too much faith in the rationality of humans. Let me give you the single, best counter to your argument: lotteries are more popular than ever.
Evolving Member
Joined: Apr 2013
Posts: 108
Likes: 0
From: SoCal
Let me just make it clear that short term leasing is cheaper, long term you lose money if you end up buying the car. The benefit of leasing these cars is to one have the ability to thrash the hell out of it and not worry, be able to give it back and get into a new car when you are ready. On the other hand, you are essentially renting the car, so you wont see and returns in cash because you cant sell it when you are done with it. With leasing you have options, and less commitment. You dont have to go through the hassle of selling it, and you dont have to deal with all the drama of owning a car. Both have their ups and downs. If you can afford a car like an evo, money shouldnt be an issue, so leasing can be very appealing. I like having options personally
Thread Starter
Newbie
Joined: Jun 2013
Posts: 11
Likes: 0
From: Michigan
Okay, guys, this is not cool at all. I goto lease an EVO from California and apparently the tax laws are different by state. In Michigan, I have to pay tax upfront on the full value of the car even though I am just leasing it. Does anyone have any experience with this? This does not seem fair at all.
