Confirmed by Mitsubishi high offical: Lancer Evolution is no more
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From: Southern California
2010 SE MSRP (including destination charge): $36,550
2011 MR MSRP (including destination charge): $37,955
A $1,405 difference is a lot less than $2-3k.
The Supra is not the be all and end all of good resale value. I understand people always like to use it as the reference point - but there is plenty of landscape in the good resale value category and the Evo is squarely in it.
The banking crisis caused banks to not want to loan "more then NADA" that is no fault of the Evo, nor any used car. Most banks will only go 80% or what they call loan value. They do this to protect their interest if the buyer defaults on the loan and the bank is forced to repossess. Banks are not in the business of selling cars, dealers are - that's why you generally don't see cars for sale outside your local branch. They generally load up all the repos and dump them at auction to get a quick return. Because they will typically only loan 80% of book they can unload them quickly with little loss. Dealers pay more and sell for more and dealers can get banks to loan more because of the need to profit and stay in business. I can and regularly get people bought at 105, 110 even up to 130% of NADA value for certain customers.
Right now clean retail NADA on my 2005 with 57K is about $20,500. I could look at a loaded 2005 Lexus ES330 with nav and Mark Levinson and the same mileage (which undoubtedly cost more then the 34K my car listed for) and its $18,900. Of course there are far more Lexus ES then Evos, but that's why I loaded it up with options to give it a more sporting chance. Out of any similarly priced import of that same model year, I do not believe there to be a car to have a higher NADA value.
Any car owner will take a beating selling that early, and 1-2 years is early especially when there are new versions of your car being built and currently sitting on dealer lots. That is why it is silly to compare it to what a Supra does now because there are 1. No Supras being built. 2. Less then 5000 of them (TT models) left from all model years 93-98. There were more then 5000 Evos imported in 2003 alone.
The banking crisis caused banks to not want to loan "more then NADA" that is no fault of the Evo, nor any used car. Most banks will only go 80% or what they call loan value. They do this to protect their interest if the buyer defaults on the loan and the bank is forced to repossess. Banks are not in the business of selling cars, dealers are - that's why you generally don't see cars for sale outside your local branch. They generally load up all the repos and dump them at auction to get a quick return. Because they will typically only loan 80% of book they can unload them quickly with little loss. Dealers pay more and sell for more and dealers can get banks to loan more because of the need to profit and stay in business. I can and regularly get people bought at 105, 110 even up to 130% of NADA value for certain customers.
Right now clean retail NADA on my 2005 with 57K is about $20,500. I could look at a loaded 2005 Lexus ES330 with nav and Mark Levinson and the same mileage (which undoubtedly cost more then the 34K my car listed for) and its $18,900. Of course there are far more Lexus ES then Evos, but that's why I loaded it up with options to give it a more sporting chance. Out of any similarly priced import of that same model year, I do not believe there to be a car to have a higher NADA value.
Any car owner will take a beating selling that early, and 1-2 years is early especially when there are new versions of your car being built and currently sitting on dealer lots. That is why it is silly to compare it to what a Supra does now because there are 1. No Supras being built. 2. Less then 5000 of them (TT models) left from all model years 93-98. There were more then 5000 Evos imported in 2003 alone.
I agree, the Evo depreciates slower than normal, and that's great. But that doesn't lead to:
sucks to hear all this but as long as we can keep are 10's in good shape the re-sale value will be sky high whenever u sell (if u do)
But my whole point is some people are asking $30k for their Evo IX. These are the people that are sitting on their cars. You don't buy a car for $25k, then sell it five years later for a $5k profit. But there are fools born every day.
I've been seeing more Evos selling for normal Nada prices lately then I used to. I've watched cars drop $7k on craigslist over the last 6 months. I'm glad the evo doesn't depreciate quickly, but to say the Evo is going to be worth a lot of money some day, I highly doubt it. Too many of them were made (as you stated) and too many of them are still being produced. Not to mention, EVERYONE mods them to some degree.
Know what Evo is worth a lot of money? The Evo VI TM edition. They were rare, hard to get, and few people modded them. I just feel a lot of people are being very unreasonable about what their car is worth. It isn't worth $5k over nada, I don't care how good of condition it's in.
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From: Birmingham, AL
I think we are saying the same thing but not the same way.
I agree, the Evo depreciates slower than normal, and that's great. But that doesn't lead to: ^-- not from you.
But my whole point is some people are asking $30k for their Evo IX. These are the people that are sitting on their cars. You don't buy a car for $25k, then sell it five years later for a $5k profit. But there are fools born every day.
I've been seeing more Evos selling for normal Nada prices lately then I used to. I've watched cars drop $7k on craigslist over the last 6 months. I'm glad the evo doesn't depreciate quickly, but to say the Evo is going to be worth a lot of money some day, I highly doubt it. Too many of them were made (as you stated) and too many of them are still being produced. Not to mention, EVERYONE mods them to some degree.
I agree, the Evo depreciates slower than normal, and that's great. But that doesn't lead to: ^-- not from you.
But my whole point is some people are asking $30k for their Evo IX. These are the people that are sitting on their cars. You don't buy a car for $25k, then sell it five years later for a $5k profit. But there are fools born every day.
I've been seeing more Evos selling for normal Nada prices lately then I used to. I've watched cars drop $7k on craigslist over the last 6 months. I'm glad the evo doesn't depreciate quickly, but to say the Evo is going to be worth a lot of money some day, I highly doubt it. Too many of them were made (as you stated) and too many of them are still being produced. Not to mention, EVERYONE mods them to some degree.
But yeah, I totally agree. No car currently produced is worth over MSRP unless we are talking about certain exotics. Rewind back to 1998 if you were some doctor that had just dropped around 50 grand on a '96 TT Supra and decided you wanted to trade it in on a new Landcruiser and there were new 98s collecting dust at the Toyota dealer, you would've lost your *** too.
Last edited by GPTourer; Mar 9, 2011 at 10:38 AM.
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Pretty much, guess we all just have to wait and see what is going to happen, good or bad. Just wish the guy when he made his first announcement would have chose his words a tad better, or get a reported that didn't bend the story so much to make it more dramatic.
So I've heard conflicting reports now. First I heard that the Evo was no more, but now I hear they are still contemplating the direction of the company? 29 pages...haven't been through all of them, but is that the cliff notes of it?
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From: Birmingham, AL
Cliffs,
No one knows, really.
The Evo X will probably be the last Evo as we know it. The next car could have Evo like qualities but may have a hybrid drivetrain or diesel.
However, the quake/tsunami has put all the Japanese automakers in bind, so all bets are probably off.
No one knows, really.
The Evo X will probably be the last Evo as we know it. The next car could have Evo like qualities but may have a hybrid drivetrain or diesel.
However, the quake/tsunami has put all the Japanese automakers in bind, so all bets are probably off.
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Joined: Mar 2003
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From: Southern California
^ On that note, from autoblog:
Japan's major automakers have taken substantial losses in the aftermath of the quake, with most manufacturers faring worse than the market's overall drop of 6.2 percent. Mitsubishi had the roughest go of all automakers with a nine percent decline, followed by Isuzu at 8.9 percent, Nissan (8.5 percent), Toyota (7.2 percent) and Honda 3.8 percent). But while automaker stocks took a major hit, construction companies are on the rise, led by Kajima Corp., up 37.2 percent.
the evo is dead... ralliart is gone... we just have to face it.... think how many crap cars GM made with "SS" badges... any future "evo" will be in that vein... I dont think the X's will be worth a ton in the future, but a well maintained evo (any 03-2012) will probably at least hold some value like the Supra's did...
