Hi all,
New to the world of leasing but not car purchasing. I am looking at the Outlander PHEV and came across this lease deal from Mitsu - Here
My only concern is, I drive a lot! Around 15k-20k a year. If I lease my plan would be to buy it out after the 24 month period.
I have started to look at the Wiki and other topics but I wanted to check in here to see if what I am trying to do would make sense as I prefer the smaller monthly payment as I do not want to put 10-20k down.
To put in to context the deal youre looking at, after bumping up to 15k miles and including all the fees and taxes that doesnt include, thats roughly a $650-700/mo effective lease.
Thanks, but say I were to go over the mile amount and just decide to buy it out, I wouldnāt have to pay the overages for mileage right?
Going to a 15k mile lease just changes the lease structure. I would highly recommemd you not do a 10k mile lease if you think youre going to use 15-20k miles. Thats a great way yo make yourself feel like youre locked into making a big financial mistake like buying a Mitsubishi
Save your future self a lot of headache and financial pain by forgetting Mitsubishi exists.
You will be paying at least $5k in overage mileage charges assuming you drive 20k miles. Thatās an extra $208 ($5000 Ć· 24) per month.
As Matt said, if you drive that much, do not sign a $10k/year lease deal.
Thanks all for the advice, I will be looking away from the 24 Outlander 
The 299/mo ad is bogus, it doesnāt include all the fees like destination, registration, and taxes. Itāll be closer to 500/mo all in.
To answer your question - correct, if you buy it out at the residual value when the lease ends, you donāt pay overage because the car is yours.
You donāt pay an itemized bill for the overage. Thatās true. You just pay way more than the car is worth.
Hope you like being in submarines because youāll be underwater for a long, long time.
I actually made $4k on my 2018 phev lease when it ended. Granted it was during covid when used car prices were ridiculous, but still, itās not bad in all cases for everyone.
My total lease was under $10k for 3 yrs, so with the flip I got it for less than $2k/yr. Iād do the lease all over again if the same deal came along.
The worst thing about the car was the beeping. I had to take apart the head unit and unplug the speakers to make it stop.
Uh oh, I was test driving one this morning. The dealer was trying very hard to get me to sign a lease deal on the spot. Iām new to this forumā¦ Is the distain for Mitsubishi well established or should I be asking you to elaborate?
I also like the Hyundai Tucson, if I accept life with 5 seats, otherwise the Mazda CX90 is talking to me. I had an offer today on the CX90 from a broker in NYC who would deliver it to me in Miami. He offered 24 months, 12k miles, $1,633 down, $434.56 per month plus tax, MSRP $51,320 selling price $46,821, minus $8k rebates (including 7,500 Federal Tax Incentive), residual value $37,513.
The reliability, dealership locations, and general reputation of Mitsubishi is pretty low.
Also the prices arenāt all that great, so why not get a car for the same price with a 10yr warranty.
Buy the Tucson if it still has sub 1% APR for financing; otherwise lease the CX90. Either way forget the Mitsubishi
Mitsubishi just ended their 0% for 60 on the Outlander. Either way, I test drove a non-hybrid and it wasnāt bad. Itās a Rogue with a small 3rd row and the previous non-turbo motor.
To revisit this topic, there were some decent lease deals on Outlanders in the Northeast last year. Is there any way to āhackā a Mitsubishi lease of any variety? Is the outgoing ā23 PHEV a better option than a ā24 PHEV or regular Outlander? I may have to pencil out some sample calculators ā¦ it seems they may be stronger some months than others vs. always being āonā.
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