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Keep my Leased Outlander?
qdogg29
Member Posts: 4
Hey guys,
The lease for my 2007 Outlander will expire in July and I must make a decision by Wednesday. At this point one thing is for certain: I will be driving an Outlander in July. That being said, the questions remains whether I'll buy my '07 Outlander out of the lease or lease a new one.
I currently have a FWD LS model with just over 31,000 miles on the odometer. As everyone here must know, 2007 was the only year where the V6 engine was standard on all trim levels. The buyout is around 13,700 before tax, just beneath the TMV. However, the Sun and Sound package should boost the market value considerably. And I presume that, were it time to move this car, a straitened youth would naturally be my target buyer and the Rockford Fosgate sound system would be a big selling point. My car hasn't had any issues -- I take it these cars on reliable, despite J.D. Power putting them in the same class as VW -- but I'm an individual and won't heed their potentially prejudiced findings. Another criterion that I should ignore but can't, is that my car has overwhelming sentimental value. It is my first car and I have had great experiences with it and I feel it has a lot of life left in it. I would finance the car for 5 years and finally gain equity of the car with about 20k miles remaining on the powertrain warranty. Hopefully, I'll come into money and buy the car out before that.
On the other hand, I can lease new one. Unlike my '07, the '10 will be sparing on features. Although mated to a commendable CVT, I'll be stuck with a torpid four cylinder, comparable to many competitive vehicles in the compact SUV category. I wouldn't have the great sound system either. Aside for slightly better fuel economy, the biggest pluses would be aesthetically. I'll really fond of the new Outlander exterior styling. I would also not make the mistake of beige cloth upholstery. Sure, it looked like a classy complement to the black when I got the car, but I quickly regretted that decision. As someone once told me, every manner of stain will cling to the beige cloth and boy could anyone have spoken more prophetic words. And were I to lease another one, Mitsubishi would cover all stains and nicks as part of the Mitsubishi loyalty program. It would be nice to support Mitsubishi, b/c they move far too few Outlanders from the lot. There is an air of futility in my local Mitsu dealership and, the two times I have dropped by, I have not seen another customer in the show room. As much as I try to promulgate the virtues of the Outlander, it is all for naught. Mitsubishi's reputation is a blight on Outlander sales and that is unfortunate.
Any thoughts or suggestions? I know I should provide a little bit more info.
The lease for my 2007 Outlander will expire in July and I must make a decision by Wednesday. At this point one thing is for certain: I will be driving an Outlander in July. That being said, the questions remains whether I'll buy my '07 Outlander out of the lease or lease a new one.
I currently have a FWD LS model with just over 31,000 miles on the odometer. As everyone here must know, 2007 was the only year where the V6 engine was standard on all trim levels. The buyout is around 13,700 before tax, just beneath the TMV. However, the Sun and Sound package should boost the market value considerably. And I presume that, were it time to move this car, a straitened youth would naturally be my target buyer and the Rockford Fosgate sound system would be a big selling point. My car hasn't had any issues -- I take it these cars on reliable, despite J.D. Power putting them in the same class as VW -- but I'm an individual and won't heed their potentially prejudiced findings. Another criterion that I should ignore but can't, is that my car has overwhelming sentimental value. It is my first car and I have had great experiences with it and I feel it has a lot of life left in it. I would finance the car for 5 years and finally gain equity of the car with about 20k miles remaining on the powertrain warranty. Hopefully, I'll come into money and buy the car out before that.
On the other hand, I can lease new one. Unlike my '07, the '10 will be sparing on features. Although mated to a commendable CVT, I'll be stuck with a torpid four cylinder, comparable to many competitive vehicles in the compact SUV category. I wouldn't have the great sound system either. Aside for slightly better fuel economy, the biggest pluses would be aesthetically. I'll really fond of the new Outlander exterior styling. I would also not make the mistake of beige cloth upholstery. Sure, it looked like a classy complement to the black when I got the car, but I quickly regretted that decision. As someone once told me, every manner of stain will cling to the beige cloth and boy could anyone have spoken more prophetic words. And were I to lease another one, Mitsubishi would cover all stains and nicks as part of the Mitsubishi loyalty program. It would be nice to support Mitsubishi, b/c they move far too few Outlanders from the lot. There is an air of futility in my local Mitsu dealership and, the two times I have dropped by, I have not seen another customer in the show room. As much as I try to promulgate the virtues of the Outlander, it is all for naught. Mitsubishi's reputation is a blight on Outlander sales and that is unfortunate.
Any thoughts or suggestions? I know I should provide a little bit more info.
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This discussion has been closed.
Comments
The ES would be a step down in power and doesn't get the RF stereo but it does get 21/27 MPG on regular gas. The 2010, IIRC, has better crash test scores and may be cheaper to insure. The 2010 has pushed oil change intervals on both 4 & 6 cylinders to 7500 miles so there's another reduction in operating cost. That said, the I4 in 2010 still uses a timing belt so that bit of maintenance is still needed (in the V6 it's a chain which doesn't need replacement).
Does the '07's V6 require a timing belt replacement @ 60K? That's not a cheap maintenance item (a few hundred dollars). If you're planning to compare costs over the next 4-5 years to see which option makes the most sense, don't forget to factor in anticipated maintenance costs.
On leasing v. buying: You leased the '07 for 3 years and would finance the remainder for 5 years. That's 8 years of payments (and interest) which is pretty long. Opinions will vary but I personally believe up to 5 year financing is fine, but once you start getting into 6+ years it should really be telling you that you can't afford the vehicle. Not a personal comment; just a financial reality. You say this is your first car. How will you feel about it in 3, 4, or 5 more years (once it's paid off)? Will you be tired of it or willing to hang on for longer? The car itself, if well maintained, should be fine from a reliability standpoint.
Most people, especially those of us who like cars enough to come to the forums, do get emotionally attached to our cars. So I can understand the sentimental value. Don't ignore your feelings - it's important that you like your car - but don't let those emotions sway you into making a decision you'll regret emotionally or financially later on.
All of that is a long winded way of saying do the numbers. Fire up a spreadsheet and estimate what the '07 will cost to buy & operate over the next 5 years. Compare that to the '10 and include in the '10's numbers that you'd be in another lease so zero equity when it's done. Include payments, gas, maintenance (oil changes, brake jobs, 30 & 60K service intervals, etc.), insurance, and factor in a little for repairs. Don't forget to include replacement tires & battery at some point (it's hard to estimate when they'll need replacing but they will). You're decision is easier since you're only looking at Outlanders v. including other options. But should you decide to look at other options ('08 and up Lancer, for instance), just add more columns to your spreadsheet.
I'm going to guess the '07 comes out ahead in the calculations.
My Mitsu history: I bought a '99 Galant LS V6 and had it for 152K miles until I replaced it with a '10 Outlander GT. Mitsu was the first car brand I liked enough to remain loyal to; the Mazda, Toyota, Mercury, and Nissan cars that I owned previously didn't earn my loyalty.
My car philosophy: Cars are an expense, not an investment. I buy loaded cars to provide me with more features. I do this because I'll hold on to my cars for a long time and still want to enjoy the ride 6, 8, or 10 years later. I enjoy going for years with no payments and also enjoy the option of dropping to liability only insurance. As long as my car is reliable and I'm not tired of it I'll keep driving it 'til it falls apart. That maximizes value & minimizes cost. Sure, I won't always have the latest thing but I'll always have more cash in my pocket.
I still have my concerns with the I4..it would be peppy enough for sedan/coupe..but a small SUV is kind of pushing it. The salesman said after 20 miles per hour they are both the same. Even if that is true, sub-20mph acceleration is vital. For instance, say you are crawling onto a semi-congested highway at 15mph, you see a small window to get on -- in that situation you damn well would want a V6. I mean I wouldn't roll up to an EVO at a red light and rev my engine, but there is a functional and practical horsepower/torque difference between the two engines, and the faster engine could extricate one from a dangerous situation. By the way, the GT is so nice, unfortunately it's beyond my budget.
In the long run, though, I think the better solution is to buy your current car, maintain it well, and run it for at least two years after it's paid off. During those two years, keep making payments but make them to a savings account and when you're ready for the 2017 Outlander :shades: you'll have a decent down payment saved up with no budget hardship.
As to the LED display, I hear you. I've seen that disp[lay in the Lancer and wasn't too overly fond of it. Seemed functional but a bit busy. My GT has the navi so the LEDs are replaced with a screen (pics 2, 9, and 11 at http://www.mitsubishicars.com/MMNA/jsp/outlander/10/index.do?loc=en-us#/?page=in- terior_gallery ). The RF stereo is awesome. It's the first factory unit I've heard where I actually can't stand it with the volume all the way up.
I also drive mine into the ground. Cars are an expense, not an investment, so it's best to get the most out of them before you move on to the next great thing.
BTW, does the '07 require or just recommend Premium? On the '10 it's recommended but not required so I burn midgrade.
My dealer offers courtesy rides if I can't stay wait while a service is performed, including just for oil changes. But they now have free WiFi so I just bring my laptop for short stays.
I proofread my posts but things like that still get through on occasion.
Clean the doors, dash, and hard surfaces as well. You can buy fancy cleaners but in the end Windex + a couple of rags will probably do everything you need. Plastic absorbs smells so just cleaning your upholstery & carpets might not get everything. Besides, I'm sure there's dirt on the center console & window edges where you rest your arms. There always is on my cars after a while.
After a thorough cleaning, you'll feel good about your car again. It won't feel so much like you've been living in it the past three years and should make it easier to live with the decision to keep it.
Of course, you can pay a shop to detail it for you but they don't have a vested interest in doing as complete a job as you would yourself. And there's a sense of satisfaction from doing it yourself that will bolster your "pride in your ride".
(sorry for the Bose commercial first and wish I had a better section link as the episode is pretty funny)
http://www.tbs.com/video/index/0,,46206%7C%7C,00.html
I had a standard cab Ranger at the time, I picked him up, the BO was so bad it was intolerable. I drove him maybe a mile, told him I had to go the other way, and dropped him off. My truck stunk for days, my wife and I finially scubbed the interior to get the odor out.