Mitsu destroys resale values (with big discounts/incentives)

[Canoehead]

Resale values is not a concern for me because I would use the car until it falls apart.

I share this sentiment. The resale value of anything after 12 years seems to be about the same, unless it is a specialty/classic vehicle (which the Mirage may be, though it is unlikely).

One other consideration, though, is the possibility of an insurance loss. If you pay equal amounts for a Honda Civic and a Mitsubishi Mirage (I know, you wouldn't), and after a year or two a cement truck rear ends you, or a tree falls on the car - insurance will pay a lot more for the Honda than the Mirage. Near the end of the vehicle's service, insurance may write off the Mirage while the Honda may be worth repairing in their view. These events are unlikely, but something to consider.

Depending on your circumstances, too, you may find yourself wanting to change - either move downtown and go car-free, or have a few kids and get a mini-van, or maybe buy a ranch and get a truck. Again, not likely but possible.

[chris2004]

It's funny how people get used to high gas prices. 6 years ago, $3.50 and $4 per U.S. gallon had people snapping up economical cars like crazy. Worn out 10-15 year old Geo Metros were going for insane prices.

Lately, national average prices are near record highs in Canada, and have crept past $3.60 USD/gal south of the 49th... yet I'm not seeing the same level of panic this time around... $4/gal in the U.S. may be the "new $3.50".

Wait till it gets to $10 a gallon like Europe.