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Thread: Cheap used Mirages you've seen for sale?

  1. #641
    Senior Member fc321's Avatar
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    Its kind of depressing to buy a car new at the Dealer and then see it depreciate 50% in only 2 years. This is definitely a life lesson to never buy new from the Dealer again. Makes me feel dumb

    And I negotaiated one of the best deals at 9000$ for a brand new 2015. But the dealer charged me 12.5% apr so I paid 1000$ worth of finance charges just in year one.

    Thats why I call it a 10k dollar car and after only 2 years I see them selling used for under $5000. Sigh

    So even if you negotiate the absolute best deal possible at Dealership you still come out as a loser.


    Last edited by fc321; 08-22-2018 at 04:21 PM.
    2015 Mirage DE 5 speed Manual - 30k miles

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        click to view fuel log View my fuel log 2015 Mirage DE 1.2 manual: 44.9 mpg (US) ... 19.1 km/L ... 5.2 L/100 km ... 53.9 mpg (Imp)


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  3. #642
    Administrator Daox's Avatar
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    Keep in mind these are at the extreme end of the cheap scale.
    Custom Mirage products: Cruise control kit, Glove box light, MAF sensor housing, Rear sway bar, Upper grill block

    Current project: DIY Nitrous oxide setup for ~$100

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        click to view fuel log View my fuel log 2015 Mirage DE 1.2 manual: 47.2 mpg (US) ... 20.1 km/L ... 5.0 L/100 km ... 56.7 mpg (Imp)


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  5. #643
    Senior Member Top_Fuel's Avatar
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    Quote Originally Posted by fc321 View Post
    Its kind of depressing to buy a car new at the Dealer and then see it depreciate 50% in only 2 years.
    I bought my new 2015 for $10,000 (MSRP $15,000).

    My car is now 3 years old with 50K miles and it might be worth $5,000 on a good day. That's about 1/3 of the sticker price! Am I happy? Sure. The car is everything I expected it to be. I plan on owning it for several years...and my overall cost of ownership will be very low. I don't care what it's worth right now because I'm not selling it any time soon.

    The Mirage does depreciate quickly. This is NOT a car you want to buy new and own for a short period of time. You will take a bath. Likewise...this is not a car where you want to finance the majority of the purchase price or finance for an extended period of time. You may find yourself upside down in your loan for years. The same can be said for most new cars.

    If you buy a new Mirage at a deep discount and have a decent down payment with reasonable financing, you shouldn't be disappointed in the overall cost of it IF you are in it for the long haul.


    ...the dealer charged me 12.5% apr so I paid 1000$ worth of finance charges just in year one.
    Well...that's a separate issue entirely that has nothing to do with your Mirage. If the best rate you could get was 12.5%, then either your credit wasn't the best...or you didn't shop for your financing. Generally speaking, you should never rely on a dealer to secure your financing. Other lending sources (your credit union or bank) are usually much better choices.

    No big deal...your car was only $9,000. Just remember that lesson. Someone is probably out there right now buying a $50,000 SUV with no money down and 12.5% financing for 84 months. That person will pay $25,000 in finance charges!!! You should feel better now.
    Last edited by Top_Fuel; 08-22-2018 at 07:17 PM. Reason: spelling

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        click to view fuel log View my fuel log 2015 Mirage ES 1.2 manual: 52.2 mpg (US) ... 22.2 km/L ... 4.5 L/100 km ... 62.6 mpg (Imp)


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  7. #644
    Keep in mind most of the cars in this thread are at the extreme end of cheap: higher miles (usually), often rebuilt, and probably not well looked after.

    And these cheap ones don't come up often (at least within 500km of where I live, which is what I search for). Typically '14s and '15s in my neck of the woods are priced around $6k-7k.

    The average new car loses 50% in depreciation in the first 3 years: https://www.carsdirect.com/auto-loan...reciation-rate Some go down faster, some slower. Mitsus tend to depreciate on the faster side.

        __________________________________________

        click to view fuel log View my fuel log 2014 Mirage ES 1.2 manual: 63.2 mpg (US) ... 26.9 km/L ... 3.7 L/100 km ... 75.9 mpg (Imp)


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  9. #645
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    Quote Originally Posted by fc321 View Post
    Its kind of depressing to buy a car new at the Dealer and then see it depreciate 50% in only 2 years. This is definitely a life lesson to never buy new from the Dealer again. Makes me feel dumb

    And I negotaiated one of the best deals at 9000$ for a brand new 2015. But the dealer charged me 12.5% apr so I paid 1000$ worth of finance charges just in year one.

    Thats why I call it a 10k dollar car and after only 2 years I see them selling used for under $5000. Sigh

    So even if you negotiate the absolute best deal possible at Dealership you still come out as a loser.
    Depreciation calculators exist. Cars are money pits! A typical new vehicles losses 9% of its value at the time of purchase. Do the math!

    Using general numbers found on line -

    The average new cars sells for $35,285. One minute after your purchase, the car's value drops $3,176. After 2 years, the value would drop $10,939. That's more than some of us paid for a Mirage new.

    If you bought a $60,000 vehicle (pickup or whatever), the value drops $5400 before you reach home with it that first day. In two years, the value drops $18,600.

    By comparison, a $9000 new car would drop $810 right after purchase.

    It's never wise to buy a new car financially. Unless you can secure low financing, buying new is not the wisest thing to do. Even with low financing, buying used is better.

    I do not understand today's car market in the United States. People are really throwing away money at cars. Imagine buying way more car than you need & using a 7 year (84 months) or 8 year (96 months) loan to do so. Sadly, some are doing that. Can you imagine how much that car will cost them?

    Some depreciation calculator will say a 10.5 year old car is worth $0. You may get way more than $0, but the point is the value is real low after 10 years. We're talking typical vehicles that are somewhat used up. I know many of us are driving vehicles 20 years old & think nothing of it. The point is values drop fast!

    If you keep a Mirage for 10 years, it's not a terrible deal. As a matter of fact, it may be one of the best ones out there. I can honestly say some of the used 2017 Mirages are listed higher than what I paid new last fall.

    If I use up my Mirage in 10 years, the most it can depreciate is what I paid at that time. The average car ($35,285) would depreciate over $10,000 in just 2 years, & like you I paid less than that.

    I wouldn't feel bad about your new Mirage. The high interest is a bummer, but if you can pay it off early that becomes of less of a factor, too.

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    Yea the Mirage loses money pretty quick including my 18' G4 which i got $6K off from sticker but i plan to keep it for a long time and get my money's worth with it. I'm fortunate that i had the money and paid cash for it so no loan was needed. It's a cheap car that i bought new for basic transportation, great gas mileage and an excellent warranty. Once the warranty expires it's a pretty easy car to work on which is what i really like about it. I take excellent care of my vehicles and wanted something that was new and know the history on it. I looked at used civic's, corolla's, focus/fiesta's, various Hyndai's, Kia's etc but they were too expensive for the mileage they had and i don't know the history of the vehicle.

    I don't have to worry about it too much when leaving it out in public or parking because it's just another run of the mil econo box to the general public. It doesn't stand out like a more expensive sports/muscle car etc. were you might get a jealous/dirt bag who want's to mess with it.

  12. #647
    Senior Member Top_Fuel's Avatar
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    Quote Originally Posted by Mark View Post
    ...Imagine buying way more car than you need & using a 7 year (84 months) or 8 year (96 months) loan to do so.
    Stats from the third quarter of 2015...


    New Car Loan Terms

    43.5% of buyers financed for 61-72 months
    27.5% of buyers financed for 73-84 months

    Used Car Loan Terms

    41.3% of buyers financed for 61-72 months
    16.2% of buyers financed for 73-84 months



    Source: 5 Reasons to Say No to 72 and 84 Month Auto Loans

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        click to view fuel log View my fuel log 2015 Mirage ES 1.2 manual: 52.2 mpg (US) ... 22.2 km/L ... 4.5 L/100 km ... 62.6 mpg (Imp)


  13. #648
    Senior Member fc321's Avatar
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    Thanks guys,

    You make me feel better about it. But the major risk is that if we get in an accident the insurance companies will consider our car totaled and we will be lucky to get a $5000 check.

    I guess the major reason I got bitter is because around the time (in 2016) when I bought my Mirage (a 2015 brand new) I looked on craigslist for used ones and they where asking like $8500 or $9000 for cars with like >30k miles on them. So it made good financial sense at the time to just buy a brand new one if I can get it for 9k or 10k with a full 10 year warranty.

    Thats really why I am so vinegar-pissed about it, now when I see 2015's TODAY on sale used from private owners with 50k miles and asking under $5000 I get pissed off. Im pissed because there was no 2012's for sale at the time for under $5000. I know its my own fault, I got hosed at the Dealership.

    Im pissed because I try so hard to chop pennies and skrimp and save $10 on on a pair of jeans (for example) and acting penny-wise but DOLLAR FOOLISH when I make a choice to buy a brand new car and get hosed out of 50% in 2 years. I was gambling and ill-informed. I envisioned a future with $8 per gallon gasoline prices and that small cars would shoot up in value (the way they did during the latest fuel crisis of a few years ago where SMART cars where selling for over $10k the sticker price on craigslist because the dealers had a long waiting list.)

    Yes the Mirage absolutely kills it when it comes to fuel efficiency compared to other cars but today gas is only $2.69 per gallon in my city for 87 octane. So yeah Im saving but just a few bucks, an insignificant small amount. I can fill up the tank for twenty bucks compared to another car that costs 30 bucks. Just small dollar savings and in constant fear of a crash that could have my car totaled and with a paltry check of $5000 as compensation.

    And in my case I dropped the collision and theft coverages on car insurance. The truth is I put bare-bones coverage only $50 per month. If I should crash it wont be a $5000 check for me, it will be probably nothing.

    I had the full coverage for the first year $125 per month but just do the math, that $1500 per year. No accident happened so Im in the hole for $1500. Decided, funk that. No thanks. If an accident happens I will take it on the chin. I hope I dont crash. I have never been in an accident with another car in my entire life , just parking lot blunders.

    I feel we need to get a grip on our recurring expenses (every month) even more importantly then our one time expenditures. Because expensive insurance will chew away at our nest egg like termites chewing on a house. If you are silly and finance a cell phone with $100 payments or finance a $5000 furniture set or lease a car you are just pissing money down the drain.
    Last edited by fc321; 08-24-2018 at 06:03 AM.
    2015 Mirage DE 5 speed Manual - 30k miles

        __________________________________________

        click to view fuel log View my fuel log 2015 Mirage DE 1.2 manual: 44.9 mpg (US) ... 19.1 km/L ... 5.2 L/100 km ... 53.9 mpg (Imp)


  14. #649
    Senior Member Cobrajet's Avatar
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    Quote Originally Posted by fc321 View Post
    Its kind of depressing to buy a car new at the Dealer and then see it depreciate 50% in only 2 years. This is definitely a life lesson to never buy new from the Dealer again. Makes me feel dumb

    And I negotaiated one of the best deals at 9000$ for a brand new 2015. But the dealer charged me 12.5% apr so I paid 1000$ worth of finance charges just in year one.

    Thats why I call it a 10k dollar car and after only 2 years I see them selling used for under $5000. Sigh

    So even if you negotiate the absolute best deal possible at Dealership you still come out as a loser.
    As was mentioned, these are extreme examples. I don't know how many miles are on your car or what kind of shape it is in, but an insurance company would owe you "retail fair market value" for your car should it be totaled, not "cheapest one on Craigslist in the whole country value". It is these extremely low priced cars that this thread is dedicated to.

    If you only paid $9,000 for your car new then you got in on the bottom floor to start with. Mitsubishi took a big, big chunk of that new car depreciation FOR YOU by giving you the huge rebate. A 2015 DE in very good condition with standard equipment and 30,000 miles on it has a current KBB value of between $5,800 and $7,500, so you are not as underwater as you think.

    Most of the nice '15s for sale in my area have asking prices of around $6,995 on car lots.
    Last edited by Cobrajet; 08-24-2018 at 06:16 AM.

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  16. #650
    Still Plays With Cars Loren's Avatar
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    It's easy to look at what you spent on your Mirage and what it's worth now and be frustrated. But, sometimes it helps (oh, did I mention that I'm a MASTER at rationalization?) to consider what you've spent vs. what the AVERAGE person spends. The average new car price is up around $35,000 now. Even if you got hosed on your Mirage deal, you still paid half of that. And their $35,000 car has depreciated more than the entire price of your car. It's all in how you look at it.

    I decided 10 years or so ago that no matter what I own, new or used, I'm going to spend $2-3k per year on a car. (not including insurance) I can have a $250/mo car payment on a new or newish car. Or I can have an older car with no payment and spend that money on maintenance and repairs... and modifications. I generally choose to own an inexpensive car (my car payment is $150/mo), which leaves me plenty of budget for modifications, and still stay within my $2-3k per year range.

    So, I paid $6800 for my Mirage. I've put... uh... probably $2k into it if I added it all up. (coilover kit, custom control arms and ball joints, custom rear swaybar, wheels, tires, etc) So, maybe I've got $9k in the car TOTAL. It's more than just transportation to me (truth be told, I really don't drive it that much), I compete in it, and I have fun creatively modifying it do things that it wasn't meant to do. My car is my hobby. If it was worth NOTHING at the end of 3 years, I wouldn't feel too bad about it. $3k per year. Meh. (arguably, I could go a lot faster spending $3k/year) But, at the end of 3 years, it will still have probably at least $3-4k residual value. So, if I sold it at that point, I'd have spent $6k... only $2k per year. Which is totally fine with me. Totally expected.

    It's all in how you choose to look at things.

    As for insurance payouts (assuming you have full coverage), if they total your car, they should be paying for a comparable replacement. If they offer $5k, and you know that your car was pristine, and pristine examples of your car with your mileage are going for $6500... you can press them for $6500. I had a friend who's 1990 Miata got crunched a few years ago. Typical 1990 Miata was going for somewhere between $1500 and $3000, nicer ones maybe up to about $5000. But, his car was perfect (even though it had crazy high miles), and he had documentation of how well maintained it was, etc. He got a check for $8000. Just takes persistence sometimes.

    But, whatever you do... life is too short to stress about it.


    Simplify and add lightness.

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