Got this idea from Kiwi. But since I'm fine with the exterior emblems the way they are, I knew that doing this mod in the interior would be awesome.
I bought a 3" × 4" piece of Vvivid matte red vinyl from eBay. It was $1.30CAD with free shipping. I'm pretty happy with that price, so here's the store I bought it from. I debated between a few colours, but decided to go with red. Because I don't plan to use it on any other interior colour mods I'm going to do, I knew it would really pop. I bought a "hobby knife" at Canadian Tire for about $5CAD. That's a great price for all the materials for this project, especially as someone who would be doing a lot more mods if they weren't a student right now.
I started this during the night (because of studying boredom), which I don't recommend. The shadow from your hand will get in the way. I had to stop and wait until the next day to finish. Overall, it probably took me about one and a half hours.
It depends how steady you are I guess, but you're likely gonna scratch up the sides of the emblem a bit. I sure did, but it's totally worth it to me. You and everyone else will be looking at your colourful emblem anyway; not at how scratched up the sides are. I was pretty impressed with myself for not slicing the actual steering wheel, actually!
Here's the knife I used.
Here's your emblem. Note that the three diamonds attach at the centre; they're not all separated like normal Mitsubishi logos! I was poking my knife in the middle to try to find the separation at one point. Not cool! Don't do that.
Tear off the piece of vinyl and lay it on the emblem like this. It doesn't matter if you can't get it flush against all edges yet, because you just need to do a very rough cut for now.
You'll end up with something like this.
I did a few more cuts, but then my shadow began to get in the way. So, I waited until the next day to finish.
Here's a close-up of the finished product. For my first time doing a mod involving precise cutting, I'm pretty happy! Looks even better from further away, of course. REMEMBER, you can turn your steering wheel (who knew?) to get certain edges of the emblem in a more desirable position for cutting. The outer-most points on each diamond are really tricky--mine are just kind of left dangling out a bit. Your knife would have to be incredibly sharp to cut them perfectly.
I would love to see some other colours done! I did up a red and blue render in Paint before I went with red.