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Thread: Junkyard Find: 2014 Mitsubishi Mirage - Murilee Martin TTAC

  1. #21
    Senior Member Dirk Diggler's Avatar
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    Quote Originally Posted by Mark View Post
    I am not convinced a Mirage has bad resale value.

    I did a 200 miles radius search from my home of Mirages (with manual transmissions) on cars.com, & 14 cars came up. I would never consider an automatic or CVT small car. FYI - zero 2014-15 manual cars came up in my search radius.

    2017 ES with 74,245 miles for $7,136.
    2018 ES with 32,1070 miles for $8,895.
    2018 ES with 16,802 miles for $8,996.
    2018 ES with 35,611 miles for $9,226.
    2019 ES with 6,169 miles for $9,497.
    2018 ES with 12,506 miles for $9,499.
    2019 ES with 14,842 miles for $10,599.
    2019 ES new for $10,999 @ White Bear Mitsubishi
    2019 ES with 6,860 miles for $12,243 @ Mad City Mitsubishi
    Remain 5 cars listed are higher priced new cars.

    This is why I test drove a new Mirage @ Mad City Mitsubishi (65 miles away), & I purchased one from White Bear Mitsubishi (200 miles away).

    A Mirage needs to be affordable, reliable, and economical to be a great value. Personally, I wouldn't pay more than $10,000 for a Mirage even though I really like mine.

    When I first noticed the Mirage in 2017, I became interested in the updated 2017 models. At first, I was going to wait a couple years to buy a good used one. When I discovered that I could buy a new one for $9000-9500, I decided there was no reason to wait. I don't regret that decision.

    If I had to replace my Mirage now, I would probably buy a used one (like the 2019 ES with 6,169 miles). A low mileage used 2019 would be a little more expensive than what I paid for a new one in 2017, but the 2019 would have some features (like rear back up camera & cruise) that my current Mirage doesn't have.

    If you trade in a newer Mirage, you will lose money. Personally, I think these cars are a great value (especially under $10,000). Even a new 2019 ES manual for $10,999 is not a bad deal. I bought my car from that dealership, & I am convinced the car would be that price. (no hidden surprises). If you qualified for some extra rebate offers, it would be even less.

    Low mileage 2014-15 Mirages are even better deals for sure! As they add more & more features to the Mirage, I become less interested in new ones. I even noticed in Canada the real basic model is not so basic any more. Auto climate controls on the ES must have made A/C standard. Not a bad thing, but the base price has gone up, too!

    Personally, I think cheap, economy cars should have a cheap base trim level. I think some consumers would embrace that, and others can surely pay extra for those features they can't live without.
    I cant find any 2014/2015 for sale either! Thats worrisome.



  2. #22
    Senior Member Cobrajet's Avatar
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    Quote Originally Posted by Dirk Diggler View Post
    I cant find any 2014/2015 for sale either! Thats worrisome.
    There are a few in my neck of the woods...but not very many.

    https://seattle.craigslist.org/kit/c...058670062.html

    https://seattle.craigslist.org/sno/c...056908581.html

  3. #23
    Moderator Eggman's Avatar
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    Quote Originally Posted by Cobrajet View Post
    A new F250 depreciates by $10,000 when you drive it off the lot. Where people get into trouble with the Mirage is financing. If you finance a new Mirage for six years and try to sell it a year and a half after you buy it then the 'resale value' looks terrible because you will almost certainly owe much more on the car than it is worth at that point.

    But this is true of nearly every car. Buying a new car and flipping it after 18 months is going to be a killer.
    The rule of thumb I heard is if you can't pay it off in three years, you can't afford it.

        __________________________________________

        click to view fuel log View my fuel log 2015 Mirage ES 1.2 manual: 49.6 mpg (US) ... 21.1 km/L ... 4.7 L/100 km ... 59.5 mpg (Imp)


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    Cobrajet (01-21-2020),Fummins (01-20-2020)

  5. #24
    I'll likely keep mine for a while. It's paid for and there's nothing wrong with it. If something happens it still has powertrain warranty for another 4 years/120000kms. Whether it'd be covered is another story. As long as used parts are around I'll probably try to keep mine going for many moons rather than scrapping it. But it's still early and I usually get bored of cars within a year or two.

        __________________________________________

        click to view fuel log View my fuel log 2014 Mirage SE wussie cvt edition. 1.2 automatic: 37.7 mpg (US) ... 16.0 km/L ... 6.2 L/100 km ... 45.3 mpg (Imp)


  6. #25
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    Quote Originally Posted by Fummins View Post
    I'll likely keep mine for a while. It's paid for and there's nothing wrong with it. If something happens it still has powertrain warranty for another 4 years/120000kms. Whether it'd be covered is another story. As long as used parts are around I'll probably try to keep mine going for many moons rather than scrapping it. But it's still early and I usually get bored of cars within a year or two.
    I drive/use a car like a Mirage to save wear & tear on other vehicles I value more. In the meantime, I am also saving on gas. I am losing some $$$ on extra plates and insurance coverage, however.

    I tend to buy highly discounted new beater cars like the Mirage. They are easy to pay off quickly, & they will give you many, many years of service. Not having car payments is nice!

    When it comes to nicer vehicles (AWD SUV or whatever), I lean towards buying 2-3 years old models where someone else has taken the big depreciation hit. In general, new car depreciation is about 20% the first year & about 10% each year after that.

    Personally, I think a very slightly used (very low mileage) Mirage in the $8,000-10,000 range, & the older Mirages with higher mileage in the $6000 & under range are a great value.

    I agree with Eggman - If you can't pay off a car in 3-years, you probably bought to much. 6-8 year car loans have become common these days. That's crazy!
    Last edited by Mark; 01-20-2020 at 07:46 PM.

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  8. #26
    Senior Member Cobrajet's Avatar
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    Quote Originally Posted by Fummins View Post
    I'll likely keep mine for a while. It's paid for and there's nothing wrong with it.
    This. After I bought my Mirage and discovered very quickly that I liked it, I decided I would consider buying a new one once it hit 100,000 miles and started having problems.

    It hit 100,000 miles last year. It hasn't had any problems. Why replace it?

  9. #27
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    Quote Originally Posted by Cobrajet View Post
    This. After I bought my Mirage and discovered very quickly that I liked it, I decided I would consider buying a new one once it hit 100,000 miles and started having problems.

    It hit 100,000 miles last year. It hasn't had any problems. Why replace it?
    In my opinion, economy cars reach their prime when they are older. At a certain point, it's not worth carrying collision insurance any more. Eventually, comprehensive may go, too. Keep liability insurance on it and just drive the thing. Cheap transportation becomes even cheaper at that point!

    Car payments and higher insurance. Yuck!!!

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    Cobrajet (01-22-2020)

  11. #28
    Ironically, my Mirage is the most expensive car to insure (liability only) that I've owned in recent years. It costs almost twice what I pay for a 30 year-old Miata.

        __________________________________________

        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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    Fummins (01-23-2020)

  13. #29
    I don't have collision coverage on my truck or car. I figure if I'm dumb enough to be at fault I should pay to fix my own crap out of pocket. And I'm still covered if I hit an animal. So if I do hit the ditch just have some deer hair and blood around then just stuff it in the grille lol

    I just re-read your post^ Mine cost's more than my old dodge truck and the wifes 20 sorento for liability. Damn death trap cars.
    Last edited by Fummins; 01-23-2020 at 12:44 PM.

        __________________________________________

        click to view fuel log View my fuel log 2014 Mirage SE wussie cvt edition. 1.2 automatic: 37.7 mpg (US) ... 16.0 km/L ... 6.2 L/100 km ... 45.3 mpg (Imp)


  14. #30
    Senior Member Wallythacker's Avatar
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    Quote Originally Posted by Eggman View Post
    The rule of thumb I heard is if you can't pay it off in three years, you can't afford it.
    But the rule of thumb for a mortgage has always been 2.5-3x annual income. That metric has long been abandoned in this era of free money. The traditional financial rules are being ignored in all areas.


    Zero, 2014 ES Plus 5MT, written off but not forgotten.
    Zero II, 2014 SE, 5MT, climate She's HOME now!
    Shelby AKA "Cute", 2017 ES 5MT, A/C.

    Mirage owners look at the world differently than everyone else, but in a better way
    We're driving the Beetle of the 21st century, the greatest small car now available!

        __________________________________________

        click to view fuel log View my fuel log 2017 Mirage ES PLus 1.2 manual: 39.0 mpg (US) ... 16.6 km/L ... 6.0 L/100 km ... 46.8 mpg (Imp)


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