lease about to run out

[Lithim]

Dear fellow electronauts,

Come February, 2015 my lease expires. I seem to remember a lot of cars were leased in Jan. and Feb. 2013.
Has anyone heard or have personal experience with purchasing their own car at an auction after the lease has run out?
What is the used market looking like?

2012, ES model, silver with QC

 

[siai47]

It's pretty hard to do. First you need to find what auction house the leasing company uses to get rid of the cars. Even though it might be in your area, there is no guarantee that it won't end up at some other house a thousand miles away. There's also no guarantee that your turn in dealer (unlikely) won't buy it at a reduced price for his used car lot. Even if you do find it at auction and are successful with your bid, you have to retrieve it and then pay sales tax (again) on what was once your car which you paid tax on already through the lease. The leasing company (in my case Ally) won't even discuss selling you the car at any price other then the original residual value. In the case of my I-MiEV, because of the $99 lease, the residual is more then the price of a brand new car. Because of the cheap leases and the $10k price drop after most leases were made the leasing company (and Mitsubishi) is going to really take it in the --- at the auction house. I wouldn't worry about "your" car---If you want another I-MiEV, wait for the auctions (you can track the large house's inventories on-line) and go down and pick one to bid on. I think they are really going to go cheap with oil prices like they are forecast to be over the next several months. Or, just buy a brand new one with full warranty and continue on.

 

[Vike]

. . . If you want another I-MiEV, wait for the auctions (you can track the large house's inventories on-line) and go down and pick one to bid on. I think they are really going to go cheap with oil prices like they are forecast to be over the next several months. Or, just buy a brand new one with full warranty and continue on.

That first idea might be problematic - there are going to be approximately zero i-MiEVs showing up at auction, so it doesn't seem a very high probability play. It would likely be easier to buy (and finance) a new 2014 i-MiEV (and it's just a better car, especially if you were leasing an ES), but depending on the motivations of all concerned you might have to pay transport costs unless you live near one of the handful of dealers with any inventory.

So there's a question - has anyone bought the 2014 i-MiEV from out of state inventory, and if so how did that go?

 

[Vike]

My last comment appears to have generated some confusion, in that I've been asked why I don't think any i-MiEVs will show up at auction. I didn't say that - I said I expect to see "approximately zero i-MiEVs showing up at auction." My point is that there will be so few that the odds of finding one are pretty low, as opposed to the much higher probability play of getting a new 2014. We all have different priorities, so the savings may be worth the effort to those familiar with used car auctions, and comfortable with evaluating the risk of buying an EV (with battery pack) used and abused in ways unknown. I assume that's what motivated the original interest in buying one's own car after the lease instead of just getting any ol' used i-MiEV.

Another question that's come up is the advisability of buying (new or used) what does seem very likely to be an orphan car. That is the hard question for the i-MiEV at this point, and the answer is highly subjective. Especially at the current price, it's fair to say that EV enthusiasts have spent far more on individual projects with far less prospect of support, for cars that are far less finished and capable than the i-MiEV is today. In truth, I'm less worried about Mitsubishi neglecting i-MiEV owners in particular than I am about Mitsubishi folding up its tent and leaving the U.S. altogether. If they do keep it together, though, we might actually see more i-MiEVs next year if/when Mitsu gets their battery supply issues sorted out, especially with the Outlander PHEV's NA launch delayed yet again by CA's new battery monitoring standards for PHEVs (we're now being told we won't see it until the model refresh, probably because of the new engineering work).

I guess I'm saying the i-MiEV seems a fair deal to me right now, but not if you're uncomfortable with anything outside the risk profile of a typical new car purchase. If that's the case, just spend the extra money on a LEAF - you'll sleep better (and you won't have to wait months and/or have your car shipped from a dealer three states away).

 

[klindholm]

vike, I just bought a new 2014 from White Bear Mitsubishi in Minnesota, I am in Colorado and they were great to work with, and 2K less than buying in Denver including shipping to CO. Denver was 23,500, got mine shipped to me for 21,400. I could have paid a few hundred less except I wanted the Blue color. I recommend Neil Hinz, tell him Kevin sent you. They have their prices online if you want to search for them. Unlike Denver, they actually like selling iMievs.


Kevin

 

[Vike]

vike, I just bought a new 2014 from White Bear Mitsubishi in Minnesota, I am in Colorado and they were great to work with, and 2K less than buying in Denver including shipping to CO....I recommend Neil Hinz, tell him Kevin sent you. They have their prices online if you want to search for them....

Thanks Kevin, but I'm happy with the one I've got.

Btw, great info, but hold on a minute - aren't there actually i-MiEVs in inventory just up in Fort Collins? There were several last time I searched cars.com, but perhaps that was bad info. Or was it a matter of price?

Anyway, thanks for providing an example of buying a car exactly three states away! :lol:

 

[klindholm]

Yes, Ft. Collins has them in stock, they wanted 3K more than I paid, Denver was only 2K more. Neither dealerships seemed that interested in moving them to me. Also, I prefer dealing over the web instead of working with salesman at dealerships. Looks like the CO credit this year will be 2479 on the iMiev. So, it is just under 10K off the price after tax credits. Wish they had a better resale price, seems like they go used for the cost of the battery pack. Love not buying gas though!

Kevin

 

[nsps]

FYI I just got a call offering to extend my lease 6 more months at the rate I was paying ($150/month after tax). So maybe they're becoming a little less eager to see them come back.

 

[Lithim]

Well, that's encouraging. Who are you leasing from?
I spoke with Ally again yesterday re. lease extension. Same song and dance. Month by month, three month max and double the rate. NO THANKS !
Deadline for lease is 10 Feb.
On another note, what kind of fees if any has anyone been paying at the end of a lease?
Silver 2012 ES with QC
16,024 quiet miles.

 

[nsps]

What is your current rate? When Ally called me last week to remind me about the termination, they offered nothing other than buying the vehicle for more than the cost of a new Leaf. Then they called yesterday offering up to six months at my current rate.

 

[user 1835]

I've found this interesting blog about an iMiev owner who was approaching lease end:

https://transportevolved.com/2015/01/17/electragirl-mitsubishi-miev/

https://transportevolved.com/2015/01/25/electragirl-choosing-right-small-ev/

https://transportevolved.com/2015/01/31/electragirl-2015-smart-electric-drive/

Went with a Smart ED lease.

 

[JoeS]

Some quotes from the above articles:

The one most noticeable thing about the i-MiEV is that it works, it just works. It never shows up any faults, it never has in the last two years. You just point it in the direction you want to go and it’s off… The i-MiEV is what it is. It doesn’t pretend to be a super fast EV or a posh EV, it doesn’t put on airs and graces, it doesn’t have much to offer but you know what? It works and it works really well and without fail…

Their lease was running out and they wanted to replace the i-MiEV with another one or extend their lease.

…we went back and forth on the i-MiEV, but were put off by the total lack of interest from our local Mitsubishi dealer, no interest whatsoever in trying to keep us as a customer. They wanted to charge us $750 – $1,000 to have an i-MiEV bought to their garage – Umm, I don’t think so. We could have extended the lease but also saw a lack of interest from the finance company in sending us the paperwork – it’s been two weeks and still nothing from them. I’m disappointed with Mitsubishi. I think the two people that worked there when we leased the i-MiEV two years ago, are no longer working there. Which is a shame as they were really into electric cars and very supportive.

They bought a Smart ED.

Poor ‘MiEV’. I felt sorry for it, knowing that it’s going back. It has served us well over the last two years and never given us any issues at all. I do believe I will miss it. But I also am annoyed at Mitsubishi for being so blah about trying to get us into a new i-MiEV. Well it is their loss. We dropped off the i-MiEV today and we were actually quite upset to see it go. It has been a faithful friend for two years – and you can’t complain about that!

Sad, really, on so many fronts.

 

[archie_b]

I agree JoeS, it really is sad. Here is an owner that loves their car, wants to keep it or get another one and gets nothing but apathy and disinterest.

I guess Mitsubishi is happy with the 300% increase in miev sales in January 2015. In January 2014 they sold 1, this year they sold 3.

Archie

 

[PV1]

Exactly why I didn't lease.

A local i-MiEV lessee is about to lose their i-MiEV because of the ridiculous residual price. Luckily, she was able to buy a used i-MiEV for a good price.

Mitsubishi sure screwed up trying to sell the i-MiEV. The car itself is great, but not the support.

 

[nsps]

Exactly why I didn't lease.

I certainly don't regret leasing. The amount I paid is way less than the value the car has lost, so I came out on top. Fair play to those who purchased, as they get to hold onto the car and supported its concept with more fervor, and if you plan to keep the car it doesn't matter, but from a financial standpoint the sweetheart leases were the best deal.

 

[Lithim]

Rest in peace silver I-MIEV.
Yesterday my car was returned to the dealer at two year lease end.
16,042 miles on the odometer.
While at the dealer, the salesman on my prompting, called Ally to see if the car could be purchased. Surprisingly, they came back with a realistic price of $9,588 +TTL, etc. I was shocked. The twist is they can't sell the car to me as the former lessee due to some "arms length transaction" rules. My wife or some other family member would have to buy the car.
I've been looking at some other 2012 cars to purchase with far fewer miles but this new development adds an unexpected twist to the decision tree. I have a few days to make a decision before the car is picked up by Ally at the dealership.
Former owner(lessee)
2012 silver, ES with QC

 

[PV1]

I would say to have your wife buy it. That's one of the lowest prices I've seen, plus you know the condition of the car.

 

[jray3]

a realistic price of $9,588 +TTL, etc. I was shocked.
2012 silver, ES with QC

Heck yes! And if Mrs. Lithim buys the car, that could remind lessors that there's a more efficient method of liquidating these cars than the long and expensive trip through an auction to get a guaranteed lower price than any former lessee would pay.

 

[nsps]

I spoke to Ally today while extending my lease. FYI the double rate is just Ally's standard policy for lease extension, but it sounds like they're offering the 6-month extension at the current rate on all i-MiEVs. It will be interesting to see what happens after six months pass.

 

[Lithim]

Here's the latest:
Do I:
1)buy my old car back ( a known entity) for $9588 with 16000+ miles or do I

2)buy the same car in San Antonio (an unknown entity) for $9995 (asking price) with 2500 miles?

Times up.
I'll go with door number........................ one

I bought or more correctly, Mrs. Lithim bought our car back.
While the car was at the dealer all the recall items were completed, too.
It's good to be back in the club.