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Miami Herald
a day ago
- Automotive
- Miami Herald
Buying a Mitsubishi? Prices Just Jumped
According to a new report by Reuters, Mitsubishi is the latest to join a growing list of automakers that are passing on the economic burden of tariffs and their effects on the supply chain directly onto the buyers of Outlanders, Outlander Sports, and its other vehicles. The newswire reports that as of June 18, prices for Mitsubishi vehicles sold in the U.S. will increase by an average of 2.1%, a move that the automaker itself claims is due to a combination of market factors and ongoing internal pricing evaluations. In its statement, Mitsubishi said the pricing adjustment was "a direct result of our regular and ongoing review of pricing to ensure we are aligned with segment expectations." However, they also emphasized that the tariffs imposed by the Trump administration were a significant factor, as increased import levies are making the cost of importing vehicles into the U.S. more expensive, leaving automakers with few options other than to raise sticker prices. However, Mitsubishi reassured consumers and concerned dealers that the price increase would not affect vehicles already on showroom floors or on dealer lots. It clarified that the price bump will apply to new cars shipped to dealers following June 18. Mitsubishi's price increase comes on the heels of a temporary pause in deliveries triggered by Trump's tariff policy. In April, a Mitsubishi spokesperson said that the automaker was holding its vehicles at the port before any levies could be applied, as it awaited more color and clarity on the tariff situation. "We are holding vehicles at the port until we have additional visibility on tariffs and decisions made on next steps," the spokesperson told AutoNews on April 11. "We have sufficient stock on the ground at dealers for the moment to not impact customer choice." Compared to its Japanese automotive compatriots like Honda, Toyota, Subaru, and Nissan, Mitsubishi is in a precarious position. While its contemporaries produce U.S.-market cars in several states in the Midwest and American South, Mitsubishi imports every single Outlander, Mirage, Outlander Sport crossover, and Eclipse Cross it sells in the United States from Japan, prime candidates for 25% tariffs when they land at the port. Despite the tariff stress, Mitsubishi seems to be doing well in the United States. In Q1 2025, year-over-year sales increased by 11%. Last year, the company sold 110,000 vehicles, a 26% year-over-year increase and the best U.S. sales year for Mitsubishi since 2019. Mitsubishi credits this growth to its refreshed product lineup and the strong performance of the Outlander and Outlander Sport models in a competitive compact SUV market. However, the auto industry is showing coping mechanisms as tariffs reshape the cost of business. Last month, Subaru of America raised prices on multiple models by up to $2,055, citing "current market conditions." Weeks earlier, Ford became one of the first major automakers to respond to the new tariffs directly, increasing prices on three Mexican-made models by as much as $2,000. Additionally, Volvo's new order guide for 2026 shows several price increases, with some as high as $3,200. It seems that the tariff fiasco will not go away very soon. Last week, President Trump warned that he may raise the 25% auto tariffs, arguing that it could be an incentive for automakers to accelerate U.S. investments. "I might go up with that tariff in the not-too-distant future," Trump said on June 12. "The higher you go, the more likely it is they build a plant here." The tariff troubles are showing results in economic activity. According to Nikkei Asia, new data shows that Japan's total exports by value to the U.S. fell by 11% year-over-year, and the number of cars exported from Japan to the U.S. fell by 3.9%. To make matters worse, Japanese Prime Minister Shigeru Ishiba and Trump were unable to strike a tariff deal at a meeting on the sidelines of the G7 summit this week, as they couldn't agree on tariffs on Japanese automobiles, something the U.S. considers to be a main cause of its trade deficit with Japan. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
CBS News
02-05-2025
- Automotive
- CBS News
Fraudulent auto loan reports to Federal Trade Commission on record pace in 2025
Americans are on pace to file the most fraudulent auto loan claims ever Americans are on pace to file the most fraudulent auto loan claims ever Americans are on pace to file the most fraudulent auto loan claims ever Americans are on pace to break an unfortunate record in 2025: the most complaints ever filed to the Federal Trade Commission in a single year about what they believe are fraudulent auto loans. The 21,000-plus reports so far this year are a continuation of a troubling increase. Data analyzed by CBS News New York shows the FTC fielded more than 60,000 complaints of allegedly fraudulent auto loans last year. The complaints steadily climbed each quarter of 2024, resulting in a 16% year-end increase over 2023. And it's still climbing: the 21,400 complaints from the first quarter of this year put 2025 on pace for the highest yearly total on record. One Brooklyn man shared his story with CBS News New York Investigates. Steve Simon's problem with a Queens dealership Brooklyn resident Steven Simon said he hopes his hard work as a delivery truck driver can lead to a ride for himself. He's looking to buy a used vehicle, which is why he visited Northstar Mitsubishi in Queens last fall. He said he gave the dealership permission to run his credit to see if he could lease an Outlander Sport. "I didn't like the interest rate on it, so I denied it, left, went home," Simon said. However, Simon said he kept getting notifications over the next four days about hard inquiries on his credit. Then, nearly three weeks after his trip to Northstar, which sells preowned cars from all makers, he got a letter from Ally Bank, saying he was listed and denied as the co-applicant for the lease of a Ford Expedition Max at Northstar with an applicant named Michelle. "I don't know no Michelle, no person like that, and if I'm not able to get a vehicle, I damn sure not gonna co-sign for someone else to get a vehicle," Simon said. He filed a report with the Queens district attorney because he says the dealership hasn't explained what happened. "I was kind of mad and trying to figure out, who can I call and who can I talk to try to investigate these people? Because, you know, I didn't give permission for that and that was like ruining my credit score," Simon said. "It was crazy for me." Some of the dealership's employees couldn't explain it to CBS News New York Investigates, either. "I'm not gonna talk publicly about somebody's credit. if there's a mistake or something we're willing to fix it," one employee said. Reporter Tim McNicholas attempted to hand that employee a business card so his boss could get back to CBS News New York Investigates, but the employee just walked away. McNicholas never heard from Northstar Mitsubishi's owner. Contact the FTC and consider involving police, consumer advocate says Lucas Gutterman is a consumer advocate with the U.S. Public Interest Research Group, or PIRG. "That's pretty surprising to me," Gutterman said of Simon's situation. "If it had been accepted and someone who is a criminal had gotten access to that line of credit, that could cause some serious damage by affecting the credit score or just affecting the debts that this person owed. "It's important that this person that experienced that, they should file a complaint with the FTC and consider calling the cops as well," Gutterman added. As for credit inquiries, it's not uncommon for dealerships to run your credit with multiple lenders if you're doing the financing through the dealership. Most credit bureaus have rules that will bundle hard inquiries within 14 days into one inquiry, so it won't hurt your credit score as much. Still, a hard inquiry will likely affect your credit score for about a year.
Yahoo
25-02-2025
- Automotive
- Yahoo
The best value compact SUVs in 2025
Finding a compact SUV that balances reliability and cost can be a challenge. With new car prices remaining high, consumers want vehicles that not only fit their budgets but also last for years. Based on data analyzing millions of cars, new research from iSeeCars identified the most reliable new compact SUVs for 2025, offering the best value per year of Mitsubishi Outlander Sport tops the list as the most reliable small SUV for the money. With an average list price of $28,250 and an expected lifespan of 11.8 years, it costs just $2,400 per year of ownership. While Mitsubishi isn't always the first name that comes to mind for reliability, the Outlander Sport offers a combination of reliability and frugality that's hard to beat. A longtime favorite in the compact SUV segment, the Honda CR-V continues to prove its worth. Priced at $36,009 with an impressive 15-year lifespan, the CR-V costs $2,401 per year to own. Known for its practicality, fuel efficiency, and smooth ride, this SUV remains a solid choice for buyers looking for long-term reliability. Toyota's reputation for building durable vehicles is well-earned, and the RAV4 is no exception. With a price of $35,258 and an expected lifespan of 14.6 years, it costs $2,411 per year to own. The RAV4 also boasts strong resale value and a hybrid option for those looking to save even more on fuel costs over the years. For those seeking an American compact SUV with reliability and affordability, the Chevrolet Trailblazer fits the bill. Priced at $29,109 with an expected lifespan of 10 years, it costs $2,925 per year of ownership. While it doesn't have the longest lifespan on this list, it provides a competitive balance of modern features and lower upfront Jeep Compass is a compact SUV with some off-road capability and a reputation for ruggedness. With a price tag of $33,486 and a lifespan of 11.4 years, the Compass costs $2,945 per year to own. While Jeep models can have mixed reliability ratings, the Compass remains a popular choice for those wanting a small SUV with an adventurous edge. Nissan's best-selling SUV earns a spot on this list thanks to its solid reliability and affordable ownership cost. At $35,865 and an 11.4-year lifespan, the Rogue costs $3,152 per year to own. Recent models have improved interior quality and technology, making it a well-rounded choice in the compact SUV out the list, the Kia Sportage offers a good balance of price, reliability, and modern features. With an average list price of $33,950 and a lifespan of 10.7 years, it costs $3,177 per year of ownership. Kia's long warranty coverage further enhances its value proposition, giving owners confidence in their investment. Compact SUVs remain a popular choice for consumers seeking practicality, efficiency, and affordability. While the Mitsubishi Outlander Sport leads in terms of overall value, models like the Honda CR-V and Toyota RAV4 are consumer favorites for a reason, offering strong reliability and longer lifespans. With smart shopping, buyers can find an SUV that delivers the best balance of cost and durability for years to come. Love reading Autoblog? Sign up for our weekly newsletter to get exclusive articles, insider insights, and the latest updates delivered right to your inbox. Click here to sign up now!
Yahoo
28-01-2025
- Automotive
- Yahoo
Report: Mitsubishi Is Planning to Launch an Electric SUV in 2026
Mitsubishi will reportedly launch a new electric SUV in the United States in 2026—its first EV since the dinky departed in 2017. The electric SUV will be related to the replacement that's expected to ditch its hatchback body style for a trendier SUV form. Mitsubishi is also mulling a lower-priced version of the as well as a lifted variant of the . Mitsubishi's first electric car in the United States, the i-MiEV, lasted from 2012 to 2017, but frankly, it wasn't much more than an electric golf cart, with a tiny pod-like body and a paltry 62-mile range. But now Mitsubishi is preparing to reenter the world of EVs with a more competitive offering. The Japanese automaker plans to launch a new EV in the United States in 2026, according to a report by Automotive News. The report states Mitsubishi alerted its dealers to the impending arrival of its EV at a meeting last week. Few details were provided, but AN said its sources claim the EV will be a small crossover with a coupe-like roofline and could share parts with the upcoming Nissan Leaf replacement, which is expected to ditch the dowdy hatchback look. The Nissan variant, which is expected to share the CMF-EV platform that underpins the Ariya, is due later this year. It was also teased by the Chill-Out concept from 2021. Mitsubishi's EV will reportedly be built in Japan. AN reported that dealers said they will "embrace" the EV but are bemoaning the loss of the Mirage, which was discontinued after the 2024 model year. The Mirage had a huge year in 2024, netting 29,766 sales (more than double its 2023 result), and enough to make it the brand's second bestseller behind the Outlander. Mitsubishi dealerships don't expect the EV to be able to plug the gap left by the Mirage, however, which had a starting price of just $17,965. Although production of the Mirage ended in December, dealers should have enough supply of the inexpensive car to last into the summer. Mitsubishi also discussed with dealers the possibility of introducing a lower-priced trim for the aging Outlander Sport, which is already the brand's least expensive model in the absence of the Mirage. With a starting price of $25,415, we're not sure what Mitsubishi can remove to make the compact SUV cost even less. At the dealership meeting, Mitsubishi reportedly announced that a lifted Outlander model will reach showrooms within the next two years. Mitsubishi is planning a refreshed Outlander for the 2025 model year, which is set to be revealed on February 24. Mitsubishi has already announced that the Outlander facelift will bring a slightly reworked cabin, new interior colors, and a new Yamaha sound system. Car and Driver asked a Mitsubishi representative about its reported EV, lower-priced Outlander Sport, and lifted Outlander, but they declined to comment on the AN report. You Might Also Like Car and Driver's 10 Best Cars through the Decades How to Buy or Lease a New Car Lightning Lap Legends: Chevrolet Camaro vs. Ford Mustang!
