Normally we like to compare our long-term test cars to their competitors over the course of our time with them. But in the case of the Mitsubishi Mirage, that proved to be somewhat tricky. With the Micra, Fiesta, Fit, and Yaris all gone the way of the dodo, it left just two players left in the ultra low cost field: The Kia Rio and the Chevrolet Spark. Chevy announced that 2022 is the final year for the Spark in Canada and as such we were not able to get ahold of one for the test. The Kia Rio is a fair comparison but once again we could not source one for our test. What then should we compare the little Mirage against? This time we’re going to compare the Mitsubishi Mirage against something that many shoppers have likely considered before us: used cars.
Conventional wisdom regarding the purchase of cars for daily transport has always been to buy slightly used after someone else has taken the initial depreciation hit. But in these “unprecedented times,” used cars can sell for more than new models. Why is this and is buying slightly used still your best bet? We take a look.
Car buying is a massive world and for the sake of this article we are only focusing on the most affordable new models and their slightly used counterparts. This is going to exclude most SUVs and anything larger than a mid-size, though I suspect the trends found in this segment will be similar in others.
Take our Mitsubishi Mirage long-term test car for example. Ours is a base-level ES Manual with an MSRP of $14,098, making it the second-most affordable car in Canada behind the 2022 Chevrolet Spark at $10,398. Of course 2022 is the final year for Chevy’s Spark and when it leaves, Chevy’s most affordable model will be the $22,098 Trax. Other players in the budget end of the spectrum include the Nissan Versa at $16,798 and the Kia Rio at $17,395.
Mitsubishi Mirage Long Term test Photo by Clayton Seams
Our traditional go-to shopping advice has been that for the same $15-20,000 you could afford a slightly used car that’s 3-5 years old for the same money and go up a class or two to a midsize from a subcompact. It also used to be true that you could buy that subcompact for a discount used at around $10,000. But a scan of Ontario Kijiji shows that not to be the case at all.
Sellers are asking more than 2022 MSRP for used 2021 Sparks and Mirages. A 2016 Focus with 65,000 km is going for $15,000. An absolute base model Elantra with 5-speed manual and 46,000 km is for sale at a dealer for $15,000. There’s also a 2019 Civic with 49,000 km for $14,500. Compared to this smattering of offerings, the Mirage has less power, less interior space, and less refinement at highway speeds.
That said, the Mirage bests them in fuel economy. For example the 2019 Civic (with 1.5L and automatic) is rated at 6.2 L/100 km highway vs the 5-speed Mirage at 5.8 L/100 km highway. Compared to these other offerings the Mirage is overall a less refined car, but price is not the only thing to consider.
According to the U.S. Department of Labor Statistics, used car prices are up over 40 per cent compared to this time last year — that’s for the U.S. but it would be similar here in Canada. New car prices are also up in the States with even “normal” cars routinely selling over MSRP and desirable models like the new Bronco being saddled with hefty “market adjusted” prices. Luckily in Canada, selling above MSRP (for new cars) is illegal so our new car prices are relatively flat. Assuming you can find one.
Inventory (or notably the lack of inventory) is one of the reasons that used car prices have jumped so heartily. A trip to most dealerships will show that stock is very low and most showrooms are full of used cars, not new ones. Most dealers are happy to order a car for you but the wait for some models can be over a year long.
Mitsubishi Mirage Long Term test
But assuming you can actually find one or order one within a reasonable time-frame, there’s never been a better time to buy new. It’s very much a seller’s market so assuming you already have a car, you can sell it for much more than usual in the current market.
Finally, there is also the matter of warranties. Most used cars have no warranty of any kind or aftermarket warranties that you have to purchase whereas new cars carry powertrain and bumper to bumper warranties.
Accounting for all of the buying factors in the low-cost segment, the Mirage (Spark and Rio, as well) comes out on top of this crazy market. Though it suffers in highway refinement and passenger room compared to newer used models that can be up a size class, the red hot used market means deals are hard to find. This may not read like our typical comparisons but then again, these are unprecedented times.
Keyword: Long-term test update: 2022 Mitsubishi Mirage vs the Used Car Market