Mitsubishi Releases Details About A Sleek New SUV

Mitusbishi Concept Car - Mitsubishi Ground Tourer Concept SUV

Mitsubishi is set to release a new hybrid, plug-in SUV concept car – the Ground Tourer Concept in Paris Motorshow 2016, somewhen around the month of September.
With some of the Japanese car manufacturer’s best recent releases being SUVs, including the Outlander and Outlander Sport, there is good reason to expect the new design model to impress.

Word is that the concept will borrow from the existing XR PHEV line and other concepts car showed off over the past year and is the latest step in Mitsubishi’s move to push for better hybrid technology and efficiency.

What is a plug-in hybrid?

Plug-in Hybrid Car - Electric Car

A plug-in hybrid car is an electric vehicle designed to be extra energy efficient and environmentally friendly, without giving up too much in the way of power and general performance. Generally, these cars use rechargeable batteries that are plugged in before use and have an electric motor and a combustion engine, meaning they run on both petrol and electricity. It is estimated that the average electricity cost of charging the batteries works out to around 25% of what you’d pay if you used unleaded petrol.

There are already Mitsubishi’s plug-in hybrids available in Australia, including the Outlander PHEV, which packs impressive 4WD power and performance, with a fuel economy rating of 1.9L/100kms. These kinds of cars have only over the past few years become commercially available to the public and the technology used continues to improve.

Coupe-style

Mitsubishi Teases Ground Tourer Concept SUV

The new look SUV is set to have a sharper appearance, with early images showing off a flat, sleek red roof with sharp edges over a shiny silver body. While we’re just going off a single photo, there are whispers that the SUV will be a high-end model and take the design of Mitsubishi’s existing SUVs in another direction.

Coupe SUVs in the market are largely considered luxury cars – indeed, if eventually released in Australia, this model will be seen as a viable competitor for some big players including Mercedes.

We shall be keeping a close eye on how this develops – we’re very excited to see the Ground Tourer Concept later in the year!

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Car Financing Options Explained

Mitsubishi Finance

If you’re in the market for a new car in 2016, it’s always important to know your options in terms of how to finance the purchase. There are many ways to go about this, and the appropriate option depends on various factors including how much capital you have at your disposal. Make sure you think about the following options carefully.

Cash

If you have the money saved in the bank, this is the most cost effective way of making the purchase for a vehicle. Paying in cash directly out of your bank will essentially mean that you aren’t making repayments on the borrowed money and the transaction is finished at the point of sale.

Leasing

Buyer Leasing Car from Dealer, Mitsubishi Car, Car Leasing
Buyer Leasing Car from a Dealer

This is an increasingly popular form of car financing. Leasing is essentially a long-term rental based on a contract for a certain period of time, during which monthly payments are made. There are various advantages that come from leasing. For one, it appeals to some buyers because after the lease is up, they can simply select a new model and start a new lease. It also means that the lessee doesn’t need to worry about the future value of the car and doesn’t have the responsibility of selling it as would someone who outright purchased a car. Lastly, monthly repayments are often lower than what you’d be paying on a car loan.

Bank Loan

Car Finance, Mitsubishi car loan, Bank loan

A personal loan from a bank or another financial body is usually paid off between 1-10 years and requires that the buyer makes monthly repayments, which can be quite high compared to a leasing option. The benefit is of course that at the end of it all, you own the car and when you take into accounts its value, you likely wind up paying less in comparison to other monthly repayment options.

Auto Loan

Car dealers also offer car loans that can be beneficial to buyers. There are various loans available depending on the dealer. A secured loan is quite common and requires that you offer collateral against the loan in the case that you can’t pay it. A simple interest loan is also a good option given that the interest is calculated according to what remains owed. This gives you an incentive to pay off the loan more quickly.

Credit Card

Credit Card, credit card payment,

This is generally not a good option given that many car dealers charge extra fees on top of the interest you’ll be paying on your monthly repayments. This does, however, offer you extra protection in some cases if things go pear-shaped with the dealer.

Always remember to speak to your accountant/financial advisor or at least discuss your options with the car dealership when you’re discussing the terms of sale. Selecting the appropriate car financing option is very important and can bring many benefits to you as the buyer. To get exclusive Mitsubishi finance deals in Melbourne speak to the experts in Chadstone Mitsubishi today. Our team will look into all your matters and will provide the best solution for your car purchase.