Interest rates have a major influence on the monthly payments one must disburse when purchasing or leasing a vehicle. By comparing the prevailing rates from one year to the next at Mitsubishi, interesting cases emerge.
The Outlander PHEV is a particularly noteworthy one.
Last year, the model benefited from government rebates of $10,000 ($5,000 federal and $5,000 provincial). This offset the price difference with the gasoline-powered variant. The interest rate at that time was 6.49%.
However, the rebate for electric vehicles is now $2,000 for this type of model due to a decrease in the Quebec subsidy from $5,000 to $2,000, while the $5,000 from the federal iZEV program has been eliminated. This means $8,000 in subsidies have disappeared.
Considering this, it would be easy to imagine that monthly payments will increase with a PHEV model, as it sells for a bit more.
But that's hardly the case, and when you take the comparison a step further with a gasoline version, you realize that despite the loss of rebates and the higher price of the vehicle - $48,698 versus $35,598 for the gasoline version - it's more advantageous to choose the Outlander PHEV.
The reason is simple. This year's interest rate is 2.99% for the PHEV version versus 5.49% for the gasoline version.
The following calculation clearly explains the situation.
The advantage of the PHEV version of the Mitsubishi Outlander is, of course, the ability to drive 61 kilometers in all-electric mode. This allows for significant fuel savings.
Again, using the example of an ES version, for a 36-month lease period (with a $4,599 down payment), we find a difference of $15 more per week for the PHEV version. However, due to the fuel savings that will be realized, it ends up being less expensive.
For example, a person who travels 400 km per week will spend an average of $53 ($1.50 per liter) on gasoline with a regular model (8.8 liters per 100 km on average). Someone who drives a PHEV variant travels 75% of their trips in electric mode, on average. This means they drive 100 km per week with the gasoline engine, at an average of 9.0 liters, for a total of $13.50.
Thus, even if it costs $15 more per week for a PHEV model, with the $40 in fuel savings obtained each week, we end up with a saving of $27 per week by opting for the PHEV variant.
All this is because interest rates have decreased considerably.
These calculations may vary, of course, but it gives you an idea of what becomes possible with an energy-efficient model AND advantageous interest rates. Mitsubishi is generally aggressive in this regard compared to some of its competitors, which translates into advantageous offers.
As a bonus, with the Outlander, the buyer finds a very reliable product with an excellent warranty. Mitsubishi's 10-year or 160,000 km powertrain protection is the best in the industry.
In short, when it comes time to shop for a model and think about your wallet, do your calculations, starting with those of Mitsubishi products, which always offer interesting solutions.
And add to that a few imponderable elements. First, in 2025, there is a wider choice of models and colors, which offers you more options regarding the selection of the variant that interests you in terms of equipment. The accessibility of entry-level versions is more attractive than last year. And with a larger stock of models in reserve, it is easier for the customer to negotiate the price, inclusions such as prepaid maintenance, discount holidays for 60 or 90 days, etc. Also, be on the lookout for promotions; there will be more of them in 2025 than there were in 2024.
