The Mitsubishi Lancer Evolution, despite its practicality, consistency, and enduring popularity, ended production after 2015, so Mitsubishi could focus attention on other models better suited to address customers' modern automotive desires, namely crossover vehicles and hybrid cars. In the seven years since it was last produced, it has depreciated a fair amount; not a lot, but more than a little. By 2022, prices have dropped roughly $6,000, and a 2015 model is the newest one people can get. The Lancer Evolution also tends to be highly desired, as several factors contribute to its ongoing popularity.

Read on to find out more about the price depreciation of the Mitsubishi Lancer Evolution, as well as more facts about its features and aspects.

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Mitsubishi Lancer Evolution: What's It Worth?

By 2022, the Lancer Evolution had been discontinued for seven years. It was last produced for the 2016 model year in mid-2015, meaning those are the most recent models available. In seven years, they have not depreciated much. The initial MSRP was $34,495–$38,995 back in 2015; now, in 2022, the price range is $28,461–$32,836, according to Kelley Blue Book. Therefore, models have depreciated roughly $6,000 in seven years.

Of course, the aforementioned range is a guideline for dealerships; private sellers still can charge what they think is fair based on mileage and condition. One seller charged $33,900 for a 2015 model with 74,645 miles. Another seller had a slightly older model (2014), with even more miles:87,821 miles. This seller was asking $29,243.

Both models had 17 MPG in the city and 23 MPG on the highway. Further, not only did both models sport all-wheel-drive, but both models also had a five-speed manual transmission with a 2.0-L four-cylinder turbo gas engine.

Mitsubishi Lancer Evolution: What Was It Like?

The Lancer Evolution had certain interior and exterior aspects to it that were somewhat distinct. The target demographic was drivers looking for fast cars that handled well, so the Lancer Evolution was designed with that type of customer in mind. The engine was a 2.0-L four-cylinder turbo gas engine that could put out 303 HP. In its final year, the Lancer Evolution added all-wheel-drive as a standard feature, it came with a touch-screen stereo, and its transmission became a five-speed manual.

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Multiple Factors Contribute To Mitsubishi Lancer Evolution's Popularity

In its production run, the Lancer Evolution was quite popular, thanks to a multitude of aspects working in its favor. Displaying performance cars' latent potential, the Lancer Evolution garnered quite the fanbase, active to this day. When the Lancer Evolution first arrived, it only could put out 283 HP, which was still considered quite speedy.

It also performed well from the start, not failing once. Each generation maintained the same performance standards, although certain generations are seen as better performers than others were. As time went on and more updated iterations of the Lancer Evolution arrived, the engines could produce up to 440 HP, depending on the market.

All-wheel-drive and the chassis design allowed the Lancer Evolution to be more fluid and maneuverable when turning corners. It was also flexible in its purpose, gifted with a design that allowed it to fulfill multiple objectives. Further, its consistent aesthetic appearance gets into people's heads, as each generation has a distinct appearance of being muscular, aggressive, and timeless. This appearance was not only good for brand marketing, but also good for association, as this made an image for the Lancer Evolution that was well received and caught on. Speaking of brand marketing, the Lancer Evolution made some appearances in both the Fast & Furious franchise and the Gran Turismo 1 & 2 video games.

Further, it didn't sacrifice practicality for looks, either. Trunk and interior space were both sufficient, and each model had four doors to stay consistent in its family sedan design, making the Lancer Evolution stand out as incredibly practical when compared to other sports cars.

Demand Determined Discontinuation

Unfortunately, what consumers desire from a car soon became features and aspects the Lancer Evolution could no longer offer. Mitsubishi designed the Lancer Evolution on the same platform as the base Lancer, but the Lancer Evolution X was a variant that differed in suspension, four-wheel-drive versus all-wheel-drive, power, and drivetrain.

Although the Lancer Evolution ended production in 2015, the name lives on in Mitsubishi's Chinese and Taiwanese markets, thanks to the Lancer EX sport sedan. The name had been in use since the Lancer Evolution first arrived in 1992, and the engines showcased Mitsubishi's most powerful and advanced technology that it offered in those years.

Unfortunately, the choice to end the Lancer Evolution's production was Mitsubishi deciding “to focus their efforts on crossover vehicles or hybrid cars in order to meet customer demand,” according to the Mitsubishi website. Sadly, despite rumors of resurrections and many enthusiasts wishing for those, Mitsubishi remains focused on crossover vehicles and hybrid cars, not reviving the still-popular Lancer Evolution.

Sources: mitsubishicars.com, cars.com, caranddriver.com, kbb.com, garagedreams.net,