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Scrapyard Gem: 2007 Mitsubishi Colt CZ2 5-door hatchback

YORK, England — Remember the Dodge and Plymouth Colts of 1971 through 1994? The Colt name stayed alive after that on Mitsubishis sold elsewhere in the world, and I've found a 21st-century example in a self-service wrecking yard near York, England. This generation of Colt served as the basis for the Smart ForFour, so (as promised) I'm following up a ForFour Junkyard Gem with this article about its sibling in the same knacker's yard. Like the ForFour, this car was built at the NedCar assembly plant in the Netherlands. Mitsubishi began using the Colt name in Japan back in 1962, then killed the name at home in favor of the Mirage when that car debuted in 1978. Export-market Mirages got Colt (or Champ, or Lancer and many others) badging at that point. For 2002, the Colt returned to Japan with a brand-new platform, and that's the generation we have here. The engine here is a 1.5-liter Mercedes-Benz turbodiesel, rated at 95 horsepower and 155 pound-feet. A 148-horse turbocharged gasoline-burning Mitsubishi 1.5 was available in the UK as well. The transmission is a five-speed manual. A six-speed automatic was an option. It's a small car but not microscopic; its wheelbase is just over 98" and its curb weight is about 2,500 pounds. The tall roof gives it great storage capacity, a trick often seen in kei vans. This generation of Colt continues to be sold in Taiwan through the present day, as the Colt Plus. In Europe, an all-new Colt based on the Renault Clio was launched last year. It was cheap. In Japan, cuteness was played up in Colt commercials.  

Junkyard Gem: 1999 Mitsubishi Galant GTZ-V6

The Mitsubishi Galant first appeared on American streets as the 1971 Dodge Colt and then a bit later with Dodge Challenger and Plymouth Sapporo badges. Mitsubishi Motors finally began selling Galants from its own U.S. showrooms for the 1985 model year, and Galant sales continued here through four more generations before getting the axe in 2012. We saw some interesting and/or quick Galants along the way, including the Sigma, VR-4, GS-X and Ralliart; today's Junkyard Gem is a rare example of the sporty eighth-generation Galant GTZ sedan, found in a North Carolina self-service wrecking yard recently. The final year for the hot-rod all-wheel-drive VR-4 and GS-X Galants in the United States was 1992. By 1998, there were just three levels of new Galant here, all with 141-horse four-cylinder engines driving the front wheels. Then the 1999 model year arrived, and so did the 6G72 V6 engine under Galant hoods. This SOHC (yet still 24-valve) engine was rated at 161 horsepower and 205 pound-feet. It was available in the U.S.-market ES-V6, GTZ-V6 and LS-V6 Galants for the '99. The GTZ was sporty-looking, but not as loaded with luxury features as the LS. 1999 was the first model year for the eighth-generation Galant in North America, and it had finally become big and powerful enough to be considered a genuine rival for the Toyota Camry and Honda Accord (both of which had been available with V6 power for quite a few years). The 1999 Galant got a grille that resembled the one on its upscale Diamante big brother, which had five years to live at the time. The MSRP for this car was $24,300, which comes to about $46,374 in 2024 dollars. The base 1999 Galant DE started at just $16,999, or $32,441 in today's money. Those prices were in the ballpark with the Galant's Camry and Accord rivals; the Camry LE V6 with automatic started at $22,748 ($43,412 now) with automatic transmission, while the Accord LX V6 with automatic was $21,700 ($41,412 today). Both those cars had a lot more power than the Mitsubishi, though: 194 horsepower for the Toyota and 200 for the Honda. The 1999 Galant sold in the United States was not available with a manual transmission, which made the El Cheapo DE trim level a steal compared to the cost of two-pedal base Accords and Camrys. The Galant DE even came with air conditioning at no extra cost. The factory wing on the GT-Z is serious. Collectible today? Hardly, but an interesting bit of automotive history. This content is hosted by a third party.

Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.