2012 Mitsubishi Lancer Mr With Upgrades on 2040-cars

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Junkyard Gem: 1977 Dodge Colt Mileage Maker Coupe

While Ford and GM each had the resources to develop their own Michigan-designed subcompacts for the dawn of the 1970s— the Pinto and Vega, respectively— Chrysler couldn't afford the huge price tag for such a project. Instead, Chrysler's European operations were tapped for a couple of models that sold well enough on the other side of the Atlantic, giving us the Plymouth Cricket (known as the Hillman Avenger in the UK) and the Simca 1204 (aka the Simca 1100 in France). American car shoppers gave those two models the cold shoulder, but then Chrysler found genuine sales success by making a deal with Mitsubishi to sell the Colt Galant with left-hand drive. This became the Dodge Colt, with sales beginning in the 1971 model year. Though the 1971-1978 rear-wheel-drive Colts were once as commonplace as Corollas or B210s on American roads, they have all but disappeared today. That makes today's Junkyard Find, discovered in a Denver-area yard last week, particularly interesting. This car shows signs of having been in the hands of a speed-crazed enthusiast owner, including an aftermarket steering wheel and one-piece racing seats with slots for five-point harnesses. The primer-gray paint is another clue. The rear-wheel-drive Colts were reasonably quick for their time, and they could be made genuinely quick with basic engine upgrades. This Mitsubishi Saturn four-banger has a tube header, hot-rod ignition system, and a two-barrel (Mikuni-made) Solex carburetor. We can assume there's probably some kind of cam upgrade under the valve cover, too. The shifter is gone, but the original transmission in this car was either the base four-speed or optional five-speed manual. A three-speed automatic was available for $270 (about $1,275 today). Later on, front-wheel-drive Colts (and Mitsubishi Mirages) could be bought with the Twin-Stick overdrive rig, which gave drivers eight forward speeds and the opportunity to make Twin-Stick beer taps. The 1977-1978 Dodge Colt two- and four-door sedans were based on the Mitsubishi Lancer and were a bit smaller than the 1971-1977 cars, while the wagon version moved to the Galant Sigma platform. The build tag shows that this car started life as the cheapest 1977 Colt model, the "Mileage Maker" two-door sedan (Dodge dealers called it a coupe, so that's what I'm calling it in the title).

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.

Renault-Nissan reportedly partnering with Waymo on self-driving cars

The Renault-Nissan-Mitsubishi alliance will tie up with Alphabet Inc's Waymo to develop autonomous taxis and other services using self-driving vehicles, the Nikkei reported on Tuesday. Google's self-driving car company Waymo will work with the carmakers and announce a plan for the arrangement as early as this spring, the business daily reported. The partners are considering the joint development of unmanned taxis using Nissan vehicles and a system that handles reservation and payments, Nikkei said. A spokesman at the Renault-Nissan-Mitsubishi alliance, Nick Twork, said, "This (Nikkei) story is based on rumors and speculation. We have nothing to announce." Waymo did not immediately reply to a request for comment. Last month, Nissan Motor Corp said its board remained committed to the carmaker's alliance with Renault SA and Mitsubishi Motors Corp, after directors met to discuss the ongoing investigation into former chairman Carlos Ghosn and ways to bolster governance. Among the companies developing autonomous driving technology, Waymo is considered to be far in the lead in terms of test-fleet miles driven. It operates hundreds of vehicles in 25 U.S. locations, and is already operating a taxi service with paying customers in Chandler, Ariz. Related Video: