When first introduced, the Mitsubishi Diamante had a class-leading base price, about the same as a well-equipped Accord or 4-cylinder Camry, that attracted buyers to the new car. Since then, prices had increased for all Japanese imports, and the price leaders have gradually dropped away. The Diamante, like the Galant, competed successfully in its segment if more buyers only knew it was there.
All were equipped with V6s and 4-speed automatic transmissions. The ES had a 2-valve-per-cylinder sohc engine with 175 hp; the LS had four-valves-per-cylinder, dohc and 202 hp. The LS had traction control available, and Trace Control, which used steering wheel input and wheelspin to signal a microprocessor that controls throttle opening. That, in turn, kept an enthusiastically driven Diamante understeering at just the level most drivers would find comfortable. Trace Control could be turned off. Power steering and 4-wheel disc brakes were on all Diamantes. ABS was standard on the LS, optional on the others. Aluminum wheels were standard, as was air conditioning, a stereo cassette system (six speakers on the ES, eight on the LS, as well as CD). Leather upholstery and keyless entry were standard on the LS, optional on the ES.
The Diamante was only available to fleets for 1996.
The car was redesigned.
As of March 9, 1994:
- $25,850 (1994 Mitsubishi Diamante 4DR Wagon)
- $25,750 (1994 Mitsubishi Diamante ES 4DR Sedan)
- $32,825 (1994 Mitsubishi Diamante LS 4DR Sedan)
As of September 12, 1994:
- $35,250 (1995 Mitsubishi Diamante LS 4DR Sedan)
As of mid-1995:
- $28,250 (1995 Mitsubishi Diamante 4DR Wagon)
- $27,000 (1995 Mitsubishi Diamante ES 4DR Sedan)
As of August 1995:
- $27,120 (1996 Mitsubishi Diamante ES 4DR Sedan)