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Does anyone know if CVT transmissions in Colt have had an problems? That is are they reliable?

It would depend on age/model etc. I do know Mitsubishi NZ were set up to offer reconditioned units to their Dealer network some time ago.

They wouldn’t do that without there being a reasonable amount of potential issues with these transmissions.

I would avoid any used import fitted with a CVT and be wary of a NZ new vehicle. A call to your local Mitsubishi Dealer may help clarify things as to a clear point.