It is no rarer than any other exotic. The problem is that it is so desired that not having one is noticeable. People aren't complaining that they may have had 1,000 hours and not gotten a Monte Carlo.
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Are you sure? I don't think anyone can say, definitively, if it's the same as any other exotic as far as drop % go. I can only speculate as well. In theory, they're all weighted the same and all have the exact same chance to drop. Guess Bungie only really knows.They have the stats, we don't