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MINI Cooper Prices Paid and Buying Experience

1491 messages,  Last post on Apr 23, 2013 at 2:35 AM

You are in the Prices Paid - Buying & Leasing Experiences Forum.

What is this discussion about? MINI Cooper, MINI Cooper Clubman, MINI Cooper Countryman, Coupe, Hatchback, SUV

Messages Page 85 of 150

#833 of 1491 Re: Money Factor on my lease [blueguydotcom] by plekto

Jul 24, 2007 (12:29 pm)

Replying to: blueguydotcom (Jul 24, 2007 9:40 am)
Also, if you buy it, mileage, wear and tear, and all of the rest, plus gap insurance and so on doesn't apply. Now, this still makes it hard to get ahead with buying, except that the Mini hardly depreciates for the first few years.(provided you go light on options that is)
 
It will be worth about 75-80% of what you buy it for in 4-5 years, which is not the norm. So a long-term loan with a low payment will net you money BACK if you sell it off early. You'll come out better off than the lease because the car has an amazingly low depreciation.
 
http://www.intellichoice.com/reports/vehicleReport/vehicle_nmb/18196/2006/MINI/C- ooper
Best in class and highest retained value award.
 
note - Edmunds and most sites list an almost 50% depreciation in 5 years, yet the marketplace doesn't show that this is happening. I defy you to find a five year old Mini Cooper S for less than $13K that isn't either beaten half to death or a salvage title.
 
Market Price $21,135
Depreciation $10,789
Value Left $10,346
 
You'll never find a 2002 Mini for $10,346. Lol.
 
Cars.com has four of them are between 12-13K, nationwide. 10K? None.
 
Autotrader has nine, but only four of them aren't obviously listed as salvage or the dealer isn't playing games with you.(price reflected $2000 downpayment...)
 
10K - all salvage and "minor hit"/"easy fix"(front end looks like a steamroller ran over it) Or something silly like 120-140K miles.
 
Edmunds:
$21,200(no options cooper S)
 
Depreciation $4,009 $1,954 $1,721 $1,524 $1,368 $10,576
 
Residual:$10,674
 
Edmunds used TMV value:
$13,606
 
Obviously the depreciation data is FUBAR. Real-world data is suggesting that the Minis depreciate much less than you think they would, especially if it has manual and the handling/performance options. Doubly so if it has less than 50-60,000 miles on it.

#834 of 1491 Re: Money Factor on my lease [plekto] by jaxs1

Jul 24, 2007 (5:10 pm)

Replying to: plekto (Jul 24, 2007 12:29 pm)
Mileage and wear and tear still matters if you buy since it will be worth less with high mileage and wear, but it won't you cost nearly as much in resale value as they would penalize you for excess mileage on a lease.

#835 of 1491 SF Bay Area deals by azorglub

Jul 24, 2007 (5:27 pm)

Note that Mountain View and Pleasanton require $1000 deposits when ordering a Mini. MV also wanted me to fill out a credit application (when ordering) despite financing it through my own Credit Union. So we went with Concord ($500 deposit, no credit application) and got free floor mats. They also provided better follow up on my inquiries. Now, we just have to wait for the car.

#836 of 1491 Re: Money Factor on my lease [backstep222] by azorglub

Jul 24, 2007 (5:29 pm)

Replying to: backstep222 (Jul 24, 2007 12:01 pm)
8% does not make any sense when you can get a 6% loan on a car.

#837 of 1491 What abouot these numbers? by meredith07

Jul 24, 2007 (8:00 pm)

Mini priced at $26,100
36/15K for $380 including tax.
Think I can do better?
 
She told me the residual is 68%.
 
The guy in San Francisco gave me .00375-.0040. Smoking dope!

#838 of 1491 Re: What abouot these numbers? [meredith07] by jaxs1

Jul 24, 2007 (8:03 pm)

Replying to: meredith07 (Jul 24, 2007 8:00 pm)
You are posting monthly payments without posting how much money you need to put up to start and end the lease.

#839 of 1491 Oops! Sorry! by meredith07

Jul 25, 2007 (7:29 am)

Mini priced at $26,100
36/15K for $380 including tax.
Think I can do better?
  
She told me the residual is 68%.
 
Bringing in $2500.

#840 of 1491 Re: Oops! Sorry! [meredith07] by blueguydotcom

Jul 25, 2007 (8:41 am)

Replying to: meredith07 (Jul 25, 2007 7:29 am)
Hmmm. So total cost to you: $16180 over the lease.
 
26100 or rather 28700 out the door if you purchased (10% TTL).
 
26800 financed for 72 months on 5% interest (navy fed rates), would be $473 a month.
 
After 36 months you will have paid 17,000 but you owe 15400 on the car and at 68% residual the car is worth 17,700. In reality it will probably be more like 72-75% of MSRP. But going off 68% residual, you could sell the car and walk away with $2300 cash, so your total outlay based on these conservative numbers is $14700.
 
I'd expect a value in the 72% range ($18,700), which would reduce your out of pocket to $13,700.

#841 of 1491 Re: Oops! Sorry! [blueguydotcom] by jaxs1

Jul 25, 2007 (11:18 am)

Replying to: blueguydotcom (Jul 25, 2007 8:41 am)
What about 84 month loans? The interest rate will be higher, but the payments will be lower for those who want cheaper payments rather than having that much equity at 36 months.
 
Can you tell if you should be even with payoff vs value at 24 months on the 72 month loan? If so, how does the $473 loan payment compare to expected payments on a 24 month lease?

#842 of 1491 I'm taking the plunge by solin

Jul 29, 2007 (9:59 am)

I was about to buy a BMW 328i, had the sales person ready to transfer the model I'm looking for from another dealer, meanwhile I decided to stop by the Mini dealer with my wife and show her why I was so excited to look into a Mini in spite of the fact that it's not very family friendly. After taking a test drive on a Mini S - we had already test driven the 328i a few minutes earlier - my wife and I had a smile on our face because of how fun the Mini was to drive. Needless to say, I'm buying a Mini now no matter what.
 
Here are some questions I have: Although Crevier Mini in Santa Ana ridiculously mark up their cars, I talked to a salesman and told him I do not want any add-ons and want to get the car at MSRP. He said he would sell at MSRP but told me they add on their 6 year 100k maintenance and extended warranty for $2495 to the MSRP. I don't want to buy anything I did not intend on buying but if I were to decide to keep this care as my wife thinks I will given the fun factor, it may not be a bad idea to invest in such add-on. Any thoughts on the price given for the extended warranty?
 
Thanks in advance,

Messages Page 85 of 150

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