I'm a CPA and very experienced with numbers. I'm about to take delivery of a Mini convertible and will probably lease it for 24 mos. Why? First, I've never owned such a small car and I am not sure it will work. Second, it's the first convertible I've owned and I want to see how much I like it in the NYC winters. Third, the 2008 convertible is still the "old" version of the Mini (R50) and not the newer version. This way, if I like the Mini convertible in 2 years I can upgrade to the newer version of the car. Yes, I will take somewhat of a financial hit after 2 years, but if I were to finance the car over 60 mos (instead of leasing), I would be out of pocket $2,400 more, and would still owe a significant amount of the loan if I were to sell after those 2 years.

 

I purchased my 04 mini (used) but I am leasing my mazda3 wagon, since it is my wifes car, and I get her a new one when the car is a few years old anyway, a lease makes sense.
I had leased a 04 jeep cherokee before and when I was finished with the lease, I was not charged any extra fees, there were your basic parking lot dings, and some rock chips and dings in the front end that the dealership told me was acceptable. They told me that I was allowed up to a credit card size dent on each panel of the car and not be charged for it. and they stuck to there word even when I traded it in and went with a different brand vehicle from another dealer.

I dont know, did you do something to get these folks made at you? It sound to me like they did not want you to come back to them again.

 

I own my '05 R53 S outright and paid it off in 2 years. Today I own a vehicle still worth $18K-$19K, under warranty and well cared for.

I gave a $11K down payment when I took delivery and financed the rest. Paid it off quickly and saved on the interest.

The Clubman I put down $13,000 cash down and financed the rest @ 36 months for 6.04% with MINI Financial Services.

Leasing doesn't make sense for the average buyer, unless you deduct the lease payments in the income tax as a business expenditure.

Most people get into the lease trap because they are "monthly payment" buyers, get into something they can't comprehend and get royally nailed at the end. Also people that tend to buy more car that they can realistically afford, tend to lease as well.

The cheapest way to own a car is to give as much mone down as you can, finance as little as possible and hold onto the car for 5-10 years to justify the expense.

A lot of people balk at the idea of owning a car 10 years. Hence the high debt/poor savings ratio of Americans whose mentality is about "instant gratification" and "I deserve it all even if I jeopardize my finances and put my retirement in the backburner".

I did lease one and never again.

 

Welcome to the leasing world. Your main problem IMO is your dealer and not explaining things. They all seem to be similar but some a little more honest than others. I remember when I bought a Toyota truck many years ago and I had never leased in my life, the whole time we were negotaiting it was always a purchase. At about 10 oclock at night, my salesman and I quote said "the catch is that this deal is a lease". Making a long story short I leased because he told me that it didn't matter how many miles I put on the car. As long as I turn the truck in on another Toyota the mileage would not be an issue. What a lie and 4 years later I payed for it.

 

I can't imagine your frustration when you calculated $1/mile (not incl fuel).

I've always purchased my cars: Datsun (used), Mecedes (used), BMW (used), MINI (new!)... and kept each for over 1-year after being paid-off. That way I could pocket the monthly payments to put down on the next. I'm very happy with my 2004 COOPER @ $330/mo... already have 66k miles on him. What kills me is that even with purchase of their extended "Platinum" warranty of 7yrs/100k doesn't cover the suspension worn out by 60k. The can bounces around so much that the glovebox pops open! But alas, since the dealership was no help I've shopped around and will pay the extra expense of installing performance parts as I intend to keep my MINI for 8+ years. (H&R springs, Bilstein shocks, Eibach swaybars, Alta links)