This was the point I was about to bring up. Having a lien on the car sucks as far as insurance goes. Looking back, I likely could have gotten a lower % personal loan from my bank, and not have a lien on the car.

Still, chalk me up on the "go for it" side of things. I bought my MCS at 21. My parents are helping me out with the insurance, and I had a large down payment with my previous car, but still..

No, it wasn't the most sensible thing in the world. That's why we're not telling grandfather. But it was also one of the best decisions I've made in awhile. While you certainly could "invest" that 20-30k into whatever and grown a nest-egg for old age, or a house in a few years... What's the fun in that? Scrimping yr entire life will just leave ya up a few bucks richer when you're an old fogey (No offence to the old fogeys here, rich or otherwise). There are more important things in life than having some bucks sitting around, or even owning a house. It's enjoying yourself. But then I'm a total hedonist.

In your shoes, I'd determine whether or not I could really, truly afford it. This means, to me, that you can make the payments / insurance – that the car won't be repo'd. Then, I'd suggest taking a second look at the Cooper. If I had been looking at converts, I would have looked at ditching the supercharger, to offset costs. Still an awesome little ride.

EDIT: Oh, forgot to mention.. Yeah, and forget about buying used. Not worth it IMHO. The MINI holds appreciation very well in the scheme of things, and being able to pick and choose everything you want, and having a single digit on yr odometer = priceless.

 

You really appreciate the things you wait for and work for. Debt always takes away from the pleasure of obtaining a dream. I turned 47 yesterday and I just got my MINI. Not that you will have to wait as long as I did, but I chose to. In the meantime I've done many things, gone a lot of places, raised four kids, put them through college, married 3/4 of them off, and created a lot of memories that are going to last a lot longer than this car. I also found spending my money on those "things" called loved ones was a lot more satisfying than spending it on myself. The MINI was a "want" not a need and being almost debt free (just the mortgage) makes it all the sweeter knowing that I'm not killing myself to afford it.