Hey guys! I've been lurking here for awhile now trying to keep up on the going-ons of the Mini Cooper. I have officially been bitten by the Mini bug and I can't get it off!!!! Anyway, I've been doing my research into the Mini Cooper and I have decided that I would like to try and purchase a 2006 "S" Convertible. Now, I know these things cost a fortune, especially the convertible and I guess that's where my issue lies. I make a nice income, but have not had enough money yet to save for a down payment on a new convertible. My boyfriend thinks I should wait a long time before I purchase a Mini Cooper because I do have a lot of bills that need to paid off (credit card, some student loans), however I think that I could take a new car payment and all of this on and be okay. I have a really beat up Honda Accord that is still in the repayment status to my bank and I don't really think this car is going to last me very much longer. So, I guess I would like some advice on how to go about this Mini Cooper business. I know sales are suspected to go up once the 2007 comes out (or not?) and I do plan on moving across the country here in about 4-6 months and would love a brand new convertible to take with me!

My boyfriend says "it's just a car." Yeah, right. It's only the best car I've ever been in!!!

P.S. Sorry so long!! I'm just really excited!

 

Congrats lorals on getting bitten by the MINI bug!

If you want the affliction to be terminal, go for a test drive. You will never want to drive another car again!

As for cost, go to www.miniusa.com and "Build Your Own". You can select options of interest and will end up with a ballpark price plus the destination charge. That number will not add tax and license which will add ~$2K to your cost.

Only you can determine what you can afford. At the same MINI site, you can get an idea of what the monthly payments would be for the price that is shown. Again, this only gets you in the ball park.

If I recall correctly, the 2007 and 2008 S convertibles will be like the 2006s so you do not have to rush.

Good luck!

 

Thanks for the reply, astrochex! I have already test driven two Mini Coopers, both at the same car lot, one was the S model and the other was the base model, both automatic with the optimal auto-manual shifter. THAT was what turned me into a true fan! I fell in love immediately! It was such an awesome drive!

I have already visited the MINIusa website several times to build my own car and I have picked options and have also unpicked options I thought I wanted then changed my mind on. I always come up to around $28,000 +/- and I have already estimated my payments with all three options on the MINIusa website. The payments are pretty high, but I think I can get around it. I'm so excited to learn more about the Mini Cooper and I can only learn from the best around here!

 

Hi lorals! I just graduated from college and like you, have some financial responsibilities that have to be taken care of. Instead of foregoing a MINI and living in agony, I compromised - I just got an MC with only the options I thought I would really enjoy/use. And now I'm an expectant "mother"/owner!

 

See, I just don't think I can compromise with myself! I've tried to reason that and I just think to myself "You know you want that nice little convertible with those nice little options..." and all self-control is lost at that point.

I just can see myself driving up to my destination with the top down with my hair blowing in the wind and me honking that cute little horn!

I just wish I could find a used 2006 convertible or even a used 2005, but they're so hard to come by. There are some on Ebay, but they're pretty expensive and in high demand there. It's crazy!!

 

I see what you mean - it was easier for me because I didn't want a convertible. But in your case, if you're spending that much money anyway, it's so tempting to just get what you really want. If it's feasible, I say go for it!

 

YES! I like your answer!

 

There are a few cabrios on Ebay, not 2006 though.

 

Yeah, I saw those on Ebay. I've been looking feverishly for the past couple of weeks. They have some 2005's on there, but nothing that's really caught my eye though.

 

Sorry to be a party pooper, but I got to side with your boyfriend. I would get out of debt first. Pay off your student loan and your credit card debt. Try Dave Ramsey's snowball approach. Then go get the mini of your dreams. Thats my 2 cents

 

Being in finance, I would need more details, and if you PM me I am happy to help.

As far as getting your loan as cheap as possible, Mini Financing is usually not the best. I got mine from lending tree (Capitol One was the actual lender). If you own a home, I can get you an equity line (I am a mortgage banker) at amazing rates.

Just be very cautious about getting into too much debt. When it does come time to buy a home, it can really hurt.

Now to the fun stuff. You will have a smile on your face everyday you drive!

 

Welcome to the community! You'll love it cause so many people can get into the car! Once someone buys the car they really start to get into it, so believe me, right now you're in the early stages! Congrats and glad to have you here!

 

If you need a car (and don't owe more than the Honda is worth) you might as well get the car you want. If you can pay the note, buy the car. The worst thing that could happen is that you might have to sell it if the note keeps you from being able to afford food. But even then, it holds its value so well that you wouldn't take a bath with it like you would with most other cars.

Look at your finances, and if you think you can squeak the MCSC in, go for it

 

One thing about MINI's is they appear to hold their resale value very well. That's why you cannot seem to find a low priced low mileage second hand MINI. I searched for months before concluding that I might as well relish the experience and order a new one. Sounds like you are already a miniholic - so come on join the club!

 

All great advice guys! I know that I should listen to my boyfriend and we will see what happens, I just know my Honda will not last me much longer and I really don't have the patience or the time to fix everything that is wrong with her. I only owe about $1500 more for her to the bank and then I'm done! I'm really to soon into my new job to tell if I will be able to afford a new Mini Cooper, but I've been working my butt off these past few weeks and it doesn't look like it will let up anytime soon so my Mini may be closer than I think!

I also wanted to ask you guys about this Mini Cooper Convertible on Ebay right now. Here it is, http://cgi.ebay.com/ebaymotors/Im-A-...QQcmdZViewItem
I just think it's so strange that nobody has bidded on it and it's so close to its end. Do you think something is fishy about this car and/or dealer? This car has the navigation and everything! It looks pretty sweet....

 

Definitely don't carry two car payments at once.

There is a joy in getting and experiencing exactly what you want that cannot be equaled. I was originally going to go the used car route, but thankfully I could not find exactly what I was looking for. Nothing beats new with perfect options.

As for the Cooper on eBay, I would stay away unless you are nearby and able to scrutinize it. IMO, convertibles are a different animal and should be treated with care. You don't know where that car has been or how it was driven.

 

Well, if I was going to go ahead and get a convertible, I was going to either sell my old car and give the bank what I owe them or I was going to trade it in and still give the bank what I owed them. Either way my old car was going away!!

I am apprehensive about vehicles on Ebay just for the reason that you said, you can't test drive it and there is no way to tell how it was driven and by whom.

 

Lorals I sent you a PM

 

The car on ebay looks nice but the price seems too good to be true...I say buyer beware! That car could easily sell for $10,000 more in my area. I have to wonder if the car was originally in New Orleans and has suffered flood damage....just a thought. I would never buy a car I couldn't test drive first. There is a reason why they are selling it way below market value, minis hold their value. I do think there is something "fishy" about this....maybe it was swimming with the fishes last year! have you tried autotrader? That's how I found my used mini. Take your time in your search and don't go for the cheapest one out there. In my experience you get what you pay for! Good luck!

 

Thanks for the reply, mini2di4! You bring up a good point about how it may have suffered flood damage. The car is located in Louisiana. Perhaps that is why there are no bids as of yet on the car. Maybe other people have suspected the same thing. I have tried autotrader with no luck with anything near my area. Mini's are just so hard to come by here in this area because we're all rednecks with no money OR people are just so wrapped up in buying those fugly SUV's, minivans, and trucks....all Chevy or Ford....ewww.

 

How far are you from Kansas City, MO? May be worth the drive if they have a larger selection of used minis. I would try searching larger cities...would be worth the road trip to get your dream car. Mini dealers are few and far between, there is only one in Colorado and lucky for me it's in Denver. If you decide to buy from a private party do your research. One thing I learned about carfax....doesn't show everything. I bought a carfax membership when I was buying my last car (not the mini) and it didn't show every accident the car had been in. I learned the real truth when the car was totaled and my insurance company provided me with a detailed report, much different from carfax. You can check the book value of the car from the NADA website. If the buyer is selling less than the book value they must be looking to unload the car (lemon) on some unsupecting buyer.

 

I'm pretty far away from Kansas City, I believe it's about 400 or so miles from me. I know there is another Mini dealer in Missouri in Clayton, but that is also about 250 miles from me. Baron Mini, which is in Merriam, Kansas has the car of my dreams, but alas it is almost $30,000 and I can't travel that far to test drive a car, unfortunately with gas prices as high as they are.

I guess that's why it's so hard for me to get serious about trying to buy a Cooper just for the fact that the dealerships are so far away. It's hard to get facts straight and really get down to the business of it all.

 

I agree with snooter 110%.....You really need to think long and hard about what you are talking about. It sounds as though you are really about to jump deeply into debt and are not in a position to do so. Your BF is right it is just a car.......trust me we all want you to have a mini but a few of us are going to look out for your best intrests and dont want the car to have you!

I think its a shame when people buy cars before houses, and end up selling their MINI's or other dream car because they did things in the wrong order......It is very unwise to remain in debt and buy a quickly depreciating asset like a car....though the mini has good resale it still looses value and is no exception. you are really setting back your long term ability to build wealth, time is money and you cant get back time. young people too often indulge and it costs them far more than they understand.....If you buy a brand new car in your 20's it doesnt just cost you 25k....it costs you 400k because you lost the future value had you invested that money!


Act your wage, your grandma did get things she couldn't pay for.....and........children act on their desires, adults devise a plan and follow it.

 

Good point definitely. This subject has been brought up by my BF as well. He thinks buying a brand new car is such a waste of money because of the depreciation as soon as you drive it off the lot. I don't live away from home right now and I guess I do need to save up to move later this year to Arizona. I am so bummed! I know you guys are doing the right thing by giving it to me like it is!

I guess there is always time later in life to get things you really want. A Mini is no exception!!

Thanks again guys, I really appreciate it! I'll still be around here though!

 

Forget that car from Ebay. It's a total Katrina car! It so obviously is. And it looks like the dealer has a high reserve price that noone is going to bid high enough to get. Around here in CA that car would go for $30K+ easy. Trust me there probably something totally wrong with that car.

And as far as deciding on whether to buy or not, take the smart advice and don't buy. I know it's gonna kill you, but in the long run you'll be far better off.

You should either put the money in to fixing up the Honda or buy a far cheaper car that'll carry you for a while until you can actually afford the Mini.

Good luck!