Hi All,

I'll start this by saying I've been through the entire lineup in my years of motoring from an R53, R55, R56, and now am on an F56-justa. The F56 is the first car I've ever leased and I'm coming up on my lease end.

She's fully loaded with every option I could tick except the automatic transmission and I've enjoyed the nearly three years I've had in her so far. My question is to gauge the opinion if should buy out the lease at a tick over $15,000 and do some fun work to make her a little more customized, or if I should trade out for an F56-S for a more spirited driving experience.

I'm torn, as the buyout price is reasonable, and I also will be buying a car I know the entire history of, and she's a great car! But on the other hand I could be in an S model and possibly also spring for an automatic tranny since I'm in highway traffic often, have more horsepower for a tuning module, and have somewhat more aggressive styling.

Thoughts? Input?

 

Here is your scoring system. If you stay on the positive side, you keep the car and if you are on the negative side, you buy a f56 S, and if you have "0", you flip a coin.

Add 1 point for each statement you say yes to below:

• You feel OK about paying for future repairs out of warranty.
• There is no way you can buy a car like yours for $15000
• You are absolutely sure you won't get bored with your car for the next 3 years at least
• You have done the math and the monthly payment will be about the same as your lease or even less.
• You are willing to drive the stick for the next several years
• You don't want any more power

Subtract 1 point for each statement you say yes to below:

• I want the hood scoop and center mounted dual exhaust
• I want an automatic now.
• I want to have a different color
• I want a new car.
• I really don't want to pay for maintenance.
• I want to mod a F56 S to JCW level of performance.

 

Reliability > HP in my opinion. But actions speak louder than words and I bought a certified pre owned f56 s. So yeah, if you are comfortable with the payments on the S, get yourself a new one!!

 

I work for a dealer, as a disclaimer. I am also a MINI enthusiast. If you have questions, send me a private message. So I would say this:

You will get a better interest rate buying it through a dealership than you will buying it directly from MINI/BMW financial services.

Look around at dealership websites and see what the f56 with your mileage and a CPO warranty are selling for. Call your dealership and ask them for a breakdown of costs to buyout your lease. Then compare the two. If your car costs thousands over what dealerships are selling them for, then the decision is yours to make.

You will get the remaining balance of the factory warranty. So you don't have to CPO or buy an extended warranty. But I don't recommend that. Do you plan on putting an extended warranty on it? If so, then talk to your dealer and find out the cost to put to CPO warranty on it. It's half the cost as getting an extended warranty thru them. Few things to be aware of in the CPO process:
1. CPO status will get you better interest rates with MINI Financial Services.
2. CPO requires a safety inspection and any problems must be fixed before you can buyout the car at your expense (tires, bent wheels, cracked windshield, etc).
3. There is a fee for the safety inspection, and a charge for the CPO warranty. Some dealers charge it as two independent items. Some don't. Some dealers will add on a $400 fee. Some don't. So get a complete breakdown from your dealer on what you are being charged for. My dealership, for example, charges a flat $1695 for the 6yr/100k (starting for the original inservice date you leased it).
4. The process can take a few hours to complete if no problems need to be fixed.
5. CPO warranty transfers to the new owner if you sell it. Plus for you.

Again, you don't need to get the warranty, but the lower interest rate helps offset the cost and, as I mentioned, it's a plus when you go to sell it later on.

If you're credit is top tier, then it might make sense to buyout it at a reasonably low interest rate. Find out what you're payments would be. Make sure you know your credit score before you commit to anything. You don't want any surprises in the finance office afterwards.

To buyout your lease, don't forget you have to pay taxes, reg, etc on the car.

Good luck