My irresistible urge to own a MINI has grown from a very strong want to a need. I've been obsessed with the BMW version of the car since they were introduced at the beginning of the millennium. My MINI envy has gotten out of control, as in fact, it is now a priority that I buy one for myself. I'm not a materialistic person by any means, but when it comes to MC's, I cannot contain myself.

Here's the issue - I'm a full-time student. I have about $11,000 saved up, and need about an additional $19,000 to make the purchase. I could always buy used or go a cheaper route with a standard MC, but I'd rather not because - (1) resale value of a MC is so high, it's better to buy new than used, (2) customization is 75% of the reason why this car is so cool, and (3), I test drove a turbocharged R56 ('nuff said?) and I prefer the style of the Cooper S. I don't want to settle for anything less than what I'd want. It just makes more sense to buy new.

Anyway, I'm hoping to have enough money by '09 because it's the 50th year anniversary of MINI, but it's also the year I graduate. Win-win.

So, here's the conundrum - I can only work 20 hours a week right now, making only about $7 an hour after tax deductions/company withholdings. At this rate, I'd only come up with around $13,000 by the end of '09... pretty meager money. I'd be $6,000 short.

So, I ask this question: anyone have any realistic ideas for creative ways to make a buck for a MINI?

 

Can you pay what you have saved up by '09 and just finance the rest? Even if you don't get a stellar interest rate, financing $6-$10k really wouldn't work out to be that expensive per month.

In any case, good luck!


-Paul!

 

Resist the urge. You can't afford it... I had countless friends do exactly what you are doing and they still have few dollars to their name. Spend the $11,000 on tuition and wait till you have spendable income. Oh... and then pay cash... Not what you wanted to hear but america in general needs a good kick in the butt.

 

Do you really want such a high percentage of your income feeding your MINI addiction? Yes, the ability to "you-ify" your MINI with mods is an attraction, but recognize that these are far from free too. Many owners spend at least what they might otherwise be making in car payments on an endless series of performance and cosmetic mods--once you start start down this dark path, forever will it dominate your destiny...

Maybe it's just the seasoned parent in me, but my recommendation would be to carefully categorize your "wants" and your "needs" and see where the MINI fits into your life at this stage. You may come to the conclusion that you'll be better positioned to buy a new MINI once you've graduated, moved into a semi-permanent residence, and started your career and a steady, reliable income that can support your MINI lust and all of life's other commitments that will be demanded from you.

If you go with the "you only live once" approach and just can't wait, I wouldn't give up on a good used MINI so soon...

 

Im in the same position and my solution is....WAIT. you'll be much happier with a mini when you can actually afford it and its not all of your income. Lets face it, no one (or if they do it will be a ridiculously high interest rate) will give you a loan if you make 7 bucks and hour only working 20 hours a week. If you decide to go along with it, you might want to build a cheaper mini....you have 11000 saved and still need 19000?? drop some options.

 

Hey Guy, I applaud you for loving a MINI and being dedicated. Have you every heard of financing? If you save up 23,000 for a 29,000 car. You can finance 6,000 through a bank and your monthly payment can be roughly 200 to 300 a month. But it all depends on your credit history, and how long you want to finance for.

With that said. I highly suggest for you to not dump all your money into a car. If you start to finance a car, you don't want most of your pay check to go straight to your car. It's not a good financial decision, and you will be up to your neck in debts. Don't forget everything else that comes with the ownership of a car...insurance is another big one, gas, maintenance fees. The list runs on. You should rather wait, get a steady income after you graduate, and than slowly move on.

However, I too am a College student and I'm financing my own MCS at the moment. I bought a used one, and I'm financing 12,000 on my own. I'm also paying for my own insurance which runs about a grand a year, and the gas and everything included. The only reason why I can do this is because my parents paid for my down payment and I have a low interest rate. I have to finance about $280 a month. But the thing is, I work 2 part time jobs, (30 hours total) and go to school full time (5 classes). I can make anywhere from $1,500 to $1,700 a month. It's not good pay by all means, but I can tell you it's around double what you get paid per hour. And after paying bills, I have a fair amount to spend. But hey, that's me, and I work hard for myself.

At the end, it's really your decision and nobody else. If really want it bad, you gotta find a job that pays better first.

 

Here's an idea! Consider buying a Classic Mini to drive while you're at school. You can find those on Ebay for around 10-14k. They're very cool and will scare the hell out of most passengers if driven properly. But more importantly you'll have several options when you graduate.

1. Keep the Classic Cooper and add a BMW MINI
2. Trade the Mini for a MINI
3. Give me the Classic Cooper

check out:

http://cgi.ebay.com/ebaymotors/MINI-...em260189382863

http://cgi.ebay.com/ebaymotors/Class...em200179885126

http://cgi.ebay.com/ebaymotors/1974-...em150190310137

 

In 09 buy a used 07, still turbo etc? dam im good

 

Cmon, guys--let's chip in a buck apiece...

 

I set up coffee cans all over the house that say "mini fund" on them and make everyone put their loose change in them hahah

 

When I sell my 2003 MCS in a few months, I don't expect to get much more than what you already have saved.

If you MUST have a MINI sooner than later, buy a good used one and have fun with that for a few years until you have the kind of job that will allow you to start with a new one. A car like mine might already have some of the expensive go-fast items you want as well as some other fun stuff added to it. Then you take it and go from there.

Also check to make sure that you can afford the insurance on the car. Turbo/supercharged cars in the hands of teenagers command very high insurance premiums.