Customizing your Mini and lease residuals
Customizing your Mini and lease residuals
When adding options to a Mini such as navigation, sport package, sunroof, etc. does it increase the residual value of the car?
I understand there are some options that won't affect the residual value, but are there any that will?
I understand there are some options that won't affect the residual value, but are there any that will?
Typically, any factory options are included when calculating residual value, so, yes they will. Dealer installed options may or may not, depending on the lease company and what the options are. Anything you install aftermarket will not, and in fact the lease company may require you to remove them before you return the car.
Thanks. Is there a reliable source online where I can see an approximate estimate of Mini residuals? Or a source that approximates the added value of specific options?
I've been using this cars.com chart + calculator, but it only shows 2011 models and there's no feature to add options.
http://www.cars.com/go/alg/index.jsp
I've been using this cars.com chart + calculator, but it only shows 2011 models and there's no feature to add options.
http://www.cars.com/go/alg/index.jsp
What about Kelly Blue Book? Looked up my car there, allowed me to select all the packages and options, then gives you dealer trade-in price, private party price.
What about Kelly Blue Book? Looked up my car there, allowed me to select all the packages and options, then gives you dealer trade-in price, private party price.
This will show current value, not residual value 3 years from now.
The residual is usually calculated as a percentage of the total sticker price of the car, including options, as it was shipped from the factory. What that percentage is is set by the lease company (bank), or the finance division of the manufacturer. Talk to your dealer's F & I person, or a loan officer at your bank. They should be able to help.
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Gotcha. So if my car's MSRP is $35000 w/ options and the residual is decided to be 55% then is it customary to apply that percentage to the car's MSRP regardless of the options?
I was under the impression that each option might present a different value towards the total value but the above makes is simpler and makes more sense.
I was under the impression that each option might present a different value towards the total value but the above makes is simpler and makes more sense.
Gotcha. So if my car's MSRP is $35000 w/ options and the residual is decided to be 55% then is it customary to apply that percentage to the car's MSRP regardless of the options?
I was under the impression that each option might present a different value towards the total value but the above makes is simpler and makes more sense.
I was under the impression that each option might present a different value towards the total value but the above makes is simpler and makes more sense.
ONe thing that will make a difference in the residual is model (Cooper, Cooper S, Convert, etc.) and I THINK automatic vs. Manual.
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