Just wondering if anyone leased their mini as opposed to traditional finance/buy with cash? and what your experience was? I have also heard you have to have a crazy high credit score to qualify for a lease, is this true? Did you feel like the car wasn't really yours and more like a rental? Thanks!

 

I leased mine, and I've had nothing but a good experience thus far having done so, and I definitely feel like the car is mine. I signed the papers on mine almost a year ago already, and at the time, leasing just made the most sense for me. I was a 20 year old college student, this was my dream car and I had some money in savings I was itching to spend. I put $2k down in cash and another $2k went in from my trade in car, so I paid all upfront expenses at the time of lease inception and more. I don't put a lot of miles on my cars at all, so that was one factor. What also drew me to leasing was the lower monthly payments, I pay $199/month for 36 months @ 12k miles per year (it'll be a year old in November, and I only have 5200 miles on it so far). I also thought leasing would be a good idea because the all inclusive maintenance plan with MINI's is for as long as my least term is for, so I don't have any out of pocket maintenance costs with the car. I treat the car as I'd treat any car in my possession, it's in immaculate condition still, no dents/dings/scratches etc, and I wash/wax it and keep it tidy often, again as I would do so for any car, this isn't just because it's a lease and I'll eventually be turning it in. I recommend leasing, but it really depends on your situation. It worked out best for me, and will probably just lease another one when I turn this one in.

And as for your credit score concern....I didn't have much credit at all, I actually had gotten my first credit card about 6 weeks prior to when I got the car, I was able to be listed as primary on the documents, but I did need a cosigner for the lease.

 

I am leasing mine as well, the only real difference is the mileage allowance. But then again I never keep a car longer than three years.

 

I lease and I feel like I am renting it - which I guess I am technically. So far the experience is fine but here is hoping that the lease return goes OK later this year.

Next MINI will be mine so I can swap out the tires, modify how I want and not worry about mileage allowance, etc.

I prefer to own my car, but am more indifferent when it comes to owning/leasing a home/apartment. Different strokes for different folks

 

I define leasing as all of the responsibilites of ownership without any of the benefits. Yes you get to drive the car for the set period of time. but you do have options at the end 1. you can buy it. 2. if residual is less than market you can sell it and pocket the difference or 3 you can walk away. There is an alternative that I am looking into. Mini Select. It is a lease where you have to purchase at the end with a set percentage of residual. for example on a 4 year MINI Select that costs $30K at the end of the 4 year period your balloon payment would be 15900. 5 years would be 12300.

 

I just ordered a 2012 S hatchback today and I'll be leasing it. I have only ever leased one car before, many years ago, but I only put about 11,000 miles a year on my cars so leasing made sense for me. If you look at the difference between the monthly lease and 60 month buy payments, at the end of the three year lease, I will have saved almost $5,000. There's no way I'd have that much equity in the car after three years if I bought it. In fact, it might still be upside down at that time. The other nice thing about a lease is that you get a new car every three years and never have to worry about maintenance or going out of warranty. MINI is very good about defining on the website what you'll have to pay for and what they consider normal wear at the end of the lease. I figure all I'll have to do is buy a set of tires, which I would have had to buy by then even if I had bought it.