Well, I've found a job in Tulsa, OK. It's a great job, but I'm having to take a slight pay cut to get it. ...much less stress than my previous job. Anyway, I can afford to keep the MINI, but if I do keep it I can't buy a house within an appropriate price range. That is...and not continuously stress about finances. (I love the car...I'm just not sure if this was the best time to buy one.) I'm getting a three month lease at an apartment there which will "buy" me some more time to make this decision...which is whether or not to keep the MINI. First, like I said, I love this car. The thought of parting with it breaks my heart. My family knows how much I enjoy the MINI, and most of them advice me to keep it and cut costs somewhere else...I just don't see where else I can cut costs. My thought is that I've paid enough on it that I could sell the MINI and have money to spend. I also have some saved. If I combine those two I should be able to get a 2002ish Honda Civic and either pay it off out right or come pretty darn close. That would give me an extra $500 cash per month to play with when buying a house. I'm young, and this would be my first house...I feel that it's time to own my own place. I'm very confused about this. Like I said, I love my MINI. It's a 2006 MSC with around 11,500 miles. Astro Black with white roof and wheels. Looks really sharp in my opinion. The interior...everything that's not silver or black plastic has been painted Astro Black. I also took the anthracite headliner option...all these combined with the dark tinted windows make it nice and dark inside...which I really like. Can you tell I love this car? Very confused...anyway, it was $25,000 new. Options: Limited Slip Differential, Anthracite Headliner, Steering Wheel with Power Steering and Stuff (Can't remember official lingo here), iPod adaptor, Tint (I think it's 15%?), Front and Rear Fog Lights...I'm probably forgetting something. I've added some stuff too...I already mentioned the painted interior. There's also the M7 strut bar and a clear bra that can easily be removed. There are also a few other little things (Trunk mat, etc. ...and a Whalen Shifter which I'll keep if I sell ), as well as a factory armrest that hasn't been installed yet. Wow! This has turned into a long post. I guess I'm hoping for two sets of advice on this.

1. Should I sell? Has anyone out there been in a similar situation, sold the car and regretted it later? Will I regret it? I've never owned a car that seems to be more than "just a car." I suppose that's what's making this difficult.

2. If I sell, about how much should I ask? I'm not sure how well these cars hold their value, and it's kind of hard to tell by looking at other MINIs for sell, because everyone of them is so different. They all have different options, etc.


Thanks in advance.

-Seth

 

Yes, some day you will regret selling it...but many of us have similar regrets about cars we once owned and life goes on. If you have to make a tough choice, do what seems right. Some day you can get another MINI if you want.

 

To paraphrase gokartride... If you sell, you'll likely end up buying another one later down the road. And well, there's nothing wrong with that.

Personally, I've resolved myself to the fact that I'll give up eating before I give up my MINI. Which has been known to happen!

Good luck with that.

:i:

 

Seth,
Your young, you think it is time for a house. If your situation is such that you need to let this MINI go and get yourself into a house, you should do it.

As stated by a couple of other posters, you will get another MINI in the future, your prospects and situation will change.

It all about decisions, good one and bad ones. Hopefully for you, most will be good.

Letting go of your MINI is ok, going on with your life plan is better.

Cripes, I feel like I'm visiting my second career from the late 70s.

Do what is good for you. Enjoy your new job, enjoy your MINI and enjoy getting into a new home.

 

Of course you will regret selling your MINI. I've lost count of the cars I've sold and still think about fondly.

But, ask yourself these questions:

1) How long will you stay with your new job and in the same state? Buying a house isn't necessarily the wisest decision. Renting can be wiser. Read Scott Burns, a financial guru of mine over the past 25 years.

2) Are you socking $ away into a Roth/401K? At a young age, this is probably the soundest decision you can make.

Bottom line: buying a house, given your own unique circumstances, isn't always the smart move.

 

I completely agree with this comment. Buying a house is biting off a lot more than you think it is. There are lots of extra expenses you likely wont have accounted for in your budget not to mention the fact that things break or need regular upkeep. If it were me, I would take the job, move and rent a place for at least a year. That will give you enough time to check out the city and know where you want to live and also reassess your expenses to be completely sure youre ready to take on the huge financial responsibility of a house. Good luck and congrats on your new job!

 

Take on a second job and keep the MINI...

 

Alright Well Im going to answer the question as if I were you. I would sell the Mini to get the house. I am young and I have rented for 3 years now. I love my Mini, But id never let it get in the way of me owning a house. That is the American Dream. You can Always get another Mini later down the road once the income starts to come up a bit. I let my G35 coupe go because the insurance was killing me. You would be amazed at how much extra cash is around when you cut a big expense out. The average person spends 20% of their income towards a car. So thats just 20% more that you have to get a nice house. You won't regret owning a house! As for the Mini I'd shoot to get about 20k at least. Hope that this helps you out.

 

Am I right in thinking that you are going to be taking a large hit in depreciation if you sell the mini? Even at 20K that's a 5k loss in value right there. Owning a house over renting is beneficial but have a good plan before you go into it. How about this - continue to rent and economize wherever possible right now and put what you save into buying down the loan. You'll end up saving on the interest that you would pay if you kept the loan for it's entire term and if you can pay it off then you won't have that expense (or loan) when it comes time to apply for your mortgage. That would also give you time to really get to know the local market and maybe find a home in a nice area that is at a good price because it needs some sweat equity.

 

Do I understand this correctly?

You can buy a house but have to sell the car and your asking if you should sell the car

Dude ... 10 years from now your MINI is in the junkyard ... oh yeah, keep the MINI

OTH ... 10 years from now a house your house should be worth much more than you paid for it plus your paying down the mortgage

Is this really a hard decision

I'm not trying to sound facetious ... just think hard about what your asking

 

OK, you're talking about buying a 2002-ish Honda Civic and paying for it with cash??? Why the crap don't you put that cash toward the loan on your MINI and then refinance the balance to lower your payment?

It's a win/win!!!

You lower your car payment drastically so you can keep the MINI, AND buy your house. Kind of a no-brainer if you ask me.

 

+1 the man makes sense.

 

Yep like I said. House is way more important than a car.

 

None of us are in your actual position so it's hard to give advise. I changed jobs about 10 mos ago, keeping Audrey has been tough during that time but worth it. Take the 3 mos too look around and watch the market. Houses aren't selling too well right now. If you find a really great deal on a house then decide.

 

Thanks for all the comments. I'm leaning toward selling the MINI :(, which is sad, but I feel it is responsible. Of course, I could buy a house and keep the MINI, but I'd have to live in the ghetto...and live paycheck to paycheck...which is not something I want to do. It'll be another month or two before I sell Simon if I choose to. Until then, I'm going to enjoy him.

 

Can you put down the correct down payment on the house by selling the Mini? If so then I guess sell the Mini. If you are still not putting a down payment on the house AND selling the mini then keep the Mini and save money until you can afford the house. If not your just throwing more money away either through PMI or creative financing.

 

Id put him on the market right now. Just to see the interest you get and if its going to be worth selling.

 

Dude, seriously??? READ MY COMMENT!!!

Again I say, you're talking about buying a 2002-ish Honda Civic and paying for it with cash??? Why the crap don't you put that cash toward the loan on your MINI and then refinance the balance to lower your payment?

It's a win/win!!!

You lower your car payment drastically so you can keep the MINI, AND buy your house. Kind of a no-brainer if you ask me.

 

The OP wrote:

My thought is that I've paid enough on it that I could sell the MINI and have money to spend. I also have some saved. If I combine those two I should be able to get a 2002ish Honda Civic and either pay it off out right or come pretty darn close. That would give me an extra $500 cash per month to play with when buying a house.

That says he can probably "own" the Civic and have an additional $500 to pay on the mortgage. That is far more important than paying any car loan that still ends up in a junkyard.

BTW, for the OP, trust me, 10 years from now you wont even remember what your car looks like. By then you will have something, better, greater, newer technology and those fond memories ... there won't be any because you will be driving something far better

IMO, buy the house and get some equity into it. That is what is important. You can worry about cars when you can afford them.

 

Home prices are depreciating in much of the country right now. If I moved to one of those cities where the trend is down I'd rent until the trend bottomed out (and keep the MINI). On the other hand, if I moved to a city where home prices are going up every quarter I'd buy the home now and, if necessary, sacrifice the MINI for the time being. Have you looked at home prices in Tulsa. They're still very reasonable. Maybe you can both buy the home AND keep the MINI.

When homes are appreciating in value you definitely want to buy NOW. Of the several (7) homes I've owned, most have appreciated in value the equivalent of the price of one MINI Cooper per year (inflation adjusted).

What you need to do is find out what the real appreciation/depreciation rate of homes is in Tulsa. Keep in mind that every real estate agency will tell you that now is the time to buy and they'll distort the figures to prove it. Be sure to find independent sources for your information.