R50/53 What are your monthly payments? *US only preferred*
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2nd Gear
Joined: Jul 2003
Posts: 79
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excluding insurance, licenses, and all that other crap?
right now i am working 2 jobs to save enough cash for the first few months or so. 15 hour days ever 4 days and then 8 hour shifts the rest of the week kill me, but DAMMIT that's DEDICATION
if you reply, post year, model, and state where you purchased, as WELL AS if you haggled price down. =)
right now i am working 2 jobs to save enough cash for the first few months or so. 15 hour days ever 4 days and then 8 hour shifts the rest of the week kill me, but DAMMIT that's DEDICATION
if you reply, post year, model, and state where you purchased, as WELL AS if you haggled price down. =)
3rd Gear
Joined: Jun 2003
Posts: 292
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From: Greenville, SC
XZibbit,
This is going to depend on the amount you financed, your tem, and your rate.
You can get simple payment calculations at peoplefirst.com at the link below.
Peoplefirst
And in case you haven't read any of the other posts on the topic of price, you will not be haggling the price down. I hate to be the bearer of bad news.
Cabbage
This is going to depend on the amount you financed, your tem, and your rate.
You can get simple payment calculations at peoplefirst.com at the link below.
Peoplefirst
And in case you haven't read any of the other posts on the topic of price, you will not be haggling the price down. I hate to be the bearer of bad news.
Cabbage
1st Gear
Joined: Apr 2003
Posts: 47
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From: Houston, Texas, USA
I feel your pain, XZibbit. I have been pulling 15-hour days at 2 jobs for 5 months now to pay off my current loan and save for my new MINI. I figure i'll have to throw down about 3k in down payment plus the $1000 my Chevrolet S10 is worth to keep my payments around $300 a month (60 month). I figure i can take delivery around mid January...
...it's a long road ahead, but i will not give up for this amazing vehicle.
...it's a long road ahead, but i will not give up for this amazing vehicle.
Banned
Joined: Jul 2002
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My '01 Chevy Impala LS is completely paid off. I paid off the car in just 27 months (Bought new) on a 36 month loan. I am selling it now to get my '04 MCS in October and plan to put a nice $15K cash downpayment and finance the rest (Around $8K) with Peoplefirst.com on a 36 month loan at (hopefully) the 3.49% APR rate. Payments will be around $240 a month. A steal and the car will be paid off in no time.
Our '02 Cooper CVT, we paid $18,500 (No haggle price) and with taxes and fees it was exactly $20K out the door. We put a $5K cash downpayment and financed the rest with Peoplefirst.com on a 36 month loan @4.75% APR which was the lowest rate when we took delivery of the car in Early September 2002. Our payments are currently around $447 per month and we have only 23 more months to go befor eit is completely paid off. We might end up paying off the loan completely in about a year or so.
I personally don't like to finance cars for more than 36 to 42 months, because the longer you go in a loan the more likely you will be upside down for at least the first 2 years of the contract.
I dislike leasing cars. MINIs are KEEPERS period.
Good luck with your purchase.
Our '02 Cooper CVT, we paid $18,500 (No haggle price) and with taxes and fees it was exactly $20K out the door. We put a $5K cash downpayment and financed the rest with Peoplefirst.com on a 36 month loan @4.75% APR which was the lowest rate when we took delivery of the car in Early September 2002. Our payments are currently around $447 per month and we have only 23 more months to go befor eit is completely paid off. We might end up paying off the loan completely in about a year or so.
I personally don't like to finance cars for more than 36 to 42 months, because the longer you go in a loan the more likely you will be upside down for at least the first 2 years of the contract.
I dislike leasing cars. MINIs are KEEPERS period.
Good luck with your purchase.
6th Gear
Joined: Dec 2002
Posts: 2,010
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From: Austin,Texas
If you finance $20,000 for 36 months at 3.49% = $585.00 per month
My plan is to put down enough cash that I only finance an even $20,000. Right now I'm living like a Monk to save money so I can order lots of nice options!!
My plan is to put down enough cash that I only finance an even $20,000. Right now I'm living like a Monk to save money so I can order lots of nice options!!
2nd Gear
Joined: Nov 2002
Posts: 85
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From: Boston-ish
I sold off some tanking mutual funds, and I worked like a dog for 6 months, grabbing all the side/contract work I could to save up enough for a decent down payment ($5k). But a sizable chunk of my efforts went into my insurance which jumped about $1200 for a year (I live in MA, some of the highest rates on the planet). So basically I financed $18k through a NY bank for 4.9% cause I purchased from a NY dealership, and my monthly payments are $355 @ 60 months. But it's worth it.
Banned
Joined: Jul 2002
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>>If you finance $20,000 for 36 months at 3.49% = $585.00 per month
>>
>>My plan is to put down enough cash that I only finance an even $20,000. Right now I'm living like a Monk to save money so I can order lots of nice options!!
The more you put down, the less interest charges you'll pay over the life of the loan and the faster you will get a hold of the title.
In your case, I would aim at putting at least $5K to $8K down and finance the rest at 36 to 42 months MAX. If you are financing only, say $15K, over 36 months @ 3.49% APR your payments will be in the $430 per month neighboorhood. In 3 short years the car will be completely yours and you will still have one more year left in the factory warranty.
Some food for taught.
>>
>>My plan is to put down enough cash that I only finance an even $20,000. Right now I'm living like a Monk to save money so I can order lots of nice options!!
The more you put down, the less interest charges you'll pay over the life of the loan and the faster you will get a hold of the title.
In your case, I would aim at putting at least $5K to $8K down and finance the rest at 36 to 42 months MAX. If you are financing only, say $15K, over 36 months @ 3.49% APR your payments will be in the $430 per month neighboorhood. In 3 short years the car will be completely yours and you will still have one more year left in the factory warranty.
Some food for taught.
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Banned
Joined: Jan 2003
Posts: 2,782
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From: los angeles/san francisco
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>>
>>if you reply, post year, model, and state where you purchased, as WELL AS if you haggled price down. =)
2003 mini cooper s, purchased in ca for 21.8
yes haggled price
montly payment was $215 for the last 7 months. just paid the car off a few weeks ago
so new payment: 0
and my full comprehensive insurance is 35 dollars a month.
_________________
RYAN Z.
Originally said by OmToast "I love red! Red everything: lipstick, shoes, hair... red03miniS..."
Originally said by shaskan
I think you have become the official "search function ****"
>>
>>if you reply, post year, model, and state where you purchased, as WELL AS if you haggled price down. =)
2003 mini cooper s, purchased in ca for 21.8
yes haggled price
montly payment was $215 for the last 7 months. just paid the car off a few weeks ago
so new payment: 0
and my full comprehensive insurance is 35 dollars a month.
_________________
RYAN Z.
Originally said by OmToast "I love red! Red everything: lipstick, shoes, hair... red03miniS..."
Originally said by shaskan
I think you have become the official "search function ****"
6th Gear
Joined: Jan 2003
Posts: 4,406
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From: Northeast Ohio
2003 BRG Cooper, with mostly everything except PDC and CVT purchased in late Jan in VA.
My monthly payment is either 1 arm and 1 leg (usually somebody elses!), or a goat and two chickens whichever I manage to get first!!!
My monthly payment is either 1 arm and 1 leg (usually somebody elses!), or a goat and two chickens whichever I manage to get first!!!
3rd Gear
Joined: Sep 2002
Posts: 205
Likes: 0
From: Seattle
>>suxxors how much these cost per month.
>>
>>is it because they have to be shipped here?
This is a sort of surreal conversation. The real cost of the car is what counts, not the monthly payment. And the MINI, with taxes and tags, will cost you anywhere from $18k to $27k, depending on how you option it. That's pretty much the same price range as hundreds of other cars; it's not "more expensive" because it has to be "shipped here."
Your monthly payment is a function of A) the size of your down payment and B) the number of years you carry the loan for. You, not MINI, control the size of your monthly by making a bigger or smaller down payment and choosing whether to draw the payments out over four or five years instead of two or three. The longer a term you choose, the more total interest you pay and the more expensive you make the car for yourself. Although it's worth noting that interest rates right now are extremely low -- my first new car, purchased in 1981, came with an interest rate of 17.5 percent.
If you go into a car-sales situation focused on the size of the monthly, not the total purchase price, you are opening yourself up to be manipulated by a dealer. That's why fast-talking guys will ask you, "How big a monthly were you thinking of?" rather than the question YOU should be asking: "How expensive a car can I afford?" You start thinking in monthlies, you suddenly find yourself being offered a monthly you CAN afford -- but it's a 72-month deal at an exorbitant interest rate... and you're getting screwed (or screwing yourself) -- because it will take years until you owe less than the car is worth, and because you'll be paying far more interest than you should.
FWIW, personal-finance experts say if you can't pay the car off in three years, it's too much car for you. I only signed one five-year loan in my life and it was a terrible mistake -- the car was an '80s GM product and I was "upside down" for more than three years.
>>
>>is it because they have to be shipped here?
This is a sort of surreal conversation. The real cost of the car is what counts, not the monthly payment. And the MINI, with taxes and tags, will cost you anywhere from $18k to $27k, depending on how you option it. That's pretty much the same price range as hundreds of other cars; it's not "more expensive" because it has to be "shipped here."
Your monthly payment is a function of A) the size of your down payment and B) the number of years you carry the loan for. You, not MINI, control the size of your monthly by making a bigger or smaller down payment and choosing whether to draw the payments out over four or five years instead of two or three. The longer a term you choose, the more total interest you pay and the more expensive you make the car for yourself. Although it's worth noting that interest rates right now are extremely low -- my first new car, purchased in 1981, came with an interest rate of 17.5 percent.
If you go into a car-sales situation focused on the size of the monthly, not the total purchase price, you are opening yourself up to be manipulated by a dealer. That's why fast-talking guys will ask you, "How big a monthly were you thinking of?" rather than the question YOU should be asking: "How expensive a car can I afford?" You start thinking in monthlies, you suddenly find yourself being offered a monthly you CAN afford -- but it's a 72-month deal at an exorbitant interest rate... and you're getting screwed (or screwing yourself) -- because it will take years until you owe less than the car is worth, and because you'll be paying far more interest than you should.
FWIW, personal-finance experts say if you can't pay the car off in three years, it's too much car for you. I only signed one five-year loan in my life and it was a terrible mistake -- the car was an '80s GM product and I was "upside down" for more than three years.
2nd Gear
Joined: Jun 2003
Posts: 65
Likes: 0
From: Sacramento
I don't like payments. I refied my house took out 20K and my morgage went up 50 bucks. I only had my house for 2 years anyway. I figure I will move in 5 years so rather than pay interest on car loan I pay low interest on my house and I can write off the interest. I figure it is like taking a loan from myself on the 100K my house has gone up since I bought it. with that I can continue to put 300 a month in my savings. save it for a rany day. or when the mini needs service after the warrenty.
2nd Gear
Joined: Feb 2003
Posts: 56
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With interest rates as low as they are right now, even with a five your loan you'll never pay more than 600 or so in interest over the coarse of the loan. That's less than two months' payment of a five year, so it's not much.
As several people have pointed out, the main question is how long you are willing to make payments balanced against how much you can afford to fork out per month.
If you're at all likely to sell, a five year is bad news because the likelihood is that you'll be red on the car much of the five years. (The exception is if it's really old. When I was right out of a college I bought my camry on a five year and was always black, but that was simply because cars more than five years old depreciate by less per year.)
Me, I figure I want to drive this car for a very long time, so I'm thinking with current interest rates I might get a five year and have more ready monthly cash to play with. And if I don't need the cash, I can always overpay and get it clear sooner.
As several people have pointed out, the main question is how long you are willing to make payments balanced against how much you can afford to fork out per month.
If you're at all likely to sell, a five year is bad news because the likelihood is that you'll be red on the car much of the five years. (The exception is if it's really old. When I was right out of a college I bought my camry on a five year and was always black, but that was simply because cars more than five years old depreciate by less per year.)
Me, I figure I want to drive this car for a very long time, so I'm thinking with current interest rates I might get a five year and have more ready monthly cash to play with. And if I don't need the cash, I can always overpay and get it clear sooner.
3rd Gear
Joined: May 2003
Posts: 283
Likes: 0
From: nashville
Well, sorry to "rub it in", but I gotta brag on my great family. They bought my 2002 Silver MINI Cooper S in Miami for $17988 for my graduation! Yes, they did haggle the price down about $2000. Yea, They're pretty cool, huh? So now, I am motorin' around Nashville tellin' everyone that my parents bought me this supercool car. I am a spoiled kid who doesn't know what an interest rate is or how financing works. My parents have always taught me to pay cash, like they did for the MINI! Thanks, i just had to brag on 'em!!
5th Gear
Joined: Dec 2002
Posts: 973
Likes: 0
From: MINIlani,HI
>>if you reply, post year, model, and state where you purchased, as WELL AS if you haggled price down. =)
For my '03 MC from MINI of Hawaii, my first monthly payment was $19,387.59
Tried to haggle to no avail.....but got several "freebies"
For my '03 MC from MINI of Hawaii, my first monthly payment was $19,387.59
Tried to haggle to no avail.....but got several "freebies"
This is a sort of surreal conversation. The real cost of the car is what counts, not the monthly payment. And the MINI, with taxes and tags, will cost you anywhere from $18k to $27k, depending on how you option it. That's pretty much the same price range as hundreds of other cars; it's not "more expensive" because it has to be "shipped here."
Your monthly payment is a function of A) the size of your down payment and B) the number of years you carry the loan for. You, not MINI, control the size of your monthly by making a bigger or smaller down payment and choosing whether to draw the payments out over four or five years instead of two or three. The longer a term you choose, the more total interest you pay and the more expensive you make the car for yourself.
[clip]
If you go into a car-sales situation focused on the size of the monthly, not the total purchase price, you are opening yourself up to be manipulated by a dealer. That's why fast-talking guys will ask you, "How big a monthly were you thinking of?" rather than the question YOU should be asking: "How expensive a car can I afford?" You start thinking in monthlies, you suddenly find yourself being offered a monthly you CAN afford -- but it's a 72-month deal at an exorbitant interest rate... and you're getting screwed (or screwing yourself) -- because it will take years until you owe less than the car is worth, and because you'll be paying far more interest than you should.
FWIW, personal-finance experts say if you can't pay the car off in three years, it's too much car for you. [clip]
Your monthly payment is a function of A) the size of your down payment and B) the number of years you carry the loan for. You, not MINI, control the size of your monthly by making a bigger or smaller down payment and choosing whether to draw the payments out over four or five years instead of two or three. The longer a term you choose, the more total interest you pay and the more expensive you make the car for yourself.
[clip]
If you go into a car-sales situation focused on the size of the monthly, not the total purchase price, you are opening yourself up to be manipulated by a dealer. That's why fast-talking guys will ask you, "How big a monthly were you thinking of?" rather than the question YOU should be asking: "How expensive a car can I afford?" You start thinking in monthlies, you suddenly find yourself being offered a monthly you CAN afford -- but it's a 72-month deal at an exorbitant interest rate... and you're getting screwed (or screwing yourself) -- because it will take years until you owe less than the car is worth, and because you'll be paying far more interest than you should.
FWIW, personal-finance experts say if you can't pay the car off in three years, it's too much car for you. [clip]
Banned
Joined: Jul 2002
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>>Well, sorry to "rub it in", but I gotta brag on my great family. They bought my 2002 Silver MINI Cooper S in Miami for $17988 for my graduation! Yes, they did haggle the price down about $2000. Yea, They're pretty cool, huh? So now, I am motorin' around Nashville tellin' everyone that my parents bought me this supercool car. I am a spoiled kid who doesn't know what an interest rate is or how financing works. My parents have always taught me to pay cash, like they did for the MINI! Thanks, i just had to brag on 'em!!
What dealer in Miami are you talkin' about? South Motors MINI, Braman MINI or Lauderdale MINI in Ft. Lauderdale?
BTW, if you don't know anything about financing and interest rates, I see a very bleak financial future for you boy....tell me how the heck are you going to choose the right mortgage when the time comes to buy that first piece of property? Oh wait, yeah you are rich, your daddy and mommy will pay for it cash too....whoooo!!
Neither one of those currently haggle a penny on either a Cooper and much less on a Cooper S, so your story doesn't hold water.
What dealer in Miami are you talkin' about? South Motors MINI, Braman MINI or Lauderdale MINI in Ft. Lauderdale?
BTW, if you don't know anything about financing and interest rates, I see a very bleak financial future for you boy....tell me how the heck are you going to choose the right mortgage when the time comes to buy that first piece of property? Oh wait, yeah you are rich, your daddy and mommy will pay for it cash too....whoooo!!
Neither one of those currently haggle a penny on either a Cooper and much less on a Cooper S, so your story doesn't hold water.
4th Gear
Joined: Jan 2003
Posts: 571
Likes: 0
>>But a sizable chunk of my efforts went into my insurance which jumped about $1200 for a year (I live in MA, some of the highest rates on the planet).
In NJ my insurance is $3200.00 with no points, no violations. What gives?
Don't feel so bad!
:smile:
In NJ my insurance is $3200.00 with no points, no violations. What gives?
Don't feel so bad!
:smile:
3rd Gear
Joined: May 2003
Posts: 272
Likes: 0
From: madtown, wi
All-in, - trust your instincts & go with what you'll be comfortable with monthly, xzibbit99.
BearX220 laid out the logistics quite well. I do believe however, that value plays a finer role than cost in MINIs, this to be read for MINIs only, over nearly all other cars currently available. The original question may need to be sharpened, but I'll stick to the truth about these wonder-MINIs....
MINIs are doing better than expected regarding their Residual Values. Much better. Look at what the used car dealers near you are asking (if they even have any MINIs) & you'll have a real sense of their value. Near us, they ask more for a used MCS than a new one with more options. [This is where you see the dealer's hand. :smile: MINI: Everyone can win! :smile:
Good luck, either way!
-sb
**Sketchedin, - helpful! Please look for the g.damn "Brag & Moan / Compulsive Liars" board as needed.**
_________________
MINI: The best horse for the buck!
BearX220 laid out the logistics quite well. I do believe however, that value plays a finer role than cost in MINIs, this to be read for MINIs only, over nearly all other cars currently available. The original question may need to be sharpened, but I'll stick to the truth about these wonder-MINIs....
MINIs are doing better than expected regarding their Residual Values. Much better. Look at what the used car dealers near you are asking (if they even have any MINIs) & you'll have a real sense of their value. Near us, they ask more for a used MCS than a new one with more options. [This is where you see the dealer's hand. :smile: MINI: Everyone can win! :smile:
Good luck, either way!
-sb
**Sketchedin, - helpful! Please look for the g.damn "Brag & Moan / Compulsive Liars" board as needed.**
_________________
MINI: The best horse for the buck!
4th Gear
Joined: Feb 2003
Posts: 593
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Zero monthly payment, paid cash. Insurance is $547.96 per year for full coverage. Purchased from Crevier and they were most accommodating on price.
_________________
2003 Chili Red/White MCS, sport pack w/white wheels, cold weather pack, black leather w/anthracite dash, DVD-based Navigation w/OBC, HK sound, MFSW, PDC, rain sensing wipers & auto dim mirror.
_________________
2003 Chili Red/White MCS, sport pack w/white wheels, cold weather pack, black leather w/anthracite dash, DVD-based Navigation w/OBC, HK sound, MFSW, PDC, rain sensing wipers & auto dim mirror.
3rd Gear
Joined: Sep 2002
Posts: 205
Likes: 0
From: Seattle
>>Well, sorry to "rub it in", but I gotta brag on my great family. They bought my 2002 Silver MINI Cooper S in Miami for $17988 for my graduation! Yes, they did haggle the price down about $2000. Yea, They're pretty cool, huh? So now, I am motorin' around Nashville tellin' everyone that my parents bought me this supercool car. I am a spoiled kid who doesn't know what an interest rate is or how financing works. My parents have always taught me to pay cash, like they did for the MINI! Thanks, i just had to brag on 'em!!
Friend, I'm sorry, but I don't think you personally have a thing to brag about. That's not "cool." Adults earn things and pay their own way. Your parents may have always taught you to pay cash -- but they're also discouraging you from becoming a grown-up. Anyone who's graduated from school, but thinks it's cool that their parents are still bankrolling their life's necessities, should stay clear of me.
Friend, I'm sorry, but I don't think you personally have a thing to brag about. That's not "cool." Adults earn things and pay their own way. Your parents may have always taught you to pay cash -- but they're also discouraging you from becoming a grown-up. Anyone who's graduated from school, but thinks it's cool that their parents are still bankrolling their life's necessities, should stay clear of me.