Just looking for some feedback here.

I have been looking for a Mini for a while and now have a decision to make.

Currently my DD is an 05 Jetta GLI with 62,000 miles-owned since new and I still have 2 years remaining on a loan. Car has been great but after 7 years I am getting the itch for something different.

Within the next month it will need about $2,000 or more of service
Timing belt/water pump (Rollers start failing past 60K)
Power Steering Pump-leaking
Brakes F&R
Control Arm Bushings
Front strut Bearings
Rear Contolr arm bushings
CV Boots cracking
Alternator is starting to make noises

In about 5,000 tires (18") and I hope the AC works for the next couple of years.

Fuel Economy has been avg under 20 city/27 Hwy, my commute is 50/50 mix.

I have three choices I can make:

A) Bite the bullet, take the money out of the family vacation account and forget the Mini for a few years.

B) Pick up a used 04 Mini the dealer has (recent clutch, contol arm bushings, power steering pump and brakes) asking $10K with 101,000 miles and nothing else should go wrong

C) Lease a new 2012 with the $199 special, for three years I will not have any "hidden" maint/repair expenses, insurance will be about the same. Only problem is I will have to pick up a replacement after the lease is up or just lease another hoping the rates have not tripled in 2015.



With the fuel savings, I will probablay save about $600 to $700 a year.

I also have a second vehicle that is paid off but is not a DD in the summer months - 82 911, DE prepped, A/C delete.

I was thinking about purchasing but my "budget" does not allow it.

Thanks everyone

 

My vote would be to lease new. For all the money you'd spend on repairs of the VW, you'd probably pay for the lease!

 

That's what I thinking, plus the Jetta is still depreciating.

 

Now we all know THAT's a crap shoot. With ANY car. I don't like new cars, nor do I like the idea of leasing, unless it's a business write-off. Seeing that you have been looking for a MINI, making the jump now seems like the right move. In the current car market, you won't get your repair money out of the GLI, so fixing it will lock you into driving it for a while, not a bad thing. They are both fantastic cars, in my opinion.

 

If my plan for the lease does not go through, I may just get the timing belt & brakes serviced for now (about $1K) and deal with the others issues if they become a safety hazard.

This will buy me some time to sit back and see what else pops up on the market.

 

Assuming no money "due at closing" from you... lease. Try to negotiate a lower 'residual,' or buy-out number just in case you might like to buy it when the lease ends.

Also, it will be unwise to 'mod,' or personalized, it in a way that's not seamlessly and easily reversible before your return. Said another way, get all of your expensive to reverse mods applied to the base car by the dealer before you commence the lease. In that way, you may be able to avoid a surcharge for removing them at turn in time.

Remember the car is not yours, so drive it responsibly and in a way that does not promote excessive wear. MINI wants its condition at a level that helps them sell it for as much as possible. It will be inspected in minute detail (service records, bumper scratches, etc.) and if there's unusual wear, or it's out of MINI spec, you will pay for it to be corrected.

Finally, if you wish to end the lease early, you will still owe the full amount remaining on the lease. Make sure you insurance policy has a provision pay-off the remaining lease amount should you total the car in an accident, or if it is stolen and not recovered.

BTW: I've leased many cars and have had good experiences.

Cheers and Good luck...

 

Ok, just located an 07 MCS in my area for $13K with 60,000 miles that I may check out.

 

Why does the Mini lease sound too good to be true .... $199 per month for 36 months. Large down payment, residual value, usually 12K per year milage but ..... something has to be fishy here?

 

Lease speacial is $2,500 down, 10,000 miles per year.
Base model with auto-transmission

I decided to go with taking my time (another 6 months..) looking for a "good" used one with more options vs. leasing a bare bones model.

Plus the wife drilled into my head that I would be stuck looking for another vehicle after three years if I went with the lease.

 

Yeah, it's tough with the gasoline powered VWs. Never could understand why they couldn't get better mileage out of them. I've owned probably five VWs in the last 15 years -- two were diesels. Great cars, easy to to get 50 mpg with. But your GLI is a solid car and has low mileage. I'm surprised you need that much and all at once -- not like you're stacking the deck to justify a swap You should be able to get 150K out of the GLI no problem if you can get over your boredom.

As for the MINIs, used/CPO is a better bargain than new. You'll get the remainder of the factory warranty and a "limited" warranty to 100K. Shop around, there are some good deals if you want to finance. Good luck to you!

 

You have a 9 year loan on your VW?

 

I leased the VW and then decided to buy at a super low interest rate since the interest rates dropped after the lease ended so in the long run total interest I will pay over 9 years is only about $400 more then if I had a 60 month loan back when I originally purchased the GLI.

At least my Porsche is paid off and I am able to get at least a little more than 25 MPG on public roads.

Thanks you for the advice everyone and have a Merry Christmas

Now I found a sweet looking 951 for sale in my area, hmmm...

http://forums.pelicanparts.com/porsc...shburn-va.html

 

My advice would be to look for a good used MINI. Now couldn't be a better time...end of the year...end of the month. I was able to get a super deal on my MINI but it was timing and bum luck (another deal fell through) that got me it. I didn't have to put any money down and I recently refinanced with PenFed to get a super low APR.

Check out PenFed...if you aren't military just do the 30 dollar membership with one of their organizations and then you're in.

 

Wow, PenFed has some good rates.

I am a member of the NC SECU and their rates are around 4%.

Thanks !

 

You took out a 9 year loan?!?!?

 

An 82 SC? Cool! My wife's track car (and daily driver) is an 82 SC.


951? That car redefines the term "expensive maintenance". The timing belts that you replace every 30K-60K miles, and they absolutely must use the factory tensioning tool (substitutes work but not correctly!) and just in case also the water pump and rollers and tensioner and so on. Failure to do that results in needing a new cylinder head, and you can't get them used because more people need those than there are wrecked cars to get them out of. Plus you have to disassemble about 3/4 of the car to replace the clutch. Plus the newest ones are 20 years old at this point, and they have 2 decades of turbo heat to cook everything in the engine bay...

I'd stick with the SC myself.

 

Don't worry, the 911 SC is not going anywhere unless it is replaced by a 930.

Yeah, 951's are fun cars but love to empty the bank account in large chunks.