hey 1st time post. im in the process of buying a new mini cooper s (need to order it). i've been talking to all the dealers for the past few weeks. (there are 5 MINI dealers here in NJ). this is my first new car purchase so i'm inexperienced. the msrp for my car is $26150, as of right now my best price is $24450. i'm leaning toward a lease right now but kind of open to mini select and finance. my credit is 780+.

here are my latest terms as of right now...
Msrp of the car :26150
selling price negotiated to: 24450 (as of right now)
down payment of 3000
motor vehicle fees (title, plate, reg.) - 227.50
doc fee - 264
lease acquisition fee - 725
residual - 62%
MF- .00180
I was quoted 300 inc taxes (taxes are 7%) for a 36 months/10,000 miles.

is this a good deal? think i can do better?

 

It is tough to score really good discounts unless you are in an area that is saturated with MINI dealers fighting for business. Since these things sell themselves, they don't do a deep discount. Yours looks good.... Glad to see that you are ordering "Your" car! --- better then what I received --- You do save a bit on a lease for monthly cash outlay, but unless you get tax benefits, I would do an outright purchase. At the end of a lease, they can find all sorts of extras for you to pay for,,, unless you are going to buy the car at that point.

As much fun as these things are to drive, you will rack up more miles over the 10k per year...

 

Not to start the lease vs purchase argument (folks on both sides can be very passionate), I would agree that the discount you have negotiated seems very good - much better than average. Many folks on this board paid MSRP or very close to it. I drive more than 12K miles per year, so we have never leased in the past and likely never will. Finance rates are pretty cheap right now so if you can afford the slightly higher payment from purchasing, I'd go that route. While not as good as a few years ago, MINI's still generally hold their value better than most vehicles, and ones with fewer options (mine was fully loaded @ 31K MSRP) tend to do better than the heavily optioned cars. Best of luck and enjoy your MINI - they are great personal transportation vehicles.

 

ill say this ... as i am a jersey resident and have dealt with different dealers and leasing and buying ... i just bought my first mini but my first one was a lease. if you can finance it and want too invest into a mini then id out right buy it. when i returned the lease, all these "little things" were charged cause of wear an tear etc ... plusssssssss you really cant mod them if you lease it unless you intend on taking everything off ... if you want to msg me ill give you my personal input on the local dealers here in NJ ... dont want to bad mouth anyone publically but ive had my fair share of good and bad experiences here in nj with mini ... hope all is well and what you have there looks good, like someone else said. no much discounting on these cars ... best of luck though

 

A cooper S for 24K? It must be a stripper.

Anyway, If you are thinking of leasing because you really can't afford the car, you'll regret it. ALL the money you pay over the life of the lease is gone. Plus what they WILL ding you for at the end of lease. At the end you have NOTHING, and you need to either buy or lease another car.

Anyway, if you can get below MSRP, it's a pretty good deal...lol

 

^^^^ I had this exact experience. I leased once in 2005. I'll never lease again.

 

I'm leaning toward a lease more because I can pay off the payment with my 2 week paycheck and have a lot left over. If I finance it would be 2 week paycheck and very little left over. I can probably afford it either way but it's kind of the benefit of having more money to play with to take care of other bills. Still debating... Mileage isn't much of a factor as I drive an average of 8 -9k a year. I don't customize my car too much if it all. My worry now is when I bring it back in is the turn in fees. They really killed you guys with them? From people who first leased who now financed what made you change your mind?

 

Hmmm, at the end of 3 years of payments you give them a car, and you have nothing...

 

I am not going to lie. I am young and this is my 2nd Mini the first time I thought leasing worked like this: After paying for the car for 3 yrs at a ridiculous rate I had the option to buy it out minus all the money I paid over the 3 yrs. imagine how disappointed i was at the end of my 1st lease ?? LOL soo stupid of me but I bought this one and I love it cause I got the mod bug and I dont careeeeeee cause its mine... Plus with a nice size down payment monthly payments can be low.. like i said if you can afford it, buy it.

 

What are your other expenses? Rent? If the monthly payment is eating 2 weeks of pay, that's half your income. If that's the case, I'd suggest you can't afford this car. Not if you also have rent to pay, which is presumably more. But perhaps you have roomates or something.

Have you considered picking up a used MINI coming off a lease instead of new?

As to the original question, I considered leasing mine, and decided it's a waste of money. Plus, if you own it you can do what you want with it.

 

I loved leasing but found it to be a bit wasteful. Leases are great if you plan on switching cars every so often or have a set budget. What happens is when you get out of your current lease, there often times not great leases available so you end up spending more money for the next vehicle.

One way you can look at your situation is see what the value of your vehicle will be at the end of your lease and if you feel you can sell it or trade it in for a better price then I would purchase it.

MSRP: $26,150
Price: $24,450
Residual Value: 62%
Estimate Value in 3 years: $16,213 for a 2012 Mini Cooper S with 30K.
Your cost: $10,800(including taxes) + $3,000 down payment.


If you look at 2009 or 2008 Mini Cooper S with 30K you're in the $19,000 range so in essence you would have gotten back some of your money if you purchased.

I would go with purchase because typically Mini's have great resale value within 3-5 years with low miles.

This is just my opinion!

Good Luck!
HiMac

 

No, dont pay rent. still living at home. my other bills are pretty much credit card payments, as i always pay my bill in full (groceries, gas, cell phone, etc.)
I really like the MINI but don't see myself having it for more than 3 or 4 years. Which is way i first thought of a lease.

I thought about a used MINI off of lease and monthly payments would fall in between of a lease payment and financed monthly payment. not much of a difference. PLUS with a new car I order exactly what i want and I do get that 3 year free maintenance so I atleast save some money with that.

Thanks to you all. NOW thinking more of a finance. lol. If i put down a bigger chunk for down payment and go for the 72mo loan at the 2.9% rate. My payment would be in line with the lower monthly lease payment amount. I own the car, so can do what I want with it, and doing the math if i sell it after 3 or 4 years I only lost a few thousand instead of 10 thousand or more from a 3 yr lease. Thoughts??

 

no i dont have rent. still living at home. my expenses are my credit card bills, i never really carry cash on me. so i use my credit card and pay my whole bill every month. (cell phone, gas, groceries, etc). was looking into leasing because i never keep cars more than 3-4 years.

thought about financing a low mileage MCS lease return, but the payments would fall between a new car lease payment and finance payment. plus with a new car/order, i can pick exactly what i want and have the free 3 yr maintenance. so that will save me some money there.

thanks to you all i am now looking more into a buying the car. by putting down a bigger down payment with the 2.9% rate for 72 months. my monthly payment would be low like the lease payment, i would get to own the car and have the freedom to do what i want to it. if i decide to get rid of the car after 3-4 years, doing the math i only lose a couple thousand over the time period rather than pay 10 thousand or more over the same period since i would turn the car in. thoughts???

 

You so totally can't afford this car. 1/2 your money on a car payment? Are you insane?

Buy a pos used Toyota or Honda for less than $5K, drive it like you stole it, put no money into it for as long as you own it, and sell it for what you paid for it...

Let's see if the lease is $300 a month, and that's 40% of your pay (take home), you take home $750 a month? Are you a member of congress? Spending like that will get you into deep debt. Or at least eating Raman noodles every night.

 

I would not spend 40-60% of my after tax income to pay for a car loan. It's not worth it, because you have to spend more on gas (premium), insurance, emergency funds.

Just get a used Mini Cooper S with 30-40K on it and finance it for 5/6 years and make sure you get a warranty. It's a safer bet. 16-19K for a 3 year old Mini financed with 3K down you'll be in the 250-300 range with warranty.

General rule of thumb, your car payment should not be more than 1 weeks paycheck... At least it's my rule, but then again everyone has their own opinion.

It's up to you kid, You have to understand that this is just a car and in three or four years you'll get another then another.. It might be the smartest financial decision to get a cheap car and drive it as long as you can and save your money for other aspects of life..


Good Luck again!

 

If i put 7.5k down with the 2.9 rate at the 72 mo for my new/ordered car, my monthly payment would be in between the same range. plus i would have a new car with full warranty (i think 4 years) and free maintenance for first 3 years.

i think i should have stated earlier that i have very good amount of money for my age, i'm just a really cheap guy and don't like spending any of it. lol i have 2 part time jobs, just that 1 i get paid in cash. so i wanted to use my "real" job's paycheck for payment. i've already gone the cheap honda route twice and saved, which is what helped get me to this point now.

 

Just remember you have to keep paying it for the next SIX YEARS.

 

In that case.... If you're comfortable with a 350 payment for 72 months then keep it at 3K down and financing the rest.. If you have more money later you can always payoff the vehicle early.

It's good that you have very limited spending habits because this will save you later.

Remember Warranties and Maintence programs can all be purchased after the fact at a later date and usually can call around to different dealerships to get the best deal.

 

Yes but if he was to trade it he would more likely get what he owes as long as he is within miles..

 

Live at home, no rent, and you don't keep cars that long? How old are you, and what's wrong with your parents?

 

i'm 23, working 60 hours a week, going to school part time. i pay all my own bills while helping my single hard working mother raise my younger brother.

 

bro if your a first time buyer with your age get that rate down ... no shitting you im a first time buyer and 25 years old my rate is .09 ... with a nice chunk down, as you stated, you keep your payments low.

but my MA told me the reason i got that rate is because im a first time buyer, so just ask your MA about it.

 

The lease money factor is important. You need to know the real interest on the lease. Now it is about 2.55 that times 2400 = 6.12% interest plus the 725 acquisition fee. If you lease make sure they put in GAP insurance. If you total the car you can just walk away even if you are upside down in worth verses owe. Try not to put money down on a lease you will loose it if you total the car. I think loan interest right now is 0.90% upto 36 months or 2.90% upto 72 months with only same Doc and license fees.

 

You should wait on the car. Not sure what you are driving now, and if you need another car right now, but the best thing you can do for you, your mom and younger brother in terms of a new car, is wait. Being tied to a payment that is just what you can afford is no fun, and something more than you can afford, well that is terrible. Finances can ruin a car experience.

Seriously, if that mini is a finacial anchor, it is not going to be much fun.

 

hey everyone, i appreciate all the input. just thought i would give you all a heads up in saying that i just ordered my car today. agreed on selling pricing $24000 from MSRP of $26150. and i have financed the car for the 2.9% at 72 mo.