I'm looking to buy a new MINI. I was originally going to go through the KS dealership but their interest rates for MINI Select were twice as high as the STL dealership.

KS did have a MINI on the lot that I liked and took off almost 15% but it was still just too expensive for me due to interest rates. So I've had to resort to going through the STL dealership and since I'm ordering, they say there isn't much they can do on a discount off MSRP but they would be willing to throw in some accessories.

As of right now, I want window tint (which KS dealership said they would do no problem free of charge so I have a little to work with on that), a snowboard rack, and driving lamps.


Should I try to get a little off MSRP still?

I was also thinking about getting the JCW tune which KS quoted $2073 because MINI is doing a 15% off parts right now. I've driven a MINI that had the tune and one that didn't.. and man I couldn't keep the smile off my face after that.

Should I wait and go aftermarket?

 

Go through your bank or credit union if you can. You're more likely to get a better rate there than any dealer.


15% off is tremendous. I don't think I'd turn that down but then again, I'd go through my credit union to secure the loan and then take them up on the 15% off.


Work the numbers but I'd personally want that 15% off over tint, rack and lamps.


It couldn't hurt but you've already said above they couldn't do much to discount off the MSRP, unless I missed something.


Yes, the JCW tune is nice but so are the aftermarket tunes, actually they are even better, both in performance aspects and cost. But the one thing that would worry me would be how that tune might affect your warranty. Some dealerships don't seem to have any issues but some do. Find out first from the dealer that you will be taking you MINI into for warranty work, even if that is the dealer that you didn't buy your MINI from. And just be aware that even if they don't seem to have any issues with your aftermarket tune, that could change should you have any problems down the road and they and you have a difference of opinion on whether the tune had any impact or not. There is risk no matter how slight in this happening, so just be aware of the fact.

Weigh the risks, performace and cost of everything. Only you can determine if you should go down that road as you will be the one that will have to deal with any implications later on.

motor on!

 

Well actually my bank has a ridiculously high interest rate and my mother (because I'm under 21) would have to put up her title of her car because they want a high down payment.

I think 15% is awesome also, but the payment is to high for me to do traditional financing. (which is why I was going to do MINI Select.) So I had to pass on that deal, and actually the MA at Baron was very disappointed he couldn't get a better APR on MINI Select but due to state laws in Kansas it just wasn't doable.

I'm going to try to get a little off MSRP. Would it be a good thing to bring up the 15% discount on a on-the-lot car to STL? I mean I know I'm ordering a car, but if they see that I may have a better deal with the Baron dealership.. then they may budge on the price a little bit.

I have talked with the Kansas dealership about aftermarket and it wouldn't void the warranty unless they prove that the specific aftermarket part was the reason it messed something up. (BaronMINI is where I will be getting my work done since I live in Kansas City.) But the issues down the road is one reason why I wanted to just do the JCW tune with them.. and it would be in with my financing.

 

Good luck! I didn't buy my first new car until after I finished college and had a good paying job. Got the best rate through my credit union and never looked at a dealership's financing ever.

Don't know what else to say. You are really not in a good position to bargain and any sane dealer will know that but again, it couldn't hurt to ask.

My experience with the local dealer is that they don't tend to bargain, that is why I said 15% off was tremendous. Personally, I am done with new cars and only buy used any more. I am not willing to take the depreciation hit, like I was when I was younger. Having a new car just doesn't appeal to me when I can get the same car used 2-3 years down the road. Again, best of luck and post some pics when you get it.

 

Thanks for the advice!

I agree with the depreciation of the car is sucky. If I do get a new MINI, then I will definitely keep it for many many years.

I am also looking at 2004-2006 R53s, but it seems if they weren't taken care of (like the mushrooming struts) then it may be a headache to fix and most owners don't think anything is wrong.

I would look at older 2nd gen but I would miss the sweet sound of the pop burbles. (At this point I guess I'm nit picking.)

 

Without knowing anything about the interest rates -- there must be a TREMENDOUS difference in rates if a 15% discount off a 28-30,000 dollar car is enough to actually make you think about paying for the more expensive car.

I mean that is $4,000 -- I might want to call out that this is how you feel right now about the MINI -- if the time comes before your 5 year loan is paid off that you are a) able to get a refinance -- yes you can in fact refinance cars b) get yourself into an M3 or something nicer, you absolutely want to owe less money.

What if you come into money tomorrow and want to pay off the loan? You want to pay the lowest price possible for the car to enable yourself to do this.

 

Yeah, I probably would have gotten the car but their MINI Select was just way too much due to KS state laws. It ended up being a worst interest rate than their incentives they had for 2012 models.

I've just kind of been looking at my options. So I've been looking at new MINIs for the MINI Select payment. And I have also been looking at R53s for the cheaper car in general.

The downside to MINI Select is the balloon payment.
The downside to a loan through my bank is the 7% interest rate and they only want to give me a certain amount without giving up a title.

My payments would be about the same amount each month, but I wouldn't owe a balloon payment at the end of the term with a used car.

I did find a R53 up near Chicago which my parents will let me get, only because I have friends up there. So I'm holding off on the new MINI.

I have been bouncing around back and forth from the R56 to the R53. :/

 

I found this on yahoo somewhere.... this is Good advice when you go see the wolves....

Here is my Top 10 list that should get you in and out of the F&I room unscathed.
Don't agree to be a monthly payment buyer. If you do, you'll quickly lose control of negotiations as they pack payments and hide the real cost of the car.
Don't buy a car without first checking pricing guides such as Edmunds.com's TMV. Print out this information and take it with you to the dealership.
Don't buy the extended warranty. The bumper-to-bumper warranty will last for at least three years/36,000 miles. The powertrain warranty will then cover all the things that make the car go down the road, often for up to 75,000 miles.
Don't buy the extended warranty (if you really want it) for the first price they offer. Mark-up is about 100 percent, so there is plenty of room for negotiating.
Don't enter the F&I room unless you have independent financing or you have recently checked your credit report and investigated what your bank or credit union will offer for a rate. Otherwise, how will you know what interest rate you deserve?
Don't buy paint protection (it's just a glorified wax job) or fabric protection or VIN etching or LoJack (unless you have an irreplaceable collector's car). These are high-profit items for the dealership and can always be purchased somewhere else if you decide you really want them.
Don't pass up gap insurance if you're leasing (unless it's already in the contract).
Don't forget to run your monthly payment numbers using an online computer to get a rough idea of what your car payment will be.
Don't believe that the F&I guy is really your friend, even though he acts like it.
Don't believe the F&I guy if he tells you that you have to buy the extended warranty to qualify for low or no-interest financing. I've used this line a few times before. And it's not true.

 

These are all very sound posts.

I just bought my 09 MCS on Tuesday and I went in knowing how much one is worth, how much one is worth in my area, and w/ my own financing. It made everything much much easier. Unfortunately, I'm not entirely sure if that would help you since you/your parents intend on buying a new Mini.

In any case, I'm 25, and it took me a year or so of paying ridiculous amounts of interest monies (I was 17 bought a Kawi ZX6R w/o a co-signer) to get me where I am today. If it helps, do biweekly payments- it will speed up the loan payoff and save you on interest. Google it if it sounds skeptical.

Good luck and keep us posted.

 

^^^ THIS is an awesome post!!!!! Very good knowledge!!!


And +1 to the bi-weekly payments if possible. Even if you can just send in random payments, it's better than regular pay-when-due monthly payments. You gotta ask the bank to set up bi-weekly payments, in most cases, to get full effects on the loan. Either way, small payments more than they amount due will put a serious dent on the loan.

 

+2. Excellent advice.

 

Turns out not yahoo but Edmunds.com http://www.edmunds.com/car-buying/co...e-manager.html

 

Maybe you shouldn't be buying a new car if you can't afford a decent down payment and the monthlies?

Maybe it would be smarter to keep working and save up $5Kor $10K or even more to put down, then you'd be able to qualify for a better rate?

 

They said the lowest rate they had for the MINI Select was 6.0%.

Besides, I found a really nice used MINI to buy instead. So problem solved.

 

Haha, doesn't sound skeptical! A friend from high school actually did his payments bi-weekly because it would save him a lot of money in the end.

While I was thinking about a new MINI, I was also looking at used R53s, but in my area they are kind of hard to come by, and in the condition my parents want them to be in. So after much thinking and going back and forth.. I found a R53 that suits me, and that I will probably love. Going to check it out next Saturday and hopefully driving home as a MINI owner! :D


Also thanks for everyone's replies! They were helpful. And I will make sure to remember alll of this for the future.

 

Don't get yourself too deep in debt too young. Be sure that you have some cash to live on and still let loose a little. I know it sucks, but sometimes getting a good running beater is a better choice. A cheap 4 wheel drive pickup or a good old fashioned hatch with some high miles but a good maintenance record might get you through. (School or enough work to stash away some $ for a down payment on a nicer ride). Especially if you end up communting to school or the city, parking lots at schools in the mid east beat up cars more than anything else. Once you have enough saved, you can pick and choose your ride.

Deciding a car based on window tint might also not be the best starting point. Start with what will cost you.

-insurance
-loan
-fuel
-maintenance (remember these cars are like weddings, nothing is under $300) just kidding, but these are not the cheapest cars to replace parts.

Don't get yourself house poor or car poor. You won't be able to enjoy the rest that life will throw at you.

No matter what car you decide on, get a decent set of tools and a repair manual. You will save yourself thousands over the life of that car not paying someone else to turn a wrench for you.

My old 2 cents...take it for what it is worth, free advice

 

Well right now, the car I currently have is costing me as much as a car payment each month anyway.

I have thought about insurance, I actually went to my insurance agency and got quotes before even talking to the dealerships or even looking at cars. I figured all of that stuff in before window tint. It's just a perk. I also know about the parts being more expensive. Any car I would gotten would have expensive parts.. If I didn't get a MINI, I probably would have gotten a older BMW or VW. I don't like appliances.

I plan on doing most of the maintenance on the car myself. Plus my boyfriend can help tons.

 

A side bar about tint....

I have a friend whose brother in law owns and operates his own tint shop in San Antonio. I got a quote from him, and called a few on Craigslist. I got lucky and found a guy who works out of his truck and goes around to various dealerships and tints their windows.. I can get 5 windows tinted for $80, he charges dealer $150 who are probably charging the new owner atleast $225 ... This guy will also l9ifetime warranty his work and uses what I hope is professional grade tint. Not Suntek but I thought Johnsons??? Whatever it is it cant be found at walmart or pepboys making it decent stuff...


..

 

If interest rate makes the payment too high, you probably can't afford the car in the first place.

I mean, I just ran a 22250 loan at 3% and it was just under $400. At 9% it was $460.

Like I said, if $60/mo puts a hurt on you , you can't afford the car.

 

i have a theory that i am too materialistic to practice. You may be able to pay for a car,(payment,insurance,gas) but if you worry about parking at Walmart or in the city you cant afford it.. one of my other cars is a 91 Geo Metro I take it anywhere and everywhere and now i have people who are afraid to park next to me.. I dont worry about rock chips,door nicks, tree sap(its freedom in three doors). i wonder why i am selling my car? hmmmm