My Mini CMS "14 is going to be ordered anytime now by the dealership. My initial idea was to lease the car snce I saw the ad back in July ($275 to lease a MINI "13 CMS). But since they did not have the color/style I wanted during the time I went to take a look at their inventory list, they told me they could order me one (customized "14) and just pay the additional features.

But since I want to add so many features/packages alone cost thousands. It totals up to 9k just for the stuff I added and wanted.


Leather color/ Tech pack/ Loaded pack/ Auto transmission/ Min Conn with Nav... SO much things I added. I do not think I can simply enjoy that car getting the basic model of the CMS to lease.

I know I may haven been so ignorant not to realize right from the start that I am actually paying for all the extras and retruning them back after 3 years without being able to own any of it. And I do not think it is worthit to pay 9k additional for the extras if i won't own it right?
But like I said, I want them badly for my Mini.

The thing that Lured me into leasing are the ff:

1. 3 years- boot to bonnet - no stress throughout my lease period.
2. College credit $500
3. Lease promo (ad) credit for $500
4. I can switch after three years to a better refreshed of the CM which I am excited in the next coming years..
5. I can lease with option to buy in the end (although the pricing would have been more instead of buying it in the beginning)



If I BUY it-

1. I worry about after the 3 years, maintenance is no longer offered free

2. Extended warranty- some people get good offers ... I do not know how to find a good one or if this extended warranty is such a good option to add

3. The feeling of all the features I buy now will be included somehow for free or cheaper when the new version comes up after few years since the new refresh CM will be better than the one I have...



Forgive me, I have No knowledge with cars, insurance, maintenance. All I know is the fact I desire to have a Mini.

Obviously, I would want to save as much as possible . I hope you all can guide me.

Sorry if I seem to not know so much. But regardless, I still prefer having all the features I added. I mean, why not enjoy my first car than just sacrifice and wait for a better refresh of the CM not knowing if all the stuff I wanted would be free or included as "standard" in the car.

I am just quite torn weather to buy or lease... But leasing with all the extra stuff I added costing 9k more (not having to own after the least period) is a big waste of money.


Thank you all.

 

You're assuming the 'refreshed' version of the MINI will be a vast improvement. Let's hope so. My '14 Roadster S is currently in production. There is a new MINI "sports car" due out in 2015 or 2016, but I don't know if I'll like it, so I'm likely to buy my car versus lease. If I like the new MINI "sports car", I can sell or trade my existing model. As for the extended warranty and maintenance agreement, my mileage is so low I will probably disregard both plans. Being a lawyer, I can obviously afford major meltdowns should they occur. The lease offers you a lower payment and the ability to drop the vehicle off at the MINI dealer and move on to the next best thing. I've leased before, it's not so bad. Given your situation, I would look particularly hard at the financials involved and do whatever works best for your financial future.

 

Boot to bonnet maint is 3yrs/36,000 miles, regardless of whether you buy or lease.

 

However the warranty is FOUR years and 50,000 miles, so it's not like you're ***** out of luck after 3 years. Yes you'll have to start ponying up for oil changes.

 

Heres my take on lease vs buying.

Leasing Pros

1. you want a new car every 3-5 yrs

2. the car is under factory warrany for the life of the lease.(milage and yrs dependant)

3. 4. The monthly payments are usually lower.

Leasing Cons

1. You always have a car payment

2. limit on total miles you can drive

3. lose any money you put into upgrads (when turned in)

4. possible higher insurance coverage for leased vs buying

Buying Pros

1. you can do what you want to the car (mods)

2. no payments after it is paid off

3. unlimited miles

4. possible lower insurance cost

Buying cons

1. usually higher monthly payments

2. warranty only good for the first 3 years or 36000 mile (unless buying extended) when you have to make payments for 5-7 years.

Just my .02 cents

 

That's a pretty good summary. The unending car payment associated with leasing is tough, but it gives the lessee peace of mind regarding maintenance and warranty coverage. Leasing allows you a new car every three years or so, so you're guaranteed to drive the latest greatest cars on the market. My low annual mileage makes it likely I will purchase my '14 Roadster S. By moving to the Florida Gulf Coast next summer, my MINI will avoid the effects of winter weather. I also like the old-fashioned concept of ownership. When I identify the Roadster as "my car", it will truly be "my car".

 

I used to lease my wifes car she always got bored with the car after a few years but she started driving too many miles. Most leaseses only give you 10k-12k miles a year avarage. I live in California and we drive everywhere, easy to put 20k miles a year on a car. So a 3 yr lease you can only put on 30k-36k miles in the life of the lease, or pay like .25 cents per mile over. so for evey 1k miles your over it cost $250. We did not lease her last car in 2011 and she will just have to keep it until I retire in 4 years.
I myself tend to keep my cars and trucks for many years so I always buy just more economical for me.

 

Thank you guys. Good inputs. The thing is I know in my heart I won't drive everyday with it. I think 10k a year is really what will work with me, possibly even less.

The only thing making me worry is the 9k additonal equipment/packages.... the stuff I want to pay extra for, than after three years i won't even own it, then thats a big disadvantage for me.. Unless, those stuff i get to own...

You see, I want the loaded package. i changed the oclor of the car and seats.... i want the mini conn with nav... many things i added ottalling to 9k...

so technically it is like I am renting the stuff I bought retail?
Am i rsomehow getting it?

 

Usually u dont pay retail for options. Basically they figure what the car will be worth at the end of the lease then take the sale price of the car and you pay the difference in monthly payments. That is my very basic knowledge of a lease. So lets say the car cost 30k and at the end of the lease they say its worth 15k you pay the difference in how msny years the lease is for. Plus you pay taxes and intrest on a monthly basis. There are usually 3 options at the end of a lease you can turn it in, you can sell it privately and pay off the residual amount owed on the lease or you csn pay off the residual either by cash or refinance

 

Solution- MINI select program, best of both worlds.

 

Depends on the balloon payment and the car's value at the time it's due for outright purchase or re-financing. I have no idea how the balloon payment compares to the lease buyout. You literally have to sit down and compare the financials for all three options.

 

double post

 

One thing you may want to consider is what MINI will be offering at the time the car is actually delivered. The finance rates and lease offers may be better, worse, or the same. Really no way to tell as of now. My dealership told me that whatever they offered when the car was delivered was what they honored... Irritated me... Especially when the rates went up as of the time mine was delivered and the lease offers were not near as affordable. Just my luck, a month after I took delivery of my car, the rates went down and the lease offers were better.

I considered the lease to get more options, but I also know that this car makes you want to drive and being forced to stay under a specific mileage limit is irritating and hard to do. This car makes road trips and sunday drives so much more fun. I would bother me more to feel like I couldn't take off somewhere for a quick road trip because I was worried about going over the mileage limit than it would bother me not having certain options on the car. You can also pay a little more per month and have the mileage upped to 12,000 miles or 15,000 miles per year. Still, I go snowboarding 1-2 times a week. It's 180 miles for me round-trip to Copper Mountain and back. That alone about 4500 miles total for just the snow season alone. Not to mention work commutes, road trips, going up to the mountains to fish, camp, bike, etc... A single trip back home to Arkansas for me is about 2000 miles total round trip. Just between going home once to see family and the snowboarding season has me almost 3/4 of the yearly mileage limit used up and I haven't even factored in my commute and daily errands.

I don't mod my cars, so that's never an issue for me. I prolly wouldn't consider the MINI select unless you're POSITIVE of one or more of the following....

1. You can afford to pay or affordably refi the ballon payment at the end.
2. You will want another MINI after this car and the car's condition will be excellent and mileage will be low enough that you'll have some equity in it and you can trade it in on another MINI. In which case you will prolly still feel the need to watch your miles and mods - which means it's still like a lease in some aspects.
3. You can afford to pay additional $ on top of your standard monthly payment to reduce the ballon payment at the end.

I wouldn't really worry about the maintenance plan if you're getting an automatic... The only reason I paid the extra for the maintenance was because the clutch was covered. The cost of a clutch outside of the 36,000 mile limit would be more that the extended maintenance alone not to mention my brakes, service, and oil changes are covered. So, I feel like in my circumstances, it was worth it. I really haven't heard complaints about the automatics... and you can get brakes and oil changes done other places for much less or do them yourself.

I would also consider that you really look at the options and consider if there are things you could do without. The MINI is the only car I've ever seen where you can get so many extras that the cost of the options can be more than the MSRP of the base car!

Maybe you don't need NAV? I already had a high-end Garmin with lifetime updates and I also have an iPhone. It's nice to have it there in the dash and not have to deal with the wires, but I've heard some people state that they were not impressed with the NAV system in the MINI. I realized that I really don't use NAV that much since I know my way around and I just keep the Garmin in the glovebox until I need it. I got the MINI connected and still have the cool screen and the apps/games to play with like Mission Control, Driving Excitement, and MINImalism... saved me $750 bucks.

I was convinced that I had to have the leather, but then I test drove a CM with leatherette and was impressed that the quality was better than i thought it would be. $2000 dollars saved.

I would also go online and build as many different configurations as you can. You will find that certain package combos will cost you more or less money depending on how you configure it.

Just a thought.

IMO, if this is your first car, you should prolly start small and take it slow... It's not just the car payment... It's the additional costs of ownership that you aren't thinking about when you're behind the wheel of a brand new MINI taking corners with that new car smell coursing through your nose... It's registration fees, insurance premiums, gas, tires, oil changes, balancing and rotating, alignment, financing, down payment, etc... I can tell you that my first car was nowhere near as nice as a brand new Countryman. It was a really nice and well-cared for Honda Accord EX sedan. It was still really nice, but it was 3 years old and had 34,000 miles.

That being said, you may want to check out the MINI CPO's they have. I don't know about other dealerships, but Schomp here in Denver gets lots of MNI and BMW CPO's that are used for one year by MINI and BMW Executives that typically have anywhere from 4000-8000 miles and have the extended warranties tacked on. In a sense, the CPO warranty is better than the new MINI warranty and they still offer the new car finance rates. These cars having been driven by MINI execs are typically loaded wit hall of the features you're talking about. Of course, there are also other MINI's that they locate that are lease returns, trade ins, etc... that can be a CPO also. Just another thought.

It's had to advise someone of what they should or shouldn't do when buying a car because there are so many variables that could change the advice that's offered... I'm just going based off of the info you provided. What I derived is that

This is you're first car... Being that this is your first car, I'm assuming that you're young. I feel pretty safe in assuming that because you stated that you didn't know much about cars, insurance rates, costs of ownership, etc... Which leads me to believe that unless you have someone to co-sign with you, you may have trouble getting a good interest rate if buying. In that case, the lease may be the better option. I would prolly suggest that you check out a the hatch and the Clubman too. They are more affordable and you could likely get additional options that you are eyeing that would cost thousands more in the CMS. I know that's prolly not what you want to hear, and I'm just stating this based on what you've told me so it could be that a parent or relative is helping you get your first car or you came into or saved up a nice chunk of money. Regardless, I would proceed cautiously and explore ALL options and find out EXACTLY what your insurance costs will be and what your finance rates will be. I would also try to get an idea of what license and registration costs will be in your state. I'm in Colorado and when I transferred my plates over from my old car to my new CMS All4, the total cost was 700 bucks! This is for a $34,000 car. Not the cheapest, but certainly not the most expensive either. Even for my 2007 that I had before, it was over 250 a year. Meanwhile, my parents back in Arkansas got the tags for their brand new 60,000 dollar Cadillac and it was 50 bucks.

Like I said... It's just advice based on what I gathered from your posts, but I would make sure you are fully prepared and ready for the additional miscellaneous costs of ownership. I've known of far too many people who end up biting off more than they can chew because they didn't thoroughly investigate and factor in the additional costs. I saw people in High School and college getting super nice new cars and wondering how they did it only to hear that they lost the car months later because they couldn't afford it, or they ended up working every waking minute to make the payment and the insurance.

Just my 2 cents

 

Check other finance rates as well. I was just pre-approved by USAA for a 1.75% auto loan. I also took advantage of a USAA-funded rebate of $1,000 to go with the dealer's $500 discount on my special order for a '14 Roadster S. USAA sent me the certification letter today for presentation to the MINI Finance Office at closing. I consider $1,500 off a special order 2014 model at 1.75% financing a great deal.

 

Ask the dealer to run the lease numbers on your 2014 configuration with the amount you want to pay up front or whatever minimum they require. Make sure they are including appropriate transportation, tax, registration, and fees.

The 2013 lease offers include a significant discount for the soon to be one model year old 2013's. The 2014 lease numbers will be higher even if the options were the same. I just got a quote with a money rate of .00120.

 

Hello Guys. I am back and my Mini is already at the facility waiting for delivery.

I am just battling weather to lease it or buy it. I put almost 9k worth of accessories that I feel bad would go to waste after the lease. although the option to buy (after SM did the math with the difference if we opt to buy after the lease) it would just make me kind of like pay extra 2k compare to as if i buy the retail of the car for 34,770 now.

But the thing is, I would end up needing extended warranty. 3 year boot to bonnet is a big plus for leasing, but for buying i am left to get it done elsewhere after 3 years and i have to admit, i have no knowledge about these things and wouldn’t want to be paying thousands just for something I can get cheaply if i were to invest on this extended warranty

The good thing is that the SM said after the 3 years and decided to buy the car; i still can get the extended warranty.

What do you guys think?

The 2k difference (i would pay more if i opt to buy after 3 years) seems ok to at least have a peace of mind weather anything occurs after 3 years and i don’t want to buy the car at all and would probably buy a new one, since i am more for new technology...

It just rattles my mind that i have so much accessories and if i did not opt to buy it after the term, it was like as if i wasted so much

Should i just LEASE and opt to buy and (forget about worrying about the extra 2k difference)... and on top of that buy the extended warranty?

Sorry you all. I am so new to this and have no expertise with cars. I am just being frank and totally ignorant.

Thanks for any help.

 

y not just buy it, at the end of lease or after 3 years if u want a new car just trade it in u will take a hit anyway. I rather to OWN my own car while im making payment lease or buy
that way u can drive as much as u want

 

I would like to chime in too:

1) If you drive more than 15k miles annually, you should not lease because there will be a penalty for the extra miles, and it is not cheap.

2) When you return your leased car, you lose your initial $2-3k down payment, and will have to pony up another $2-3k to lease a new one.

3) You can choose to learn how to maintain your car and purchase extended power train warranty through your insurance company, which for me turned out to be a better deal.

4) If you are still unsure, just lease it and if you end up really liking the car, then buy it later. I would not worry about the $2k difference for later, but that's me because I would prefer more peace of mind for now.

Good luck with your decision.

Sent from my iPhone using NAMotoring

 

Hey guys. I went ahead and leased the CMs"14.. I added a lot of stuff... I am just wondering why they gave me 7500 miles per year in the contract.

I initially thought it was 10-12k. What could be the reason why they lowered it? Perhaps I can increase it considering I have a 10k deposit . I am willing to pay in advance if It means saving interest or what, but I guess the contract states clearly what the pricing would be so I don't think I can lower the costs by paying more now.

Any suggestions how I can ask mini to increase my mileage?

The residual value of the car is 21k or so after...Is it worth buying this war after there years considering car depreciates every year by 5k from what people keep telling me...

I already added so much accessories and getting it tinted, backup camera, etc...

Hope u guys can give me some advice.

Thanks

 

It doesn't appear that you actually read any of the feedback posts related to your previous questions, so not sure what you want now. Your typos also make your new question almost unreadable. They lowered the annual milage to make the lease payment what you wanted to pay. You will pay $$$ at the end of your lease if you exceed the annual milage if you don't keep the car by making the balloon payment. If you already leased your new MINI and signed the papers, there is nothing you can do to increase your annual lease miles. Your lease payment already is based on the milage in your contract. If you haven't signed it yet, they can increase the miles and your monthly lease payment will increase, unless you make more of a upfront cash capital payment.

Perhaps you should take someone with you to help explain the financial implications of lease vs. buying a car.

Sent from my iPad using NAMotoring

 

did you look at the mini select plan?? lower payment and no mile limit

 

My ignorance caused me not to know all these things. I apologize if I seem to really not know much before getting the car. I just dreamed to have a Countryman . Now I'm stuck with a lower mileage car i paid a lot for. Contract has been signed and I had the car for a week already.

It sucks I can't do anything to increase the mileage .

 

Sorry to hear that the car salesman got you to sign the contract so soon.

All the numbers written in the contract are legally binding.

What is the extra cost for driving over 7,500 mi. per year?

 

never heard of a lease with that low milage??? Unless this is a weekend car not used as a primary driver those numbers seem impossible to stay under?? broken down thats only 625 miles monthly, 144 miles weekly, 20 miles per day. kinda tough to keep that schedule.

 

it says 20 cents per miles after. I feel so bad. I know it is my fault, but given that I asked for their help and they told me that its 10k to 12k a year, I just went a long and signed.