Hi all.

I've got a 2003 CVT and really love it...it turned 3 years young on June 7th with a little over 48,000 miles on the odometer. Every mile motored was (is!) so much fun. This is the only car I've ever owned that I look forward to driving each day. It never gets boring.

But...I'm at a crossroads. It will be out of warranty in 2,000 miles and I'm worried about the future costs of ownerhsip and especially of the CVT transmission. If (or is it "when?") the CVT belt breaks, a new one costs around $7,000 to replace, so I've been told. Is that true??? I heard about $4,250 for the new transmission, plus 20 hours labor at around $115 an hour. I wonder, in comparison, what the cost of a new MCSAutomatic Tranmission (Aisin slushbox, not CVT) would cost fully installed?

On the 03, I've had the steering pump and motor replaced twice, the HK amplifier replaced once, both window motors replaced, the battery replaced, and the steering wheel replaced, all under warranty. Out of warranty, I'm sure the steering pumps alone would have been $500 or so each time.

Anyway, now I'm seriously considering trading it in for a 2006 MCSa with the following specs:

Space Blue with the three packages (everything except the Convenience Pack), black leatherette, HK, silver roof, silver "U" bonnet stripe, Auto AC, chrome-line interior, anthracite dash.

I'm taking my 03 CVT to the dealer tomorrow for a trade-in assessment, they estimated they would give me $12,000 credit toward the 06 MCSa, but they want to see my 03 first. 12K sounds good, as I'm thinking I could probably only get 14 to $15,000 tops for it if I sold it privately (does that sound right?). Plus with the trade-in, there are tax advantages. So $12,000 trade-in value doesn't so bad.

I will be driving the 06 MCSa much less, probably about 10,000-12,000 miles per year, so I will definitely be able to maximize the full 4-year warranty period.

But I'm still uncertain, primarily because I wanted to finally pay off my 03 and never have another car payment again. But maybe that is silly way to think...

What would NAM Forumers do??? :-)

Will the reliability of the 06 MCSa be better than the 03 CVT? Do supercharged cars have bigger repair issues, generally speaking?


Thanks & Rock on,

-boognish

 

You left out the most important part ... how much equity do you have in your car?

Lets say, for example, you own it. Then that $12K is yours. Now you buy a new one and have to finance say $20K.

If your happy with your current car, you can stick those car payment in the bank, earning interest vice making payments AND paying interest.

IF you have major repairs, you take the money from the money your saving to pay for them

Ever wonder why the "rich" folks sometimes drive around in old, ratty cars? Its because they dont throw money away on payments when they could be earning interest on the same money. Better to drive it until the wheels fall off ... financially speaking

 

Yes, upgrade!
I've seen one too many worrying stories of the CVT dying shortly out of warranty ...

 

chows4us offers some real sound financial advice. But with you having gone through 2 engines and a bunch of other stuff, I can't believe you aren't thinking about going to another marque entirely. In my case, the engine is about the only thing left on the car that hasn't been replaced. My warranty just expired 2 weeks ago and I invested $1750 in a bumper to bumper warranty from AAA that covers SPUD for another 48,000 miles. Just in case another big breakdown occurs, I've got a 2007 Mustang Cobra on order in the event I decide to give up on this finicky car. Despite the Cobra's 500 horses, I suspect the MINI will always be more fun to drive (hence the warranty and the eternal hope for:impatient reliability)

 

Right, the equity thing is always a factor.

And as an aside, people always knock leasing, but I've seen situations where someone would pay for three years on a car, XX amount of $$. and then sell it with two years left on the loan, getting enough to pay off the car, in effect having nothing to show for three years of payments. This doesn't usually happen with MINIs, as the resale is usually high, but having nothing to show is the major knock against leasing...

Depending on how the $$ work out, if you could get into a new MCS with little/no money down, and keep the payments the same as what you have now, just extend the term, I'd say it's worth it from the warranty/repair standpoint alone......

 

Yes

 

Oops, when I wrote "two power steering pumps and motors" I meant my MINI had it's power steering pump/motor assembly replaced twice... not the actual car engine(motor). Actually, the engine is indeed the one thing on the mini that I also believe is the most reliable component of the entire car!

As for equity, I owe $4,000 on the '03 MINI, so if the dealer gives me $12K, I'll have $8,000 to put toward another MINI. I'm thinking of doing a 48 month lease, (since I will only be putting on 10,000 - 12,000 miles per yer, tops) with the option to buy it out at the end, or refinance the residual at the end.

 

Stay away from a lease unless you can write the lease payments off as a business expense on your taxes. Generally speaking, the effective interest rate on a lease can be 2-3 times that of a conventional carloan. Yes, the monthly payments will be more for the loan, but you have some real value when the loan is paid off vs. absolutely nothing at the end of a lease. Over a lifetime of car leasing, you can lose several tens of thousands of $.

 

If you lease, that is basically your "renting the car", its like renting an apartment, no equity at all. Unless you can write off the lease as business expenses, leasing merely allows people to "rent" a car they normally could not afford to buy and the money just goes "poof" into the wind.

IMO, keep the car. pay it off. Then keep making payments to yourself (in essence creating liquid equity). When it becomes unbearable (if that happens) then go buy a ONE year old car ... not new .... What is the point of buying immediate depreciation. Let some other person take the depreciatation hit. Just check around, lots of 05 Minis up for sale

Best of luck!

 

Also great advice!

 

It's almost never cheaper to trade a car as opposed to keeping it forever. For a while MINI's were a bit different because of the high residual value. Still, it only makes sense to trade if you want a new MINI, not to save money.

 

I also have an '03 CVT. I'm keeping mine, though, and am just gonna show it, as the color and interior are rare. It's been tracked 4 times and has gone Dragon hunting for the last 3 years, so I guess it's time to let it enjoy being shown now. Besides, it's "family". To replace it, I just bought a new Royal Grey MCSa. The fun just never ends........

 

No doubt in my mind...
1. Buy an exended warranty from a reputable company, Warranty Direct or AAA, lets say you spend $3000 (need to do before original warranty runs out)
2. Drive for another 50,000 and/or 3 or 4 more years, with no worries, if the the CVT breaks they fix it. You pay the deductable, that's it.
3. Save your money buy an 09 or 10.

 

Plus if U want a specced 06 ordered thru the conventional build slot method your window of opportunity here is rapidly closing. July 31 is the cutoff date, and I'm not sure there's much wriggle room because Oxford is closing again for a short spell in early August for further 2007 model retooling.

Just something to consider here in your decision. Good luck. Jimbo

 

I have an 03 5 speed with 123k KM's(78k miles) on it. I have not had an issue with the car in over a year, but I do have a bad speaker in the passenger door. My extended warrenty will cover that. My warrenty is good till 96k miles.

I was thinking 07, now I'm thinking 2010. This engine has lots of life left in it, and the car looks almost new

Mark

 

Still not sure what I will do. This is difficult, but I'm leaning toward purchasing a 2006 MCSa, Space Blue...

I asked the dealer "when is the latest you are taking orders for 2006 MINIs?" and he said "We will stop taking orders for 06 MINIs in December. The first 2007 Model Year MINIs will begin being built around December for February 2007 delivery at our dealership."

So I am hearing July 31st cut-off on NAM, but my dealer is saying December 2006... who's stretching the truth??

Also, the dealer (one of the 3 in New Jersey) is one of the most high volume in the East Coast...the waiting time from date of order to date of delivery is only 6 weeks (and that's for an MCS). Apparently the MINIs are delivered to a port in Elizabeth/Bayonne, NJ, which is a 30 minute drive to the dealer, if that.

Thanks for all the advice and options...good stuff.

I think I may feel better with the last model year of the "original NEW MINIs" .... much of this car buying stuff is psychological...do any of us ever NEED a new car as much as we really just WANT a new car?" :-)

rock on,

-MB

 

From my understanding, talking to MINI folks, your dealer may still receive cars later in the year, but they will be pre-spec'ed; the factory will close long before December - although February 2007 delivery of the '07 spec might be true in USA, it's earlier than that in other countries!

 

Are mini that un-reliable??
I guess it's on par with bmw which is really so so
(my friend works as a dealer mechanic)

Chow4us:
thats really sound advice

 

I called the Minneapolis dealer and they said I still had months left if I wanted to order an 06... *shrug*

 

Come back and tell us what they say in October!

 

I have '03 MCS that I bought 18 months ago (for 18,300 Cash) at 48K from a traveling salesman. Now @ 70K VERY happy miles only issues being Brakes not done soon enough and had to do drums too... Passenger window sometimes won't work, on really hot days, but NO other mechanical problems... Until the busy Mom on a cel phone rear ended me on Tuesday. She's AAA insured, I'm driving a pig rental, and I am getting different advice like- 1; take the $$$ and run. 2; Make them fix it all. 3; take this opportunity to upgrade (I am in a major home remodel and do not need a car payment right now) and 4; find a new interest in life. Right. Precious is sitting at Brecht in Escondido waiting for the adjuster inspection. The hit was about 30 mph, left rear end and the driver door is now ajar, left rear quarter panel caved in, hatch torqued. No broken glass or taillights although the edge things are all wasted. Does this sound like a repair job? I can get some photos later.

 

The "door not shutting" would be a concern, suggesting some frame buckling - if so, difficult to have repaired well.

But surely getting the car fully and PROPERLY fixed will give you a better result than taking some sort of pay-off? Unless her insurers agree to write-off your car, which I doubt would happen.

If you love driving a MINI, keep doing it!

 

06-23-2006 06:41 PMboognish But...I'm at a crossroads. It will be out of warranty in 2,000 miles and I'm worried about the future costs of ownerhsip and especially of the CVT transmission. If (or is it "when?") the CVT belt breaks, a new one costs around $7,000 to replace, so I've been told. Is that true??? I heard about $4,250 for the new transmission, plus 20 hours labor at around $115 an hour. I wonder, in comparison, what the cost of a new MCSAutomatic Tranmission (Aisin slushbox, not CVT) would cost fully installed?
While I have a 6 speed, this type of repair cost concerns me. Haven't seen anyone respond to the original question regarding $4,250.00 for a new CVT vs. $7,000.00 for replacing the belt on a CVT. Maybe I don't get it but the numbers appear to be reversed. Anyway, $4,250.00 for any transmission repair seems excessive. Others experiences????

 

Is the mini really so unreliable?

btw: CHOW4US
great advise

 

Depending on resale in your area, that may be a no-brainer. My dealer would have given me about 15.5 for my fairly low mileage 2/03 PS/B MC, but I live about an hour and a half from the dealership so it's a bit easier to sell private owner MINIs here. I got 17.5 for it last month, after it sat on the consignment lot for all of 6 days.