I have a '05 MCS, fully loaded except leather & NAV. I have done minor mods to the car. And over all it is a great vehicle. I live 10 miles each way to work, and my fiance has a VW we use for just doing "stuff". The MCS has never even been driven by her nor anyone other than myself or the dealer. So it rarely gets driven... althought when it is, its quite spirited driving.

My question is, in June it comes up for the "Balloon payment", I can trade it on a new MCS, and toss a couple grand at a new car and my payment will not increase, and I will have a new car... again.

Or, do I refinace with BMW or Capitol One, toss a few grand at my '05 and keep it... I only have $12,000 left on it, and own it is 36 more months.

The problem I also am having is the warranty... I love having a warm and fuzzy blanket covering my car, but another year from now that goes away. But if I get a new MCS I get the warranty back.

I don't know what to do. I like my car, but I need a warranty. I know there are extended warrantys available, but thay are over priced, and normally cover jack s*&@.

Thoughts?

 

I thought you said you have a dilema? To me, either way you make out ok.

 

It would seem that way, but I would eventually like to get out from under the car payments.... and mod the crap out of my car like my old M3

And the warranty issue.

 

If you love it - keep it.

Other things to keep in mind:

• Do you have a trusted mechanic? Once the warranty goes away you aren't going to want to go back to the dealer for repairs.
• The past can tell of the future. Have you had big issues in the past? Do you take good care of your baby and do all the proper maintenance?
• Are you attached?
• Want to drive your MINI until it dies? Or do you think you're going to want something else in a few years? If you want to drive till the end, then I'd say keep the one you have.
• Are you quasi-mechanically inclined? Changing your own fluids and doing minor maintenance work can save you a ton of money.

I'm at 62K miles now and have spent $0 on repairs, but you'll read other stories where folks haven't been so lucky.

If I was in your situation, I'd keep Claire... but that's me, and I'm a total freak-job when it comes to my MINI.

 

I have been leaning towards keeping it. I have had only one major issue, but that was at 4k. Tranny failed. Had a few other minor issues, but all that would have been fairly inexpensive.

Do I do all the proper maintenance, well at the mileage there has only been what oil changes, coolant flsuh and a brake flush. So yes, I am on top of it.

Mechanically inclined, yes, I can't even begin to list the mods on my old M3.

All the aftermarket warranties I have researched look like crap, I dont think I am going to bother with one. However I am considering extending the maintenance though.

 

Well if you love it and want to mod it out then I say keeping it would be your best bet. You have a low mileage reliable MINI that you only owe 12k on. Otherwise if your modding is going to be years and years down the road then go for the new Turbo and keep your mods to a minimal.

 

Have you looked into warranty direct?

 

Have you looked at the new Mini yet? I had planned to replace my 05 MCS too until I did that. Now I'm going to have to face the brave new world of keeping a car into its twilight years...

 

Yes, I have looked at all of them. They are just WAY overpriced for the coverage.

I have looked at the new ones. And I like them... but don't love it, and my '05 over all seems it is easier to service by myself, and to mod.

 

I would say keep the 05.


joe r

 

Smart money is to keep what you have and pay it off.
You mentioned you owe $12k and are ready to throw a couple grand at it. If you do that you could be paying it off in a couple years. Just take a 3 year note and start paying double payments, or just extra payments. Any time you can stay rightside up on equity in a car you are winning.
Starting over with a new car will only bring you further from your goal of a paid off car.
I'm working on a plan to pay off my GS300 by October. A few extra and double payments and I'm there. I just paid off my truck the same way and was able to pay cash for the Mini by saving up payments in advance. Nothing better than no car payments!

 

Smart money is to keep what you have and pay it off.
You mentioned you owe $12k and are ready to throw a couple grand at it. If you do that you could be paying it off in a couple years. Just take a 3 year note and start paying double payments, or just extra payments. Any time you can stay rightside up on equity in a car you are winning.
Starting over with a new car will only bring you further from your goal of a paid off car.
I'm working on a plan to pay off my GS300 by October. A few extra and double payments and I'm there. I just paid off my truck the same way and was able to pay cash for the Mini by saving up payments in advance. Nothing better than no car payments!

 

I would say keep the 05.


joe r

 

I vote for keeping the 05 I love the looks of the R53, I dont like the looks of the R56 AS MUCH, dont get me wrong i like the R56 but i would say keep the R53 and if you get bored with it in the future...mod it out

 

I say keep the 05, and make friends with a good mechanic, just in case

If you are REALLY worried about the warranty, warranty direct is the best bang for the buck. I know it's a couple grand, but it could be worth its weight in gold if you really needed it.

But if you're pretty handy, or have a friend that is, then whatever! I have both (the warranty and the mechanic friend). I will drive my MINI til it just won't go no mo'

 

after reading about some of the horror stories folks are having with their R56s re NOISY cold AM startups I would say hang onto the 05 because the low-tech iron block engine is much more mod-friendly and reliable. Cant say that yet about the new Poo-Gee motor...

 

Modding is not compatible with a warranty. I think that is the crux of your choices. Which do you want to have more? The ability to mod, or the ability to rely on the warranty?

 

All very good points. And all seem to point to my original thought in the back of my head. And with only $12,000 left and after throwing another $3000 at it in June the payments will be so cheap its hard to pass up. Then I will own it and not need to worry about it further.

 

wouldn't an o5 be worth more than 12k ? sell the car.. take the profit and put it down on a new one..

why would you fianace a car with a balloon note ???

could be dangerous, "ballon notes" one never knows their situation in the future.. divorce.. illness.. etc

good luck on your choice.

i have an o5 cooper.. and love it.

i don't know about owning one without a warrenty.

 

Wait until next year and buy a 128i BMW.

 

well I had originally financed it through the mini select program to keep my payments down.

The 128 look very nice, however first gen jitters are spooking me at looking at one.