So here's how it goes..

i have been seriously contemplating on selling my mini now or not..
i've had to go to the dealer to get this and that fixed and i'm getting near the 50k mark
I just won't have the money once something breaks and goes wrong..:(

but i got an email from my mini dealer saying that they're having a buyback initiative (apparently they're in need of pre-owned mini's to sell)
so i went ahead and made an appointment to talk with my mini dealer and they said they'd be able to give me 14k-15k if i sell it to them..(with of course putting my stock parts back on)

so my question(s) is this..

should i sell my mini to the dealer for about $14k-$15k? (is it even a good price?)
or try to sell it privately? (would i even be able to sell it locally?)

and wouldn't it be best/better to sell the car now and go ahead and buy a new car? or sell it later on after i pay it off? i dont see any cons in selling now..
i pay everything on my own (im 22) for my car..but my dad says that to just keep my car until i pay it off..but i honestly don't see any pro's of keeping it till then. wouldn't i be getting more money for it now?
even tho i do owe about $7k more left on the car

i'm still contemplating on what to get..but probably a STI ($35k-ish)

let me know your opinions on this..

**update**

lol didn't realize this thread was still up and running

but thanks for all the input guys. as i really do appreciate it, whether it's harsh or nice

i've thought much about it, and i decided on keeping my car until i at least pay it off, if not longer, and then go ahead and save more money to buy a car

thanks again guys

 

and they're offering $14k-$15k, there's no reason that you shouldn't sell it, if that's what you want to do. But then you'll have money or a down payment on the next car, but you'll be financing a large chunk of change.

Break out excel, figure out what you're monthly deltas in payments will be. If you don't have the cash now to fix the car if it breaks, then it seems like finding out the change in monthly cash flow is prudent.

Also you'll be committed to more years of payments, and that's a bit of a ball and chain that you'll be dragging for a while. In this regard, you're Dad has a point. Living within one's means is a good skill to learn, the younger you do it the better off you will be!

Matt

 

And remember, dealers may do a good job, but a local MINI guy is usually much more cost effective, and more convient...so when your warrenty is done, check with your local club and find a local guy. It might be a lot cheaper to keep your car than you think!!

 

The only reason not to - depreciation. New cars depreciate faster than older ones, thus costing more money. Yes, you may have to spend some money on maintenance, but calculate the payment on that new $35K car and see how much THAT will cost you.
You'll generally get more from a private sale than dealer sale, but then you have to deal with advertising, test drives, etc.

 

If you want to get out of it and can afford the new car, there is no reason not to. But if the dealer is offering 14-15k, I thnk you can sell it privately for 1-2k more. Probably 1k easily.

 

Be cautious of those "we need used" types of marketing schemes. They don't need used...it's just a way to get you in there and put a hard sell on you. Figure out what you can afford or not, and don't let them sway you towards anything less if you do go in to see them.

 

I've been eying your joey modded headlights for years!

But either rate, I'd say if you have the money to invest in a STi. Then go for it. But if you have the money for a STi, why not keep the MINI and save the money you'd be paying for the STi? That money saved can go to repairs, mods and etc.

 

If you won't have the money if something breaks and goes wrong, then where are you getting the money for a $28,000 investment? (cost of new car - profit from your sale)

How many months are left before you have your mini payed off? And how much are you paying a month? Consider how good it would feel to pull in an extra $200 or so every month after you pay off your mini. Just because someone offered to buy your car doesn't mean it's time to sell it.

If you don't have any problems with the car, keep it.

 

15k is great. You'd have a hard time trying to sell it for that much privately. Ive found the only way to get good money for a Mini is to trade it in, if you have low miles. I thought about trading in my MC40 in 2007 (around 30k miles), when the dealer offered me 16.5k for it. Two years later and 90,000 miles they offered me 5k for a trade-in. I couldn't give it away for $10k here on the forums or autotrader, so I am keeping it.
You would be better off trading it in, unless you really really like the car you currently have

 

Sell or not as you like, but the rationale that you don't have money to fix your $14K car but do have money to buy a new $35K car escapes me.

- Mark

 

thanks for all of your opinions guys..

about me not having money to fix my car..
don't get me wrong..im no poor man with no money..
it's just if something breaks/fails in my car..then i wont have that money to pay for it at that moment..
if i had two cars, no problem. but only have one car and no other way for transportation.
it's more so that..instead of paying money to fix problems..i'd rather pay a little more each month and get a brand new car with practically 0 miles.

does anyone else get my logic? (being serious..not sarcastic )

yes i love my mini..but as a college student barely making just enough money..it's gonna be hard to just blow $1k (let's say) to fix a problem when it would be covered under warranty with a new car..

i'm still on the fence..and hopefully will be making my decision soon..
let me know some more of your opinions or if you have anything to say

and thanks!! MrCooperS!! i love your wat you've done to your mini!! i wish i had the aero kit tho..ever since i've bought it..just never got around to putting down all that cash to buy it

 

My Papaw owned an old Cadillac. He told me once that he never used the heated seats because he didn't want them to break. I relate this to your issue. You don't want to own a car that isn't under warranty because you may not be able to afford repairs, however, you are willing to spend thousands more in the long run to have confidence in your ride. This might be worth it to you though. A bird in the hand and all that...

But think about your monthly payment. What if you save that amount every month after you pay off your loan? How long will it take before you are comfortable that the saved money will repair any damage to your car? Because after you save that amount, you will be earning that amount extra every month to spend on anything you want.

I understand the dilemma, and wish you luck!

 

+1

 

Been there, no fun having a car you can't count on. You might be better off leasing if you plan on getting rid of your car every three years or so. Mind you, you can get burned if you put more miles on than your lease allows.

 

+1

Assuming a $27k loan and a 5% interest rate:
60 month payment plan - $620/month
48 month - $510/month

Not sure what your current payment is, but assuming 5% interest:
12 months remaining payments - $599/month (this is similar to what it would cost you to get into a new STI, but you're only paying it for one more year vs. 4-5 years)
24 months - $310/month (save the difference of $200-$300 for repairs... that's only 3-5 months of savings to cover a $1k repair)
12 months - $210/month ($300-$400 savings... that's only 2-4 months of savings to cover a $1k repair)

It's almost always smarter to keep a car and repair it vs. buying a new car due to fear of repair costs. Assuming a typical monthly payment on a car is $500/month, how much stuff can you repair on a car for $6k/year?

If you do decide to go for the STI, the financially smart decision is to buy used. I bought my MINI new during my senior year of college, and that will be the last new car I will ever buy. As a reference, a 2006 Porsche Cayman S will cost approx. $35k.

 

keep the car.
if the dealer is offering to buy it back due to lemon law issues with its many problems you've had, then they may also be inclined to fix those issues, or honor warranty after expiration date.
put a little aside for emergency repairs to cover erroneous breakages. it would be less expensive than to be paying for another new car which will have the same issue in a few 50 thousand or so miles anyway.


you sound like a lease car may be more suitable for you. you won't ever own it, or be able to radically alter it, but you can get a different car every few years.
kinda like dating a girl until she gets tired of waiting for a marriage proposal, eventually she'll go and you can get a new girlfriend with better horsepower and less maintenance issues.

 

lol didn't realize this thread was still up and running

but thanks for all the input guys. as i really do appreciate it, whether it's harsh or nice

i've thought much about it, and i decided on keeping my car until i at least pay it off, if not longer, and then go ahead and save more money to buy a car

thanks again guys