I'm trying to decide whether to keep my current car ('93 Acura Integra LS w/ 160k miles) or sell it when I get my MINI in NOV. I'd obviously like to drive my MINI all the time, but I have an 86 mile roundtrip commute to work 4.8 days per week. I'm afraid over 25k miles per year is going to destroy the value of my MINI. Also, the commute is 90% interstate, so it's not like I'll be able to make every day a "rally."

From a financial standpoint, it is cost prohibitive to lease a car if you're going to put that many miles on it. As such, if I keep the Acura, I could lease and pretty easily keep the miles to 15k per year. It would also allow the MINI to be driven more often by my wife and seem like a special occasion when I drive it (occasionally to work, on the weekends, etc.)

Insurance on the Acura is approx. $800/yr. and taxes & registration are another $100/yr.

Any thoughts/advice will be greatly appreciated.

 

I have talked my husband into keeping our Honda Accord Wagon. Our reasons are these: 1) He can drive the Accord or the MINI and work on his Syclone (it needs work). 2) We have 5 dogs and to haul them all around requires either the Honda or the Motor home (plus, we don't want 100 toenails on the seats). 3) That Wagon is the BEST pick up anyone could ever ask for. It has 140K on it and we haul everything and everyone around in it. Typhoons, Syclones, and MINIs are not meant to haul tree limbs, furniture and a whole passel of inlaws around.

If it were me, I'd say keep it. If it's paid off, take off full coverage, park it in the driveway or on the street and wait for it to give out. That's what we are doing. Besides, all those miles are not fun on our precious little MINIs but we know that the Honda/Acura cars are gonna take the abuse and keep on going.

Barb

 

>I'm trying to decide whether to keep my current car ('93 Acura Integra
>LS w/ 160k miles) or sell it when I get my MINI in NOV. I'd obviously
>like to drive my MINI all the time, but I have an 86 mile roundtrip
>commute to work 4.8 days per week. I'm afraid over 25k miles per
>year is going to destroy the value of my MINI. Also, the commute
>is 90% interstate, so it's not like I'll be able to make every day a "rally."

All cars are a money pit - if you're looking for a car you'll get 'value' back out of a new car is not the way to go. The priceier the car the more you'll lose your shirt the first couple years (i.e. 7 series BMW drops like a rock in two years from purchase, Rolls Royce or Bentley typically loose $40k to $50k a year until they level out at $40k).

If you've got an 80+ mile commute most days there is no car you can buy that will retain value well, so why try? Buy what you like and drive it into the ground. At 25k a year you'll be out of any factory warranty in less than 2 years. If warrantees are important I'd look into after market (some insurers offer bumper to bumper extended warranties - GEICO does this for sure if you start it when you buy a new car).

>From a financial standpoint, it is cost prohibitive to lease a car if you're going to
>put that many miles on it. As such, if I keep the Acura, I could lease and pretty
>easily keep the miles to 15k per year. It would also allow the MINI to be driven
>more often by my wife and seem like a special occasion when I drive it

Typically dealers go with 10k, 12k, 15k leases with the a bility to purchase additional miles up front at a reduced price than lease end - talk to your dealer for specifics. I don't have a clue how MINI is structuring theirs - if they don't offer it you may go to an aftermarket one.

You might also look into "MINI Select" - payments are about the same as a lease and there are no milage restrictions.


>Insurance on the Acura is approx. $800/yr. and taxes & registration are
>another $100/yr.

I'd actually imagine your insurance wouldn't change much by switching to a MINI, but keeping both expect almost double.

Just my opinion at least. :smile:

 

I think leasing IS good versus financing with high mileage b/c your payments will be lower and by the time you pay off your MINI, or any car for that matter, your car really won't be worth anything. SO you'd be better off leasing something for 2 or 3 yrs and then lease something else.

I got 18k miles per year but I'm not sure I'll be able to keep it under 20k per year. I might owe a little bit when the lease is over. I knew I should have gotten 20k miles per year!!!

 

I agree with Frenchbuly, keep your Integra and use it as your daily commuter. Financially, this isn't even a close question. Edmunds.com says the value of your Acura is about $1700. If you sell it and apply the payments against your MINI, you'll save a tiny amount on interest, probably a few hundred dollars over the life of the loan.

Say you keep it. The downside is that you have to insure it, keep it licensed, costing say $1000 per year. Plus you'll have to make a few repairs, say $500 per year. And you won't get quite the gas mileage. The upside to keeping it your Integra is that Acuras and Hondas are very reliable and don't require much in the way of repairs. Also, consider the comparative "true cost to own" for each vehicle [check out edmunds.com]. The MINI is about $0.35 per mile, whereas for your used Acura is probably closer to $0.15 per mile. If you multiply that difference by 25,000 miles, you get a cost savings of $5,000. Where does this amount come from? Simple: your $20,000 MINI is going to depreciate wildly if you're tacking on 25,000 miles in the first year, whereas your $1700 Acura simply isn't going to depreciate that much. This is why I'm keeping my 96 Accord for daily driving. (Also, your insurance won't double. My Accord was $720 a year, now I'm fully insuring it and my MINI for $1200, only $480 more, because of a multiple car discount).

My $0.02. Happy Motoring! Steed.

_______________________
Spike!, my Indi Blue MINI Cooper, with white roof and white 5-spokes, chrome and fog lights, premium and cold packages, cordoba beige leather. Motor!

 

No question. Keep the Acura; but do drive the MINI to work every now and then. I've kept my '93 Accord with 130,000 miles, but my teenage daughter will get it in a year or so. You should probably drop the insurance on the Acura to just liability. My commute's only 8 miles and, don't know if it would work for you, but I occasionally take a Motoring lunch break. Extend lunch a bit and hunt for nearby twisty mountain roads.

 

Background: I've leased 2 vehicles in my time [a loooooooooooooong time] and both have turned out to be disasters, to say the least. The last was a 1999 Chrysler LHS that had terminal electrical problems with the lighting and wiper circuits. I was over mileage within the first 18 months, the payout on the lease was 3x the value - I think they call it "upside down", finally I was going around a corner in town [Vancouver Washington] and the hazard lights, interior dome lights and wipers came on - by themselves. Needless to say, final straw, by-by LHS.

Went to Rasmussen BMW Portland, Oregon, saw mini, loved mini, wrote check, own mini!!!! They had a "spare" showroom MCS, electric blue; white top/mirrors; performance run-flats; and body group. They had to obtain permission to sell it from the floor [Amy Rasmussen is my contact, super super woman], permission was given, ergo on 9/11/02 little blue coop and I, oh yes wife too, went Motoring On!

Leasing is an attractive alternative to owning provided you negotiate EXACTLY what you want the lease and the vehicle to do for you. Consider ALL options on the lease package, consult with legal council specializing in contracts/leases otherwise I guarndarntee you itt'l come back to bite you. Unless somebody else is paying for the lease, I'd be forced to say "STAY THE HECK AWAY FROM THEM".

The advice to keep your other transportation as long as it's reasonably operable is sound advice.

littlebluecoop1

 

Don't forget about the milage restrictions with a lease... If you drive like me, you'll run out of miles in 6 months...

Rocketboy_X