Hi Everyone I'm thinking of picking up a Cooper S to help save money to buy my first house.

Here's my question.

This is generally for people in Texas and Illinois.

Mini and BMW offer a kind of financing called Owner's Choice.

Heres the link.

http://fs.bmwusa.com/BmwFsPulp/TemplateFiles/DisplayTemplate8Content.aspx?PostGUID={C80600FF-E93D-4E30-92D3-818C90307DE6}&Mode=published

Has anyone ever done this type of financing? Also, if one were to do this type of financing are you stuck with the car for the full length of the term like a regular lease?

 

How on Earth would you "save" money by buying a new car? Since we got our Mini, we've spent a ton of money on accessories, car polish, leather cleaner, car cover, etc.:smile:

It seems to me that the down payment on a new Mini would be about the same as a down payment on a house.

As far as leasing goes, I think it's a rip off. You pay all that money for three years, and then have to give the car back? It seems to me that a Mini will last a long time with proper maintenence, and outright buying it should be the way to go, especially since all the maintenence is included in the purchase price.

Buy your house first, and then, if you want a Mini, you can get a tax deductable home equity loan to buy your new car, once the value of the home has appreciated.

Just one guy's opinion!

 

We've spent a few dollars too on stuff for the coop. I think it's best to drive a clunker and save the money from the payments and insurance.

Of course, there is a lot of creative financing for houses these days. If you have enough income you could put a very low down payment on a house. So why not just buy a house now and then buy a mini later?

"Another guy's opinion"!!

 

Er..duh. I forgot to mention I'm currently paying off my BMW 330CI which is about $600 a month.

By the way, this Owner's Choice isn't a lease. It's financing with lower payments like that of a lease but I'm not stuck with the car during the term like a lease.

As far as mod go I don't do mods really. The most I've done with my 330 is a short shifter and a racing harness for autocross days.

 

Even if you straight up finance - you'll still save over the 330Ci payment you have. I'm one of many that "went backward" and traded in my BMW for a MINI. Go for it!

 

Well after doing a little math if I did regular finance I don't think I'll save more than $100 a month as I have already refinanced once. I talked with the salesman and he said I may be between $300 and $400 a month which is more appealing to me.

By the way, what BMW did you use to drive?

 

I think for people that look at their car purchase by the monthly payment might find the lease a better buy.... especially for those that may have a hard time
paying it off completely. Even if you financed it, if you sold the car at mid-term
and came out to no more than break-even ($0 in your pockets), to me, its
the same as doing a 36-48 lease and returning the car back to the dealer with
residual value remaining.

The downpayment is key for those who want to finance, imho to keep
the monthly payments as low as a lease but at the end, own it. What ever
you might need to do to get there, its up to the individual.

 

My daughter lived in Austin TX when she bought her car. She used the owners choice option and it has been there worst!

The biggest thing to take into consideration is mileage. You still have a mileage limitation with owners choice. Hers was 10K a year. Living in TX and having 10K a year linit is next to impossible if all you friends and family live elsewhere. Heck if they live in Houston and you live in Dallas that could even be a problem. She was over her mileage limit by a longshot ($5000 upcharge) when it came time to giving it back so she decided to keep the car. Essentially she has WAY over paid for her car. Unless you can control yourself very well, your mileage will be a problem too. This little car just begs to be driven!

 

10K a year?! I did 10K in under 3 months!! I agree, milage limits just don't work with a MINI!

-Paul!

 

15.000 miles?


Tell them that it is 10,000 miles and 5000 experience points.

 

Please tell me where you live!!! The down payment (at 20%) on a small house in my area would be at least 80,000!! Please tell me where a down payment on a car = a down payment on a house!!!!!

 

Mileage won't be a problem for me as I rarely go out and just drive around.

 

That's true about the last car you owned but, have you ever owned a MINI?
Charles

 

Wait till you get a MINI

 

Well after nearly two years with my current car I only have 23,000ish miles. But then again I had no job for about four or five months plus I drive a couple hundred miles a month for autocross events during the season. Hrm, maybe 15K won't be enough.