Ok i just recently got serious into Minis and went and test drove one. And i was amazed!!. Now i am contemplating getting one. However here are my issues. 1. Insurance. What are you guys paying round abouts? I am 26 Male, and i have a decent record. My current car, a 89 Mustang GT i am getting a killer deal on. I am worried that my insurance will go up with a newer car. 2. My Current car. I love my old Mustang. The V8 growl, the look of it, the looks i get driving it. But its pretty old (1989) and getting older and it gets HORRIBLE gas mileage. Were talking about 120-150 miles to a tank with a 11-12 gallon tank. Remember this is a 5.0L V8. I wanted to keep it and make it a race car, and have the Mini as a Daily Driver, but i am not sure i can afford to do so. But i dont want to sell it cause i have had it less than a year. 3. Cost. I dont know if i can afford a new car payment with a 20-25k car. I want a Cooper S but i dont really know yet if i care whether its a 02-05. (Still learning about the differences). Help me out here i know i am waffling alot and i have alot of uncertainties but i have caught the Mini bug. What is your best advice? Maybe try to find a used one? What is the average going rate? Thanx in advance for your comments.

 

I would definitely go the "pre-owned" route. The secondary market really seems to be opening up now. You should be able to find some good deals on 02-03 cars.

 

Well, in my opinion, you gotta ask yourself what you want more, and how much you're willing to sacrifice for it.
The motto in my family has been, "You don't get what you don't wanna work for." I've been dabbling into vehicles for sometime now having some pretty nice stuff. But I work like a crazy man. Figured might as well while I'm still somewhat young at 28yrs old. I've had a couple jobs at some points. Three jobs for a bit there. Whatever it took to save more faster. Maybe think of that possibly?? A better paying job maybe? Drug dealer? Pimp?
You know your situation in life, including your finances more than we do right now. So crunch some numbers on what you can afford and what you shell out for living expenses and whatnot, and make a choice. I would advise not to cut it too close to the line of bankruptcy though. There's always the emergencies and non-expected bills and such that come up and bite ya. We can only suggest options, but you know your situation more than we know it.
On another note, being that MINIs are declared BMWs, they're not going to be cheap for insurance purposes. I don't tell anyone what I pay for insurance because it's rediculous. Don't have the best record which causes the premiums to be way up there.
So my suggestion is if you plan on keeping the Stang, look for a used MINI to keep your cost down if that's what you're worried about. Buying a earlier model year will also help insurance rates.....a bit.
That's about all I have. Best of luck working things out. Thanx for stopping into our world on the web. Maybe we'll see you as a MINI owner soon enough.
Cheers,

 

My only advice would be to look for a 2003+ - IMO, the big flaw in the '02 is the fact that the PS fan and radiator fan are on the same circuit. If the PS fan goes (it's horizontal and vulnerable to rocks, plastic sacks, etc.) it takes out the radiator fan and you overheat.

That said, it's not a common occurence, and the older, the cheaper. I've driven both the S and Cooper, and the Cooper has decent oomph, especially if you have the 'tang when you want to smoke tires. Note that I have two early Miatas - one supercharged and one stock, and I like them both (but the stock one is sloooow.)

Price will also vary based on your requirement for options. I'd rather have an older car with more options, but that's up to you. Used ones are finally dropping into the $20K range. Get your financing arranged in advance so you can get the $$ to the seller without delay to get the best deal.
Good luck!

 

As far as insurance goes, we are only paying about $100 more per year then we paid for our 2000 Chevy Metro. Of course, I'm married, 43, and have a spotless driving record.

 

Cars are usually a horrible way to spend your money, and if you aren't sure you can afford it, you probably could but shouldn't. 10k can get you a seriously cool used car which could get you by for 4-5 years while the Minis depreciate.

If you want to think short term with your money, get a used Mini for ~20k. Long term, look for something else cool for less. I'm sure we could come up with a ton of suggestions if you give us some idea of what you are looking for.

 

First off Welcome to NAM IrishCooper.

Insurance as you would guess is going to be based not only on driving record and age, but where you live, type of driving you do, how many miles a year and other things. What I will tell you is insurance for the MINI will more than likely be less than the Mustang just because of the type of car and engine size. Mustangs are still looked at as muscle cars where the MINI, even a MCS is not. I would suggest calling your insurance agent and ask what the rate would be for a 02 to 05 MINI.

As for point #2, the MINI will give you better gas mileage than the Mustang. If you want to keep it for a race car that’s up to you, but you’ll find racing the MINI is going to be much more fun.

#3, only you know what you can afford in car payments. Whether you go with a new one or used, you won’t go wrong as I see it. You will find that MINIs are holding their resale value so you may or may not pay much less for a used one over buying a new one. Advantage of buying a new one is the fact you can build the MINI of your dreams. The advantage to buying used would be lucking in to a MINI that has some of the performance mod you might want, but not have to pay for them.

Anyway it goes you can’t loose getting a MINI. Good luck.

 

The good news for those who already own a MINI is that they hold their value very well, however that is not good news for the person that wants to save some serious money by buying used. It appears that MINI's retain about 70% of their value. It is hard to find a used MINI for under $20K. As others have said, MINI has improved their build quality with each model year, so on average the newer the car the more likely it will be that you will have minmal problems. There is no way to look at a car as anything other than a lousy investment. Almost any car is going to depreciate, cost you in maintenance and repairs, and need to be insured. It sounds like maybe your financial situation needs to improve prior to buying another car. There are way too many people driving cars that they really can't afford. The MINI is a great deal of fun and appears to be a reliable and fairly economical form of transportation, but don't let yourself be commited to something that you really can't afford, that will take the fun out of owning a MINI for sure. Banks and Credit Unions used to protect people against overspending, but that no longer seems to be true. By the time a bank tells you that you have reached your credit limit, you are already in serious financial trouble that will probably take years to correct. Don't let your desires overpower your wallett.

Good luck with your decision.

 

Call your insurance agent and ask them. That's what I did. Tell them you thinking of buying the car but you want to be sure you can afford the insurance. Give them all the info and then ask them if there are any discounts you might have missed. Mine pointed out to me that since my wife and I are both over 50, we could take a defensive driving course and save some. There are discounts for safe driving, good students, government employees, military, etc., etc., etc.

Good luck!

 

If you can't afford it, don't buy it. New car interest rates are generally about half of what the interest rate is on "pre-owned" vehicles. So you are really going to pay more for less value. Even the 02 and 03 MINIS have kept their resale value extremely high, so don't expect a great savings over new. Sometimes it's best not to buy something that will just create more stress in your life. You might want to consider getting a newer, used 'stang instead.

 

Insurance is very cheap on my MCS...actually cheaper than my beater 04civic by over $60/6months.

Mustangs are fun cars, but I would definitely not stop there.

If you can't afford the payments, save up 6months or so for a decent
down payment. Goodluck. :smile:

 

I've said it before, and I'll say it again:

Go buy a MINI! Sell everything else you own, and make a good down payment to keep the monthly payment down. Live on Top Ramen and tortillas if you have to!

You gotta get a MINI!

:smile:

 

mmmm...Ramen.....


anyway, i almost got a Cooper cause i was scared of insurance...then i called my agent and the difference was minimal, so i got an S...


bottom line: i switched from a protege to an S, and LOWERED my collision deductible from 1000-500 and still only pay <30/month more...if i hadn't lowered the deductible, it'd prolly be within 10 or so...and i'm a 23 year old male with 2 speeding tix in past year...

 

Strangely i am impulsive like that. I see all the obvious benefits of the Mini, i need to check on Insurance. My only thing holding me to the Stang is, the ridiculously cheap cost of parts and that i do all my own work on it and whatnot (although the Mini wont need it) And i am addicted to that Big V8 sound. Its that red blooded American in me somewhere. My biggest hold back is my finances cause i need to see if i can afford a new car, with my school bills, etc. (i just graduated from college about a year ago.) I do need a better job. I know no matter what i do that i need to research what i want and get all the info. But please keep your info coming.

 

As far as insurance you could go to 21 century and do online quotes and that will give you an idea of your rates. An EVO 8 was only $100 more then the MCS for me but the STI was $500 more for 6 months.

 

Well example i was playing $215-180 a month on my '91 MR2 Turbo with the T-tops. And when i got my '89 Mustang GT 5.0L it dropped to $88 a month. I dont imagine it will be this cheap for a '03-'05 MCS but i dont want it too high.

 

No offense, but the looks you say you're getting in your '89 Mustang? More often than not, they're not 'impressed' looks.

Get the MINI.

-mike

 

Our MCS insurance was cheaper then our old 2k corolla. I found that quite bizarre.

 

My advice would be the go-slow and do it right route. If you're not sure about the payment, save cash for 6 months and re-evaluate. There's no deal you can come up with right now that wouldn't be better if you had 6 months of saved cash in the bank. And if you jump on it now and overextend yourself, you'll be unhappier with the great car (or new computer or big-screen TV or whatever) than you would be saving money without it.

Cash in the bank can save you money in more than one way. It can be a bigger downpayment - that nets you a lower payment and possibly a lower interest rate as the lender is at less risk. It can also let you raise your deductable on your insurance. I carry my insurance with a $500 deductable. I've had to pay it a couple of times over the years, but I get the benefit everytime I make a payment.

As for MINIs in particular, it seems to me that more used cars will become available as people go back for convertibles and '05s. And who knows, you might save enough to get a new MINI just like you want it rather than buy used and settle for something not-quite-right for less.

As others have said, only you really know what the numbers on the page that you're staring at are, so ultimately, you have to make the decision. But from my own experience, the pangs of wanting mixed with knowing that I haven't made a mistake are much preferred to the "I'm in over my head and why didn't I wait longer" agony. I've felt them both.

BTW, this will be good practice for the urge to buy a house. MUCH scarier!!