Remember that sales tax and title/registration fees for a new car are probably going to amount to something close to the cost of an extended warranty.

I suspect that buying the warranty and keeping the MINI is actually the CHEAPEST way to go

 

Do not buy the PT!

I owned one for 3 years. The car was pristine and with about 26k miles when I wanted to sell it.
In over 3 months of trying to sell it I had only 3-4 calls and only 2 people looked at it. After a while I was willing to take almost any offer.
Ended up trading it in and losing a lot of dough.

 

Oh, that's rough... don't do it!

Its SOOOO disappointing driving another car after you've owned a MINI for a while. You'll definitely regret it.

If you really have to get a new car I'd broaden the choices you've mentioned.

PT - Had one in Vegas for a week... Steered like a TRUCK! That alone was enough for me to say I'd never buy one. Pseudo-retro cool factor & myriads or aftermarket parts won't make up for its shortcomings.

Sci-on: Don't know enough to comment. But looks are quirky & unique. The boxy car has the same appeal as the old VW "Thing" ...So fugly it grows on you.

Don't go Honda Civic - I got rid of a 99 before the MINI. The current Civics are technically dummed down, larger, and more poorly built/finished than 5 short years ago. Honda's living off of years of good rep, but not coming through with the goods.

Re: someone's comments about Suzuki... They are WAAAY off base.

I used to own a 91 Swift GT (1.3L, 100 hp/1700 lbs.). It handled very well - comparable, but not as well as a MINI. I drove it like a racecar day in and out. After 170,000 miles the engine was still SMOOTH and fuel-efficient. ...Hell, it was smoother than my MCS was new.

ALSO
I did all those miles in that lowly Suzuki on ONE timing belt! I only ever replaced consumable parts, oil & fuel. I'd probably still have it, save for a collision. I'd put the quality & reliability of the Swift GT up against anything from Toyota or Honda. ...And for the $

The Swift GT is the best bang for the buck I've ever owned. The closest I've come to the Swift performance/$ is the MINI Cooper. Fuel milage isn't as good, but performance, solidity of build, fun & style are all WAY better.

Keep the MINI if you can.

 

The cheapest car you will ever buy is the one you already own. As others have said, the tax on a new car would likely pay for any repairs that you will need and would certainly buy an extended warranty. It makes no sense to try to avoid a posible debt, by taking on a certain debt. All in all a MINI is no more expensive to maintain than many cars, and cheaper by far than many so-called economy cars. There is no timing belt to maintain for one thing. Sure service at a BMW dealership is usually more expensive, but once the car is out of warranty there is no need to take it to the dealership. I can't believe that any financial advisor would tell you that what you are contemplating is a good financial move. Now if you were going to sell the MINI to purchase a used car for less money than the MINI, that may make sense. But to go into debt for a longer period of time just to avoid some possible non-warranty repairs just doesn't sound reasonable.

You may need to talk to a financial advisor to determine the best move.

 

A big THANK YOU to everyone for some really good advice. I'm officially going to look into the extended warranty. Trust me, actually getting rid of the MINI was a horrible thought - but, if it turned out to be a smart move I'd have to make (at least) one practical decision in life. :smile: I appreciate the varying views as they made me consider more than I had been. It's also good to get the opinions of people who actually own MINIs.


For the record, I love the PT Cruiser and enjoy driving my boyfriend's. Though, I can't quite get it to corner correctly.

Now my other problem, the town in New York we're moving to seems to have a gorgeous VR MINI w/ white roof, stripes and driving lights. I'm used to being the one and only. But, it is sweeet.

Cheers!

 

Are you moving into the city?

 

Wait for the Nissan Cube.....it's even boxier than the Scion Xb. If you're trying to save money get a PT. They are cheap to buy, cheap to run and cheap to insure.......I think there're just plain cheap.:smile:

 

I'm with you on the Suzuki, can remember a stateside car mag turning one into an el-cheapo racer..that regularly trounced "performance" cars on the skid-pad! Not to mention the bang-for-the-buck ratio..

But a Scion runs a distant second to a VW Thing. I personally don't think it's even close. Gimme a VW thing, ditch the doors, fold down the windshield, add an Iron Cross or two to the body (or doors, if they're on) Yeah! Besides, an H2 is more fugly than a VW or Suzuki. Like a big bloated tick on the road. If my car was that ugly, I wouldn't pick Lemon Yellow for a color, either..but plenty of drivers do.

That car just screams "Fear my buying power!" when I see it. It also screams "Look at me!", but then I notice they're ON THE CELL PHONE!

Aargghh!

cheers,
Matthew Z.

P.S. Keep the MINI. Odds are good it will outlast the boyfriend, as favorites go..

 

there's a lady on the second floor at MINI OF PEABODY that can walk you through many different options available through them,don't remember her name.Call first and get a general idea before making the drive. Jock

 

[QUOTE=nightowl]A big THANK YOU to everyone for some really good advice. I'm officially going to look into the extended warranty. Trust me, actually getting rid of the MINI was a horrible thought - but, if it turned out to be a smart move I'd have to make (at least) one practical decision in life. :smile: I appreciate the varying views as they made me consider more than I had been. It's also good to get the opinions of people who actually own MINIs.

 

Just to confirm everyone's theories around here.....

Here's the math:
I've made some assumptions that may be incorrect, but you'll follow the math I've done here.
Today: Let's pretend you have payments of $400/month on your MINI. That's $12K until it is paid for. At a rate of 25K miles per year, you will have a MINI with 125K miles on it at 5 years old, but it will be paid for. With a purchase of an extended warrenty (and I want to say mine was for around $2K), you'll be able to get close to pay-off under warrenty.

If you trade and buy a new car (your plan of a cheaper car with a warrenty):
If you pay $250/month, in 2.5 years you have spent $7.5K and have a 2.5 year old car with 50K miles on it. This car will be out of its warrenty within this 2.5 years, so you'll be paying for repairs on it by this point.

In the short run (the next 2.5 years): keeping the MINI will cost you about $4K more than a new car --and this is not figuring a re-fi on the car which could spread the remaining payments out over 4 years and may bring the actual costs down to the same level.

HOWEVER, if you look at the end of 5 years with either car, you will have had 3 years of no car payments with the MINI, and it is generally accepted that repairs on a car never cost as much as payments on a new car (until a car gets rather old and then its more a matter that the car isn't worth the repair costs), so your bills will be lower. However, at the end of 5 years with this new car you are thinking about, you will have been paying for it the whole time with little to no real relief in expenses.

And this doesn't go into what the car will be worth in 5 years versus another car that isn't holding its resale like the MINI.


The decision really is, if you want to buy a car every 3 years, never pay one off and with your mileage issues ---you'll always be upside down.

So, there --- here's hoping you keep the MINI you love.

Hugs,
PB

 

I was considering trading in my 03 Cooper at one time to. Although I would have traded for an 05. But I thought why bother? I love this car and would like to keep it around for awhile. Use it as a daily driver until it's paid off then go from there. Anyhow I was putting on like 1,500 miles a week when I decided to just buy an extended warranty. I got one from 1 Source Auto Warranty on the internet. For 4years or 100,000 miles whichever is first ran me about $1,800 (they also do payment plans). Now I relocated my job closer to home and am not putting on so many miles, but I am at nearly 47,000 miles and the warranty will certainly help out if something goes wrong. My advice... Keep the MINI get an extended warranty. Any parts that have already been replaced on your car if they fail they are under a seperate warranty, not sure on the details but I think its 2 years.

 

Good deal. Doing the math is not my forte. Hope this helps a few others as well.

 

Wow! I thought I was the only one that owned a Swift (mine was a GTi, before Suzuki was sued by VW!!). I LOVED THAT CAR! The only other car I owned that somewhat compared to the MINI. Tiny, extremely fun and suprisingly quick! Mine was nicknamed the Flyin Egg! (got ribbed constantly by my buddies). Definitely best bang for the buck, I bought mine for 9K if I remember right!

Now onto your situation. Definitely keep the MINI if at all possible.Velvet Red is a great color! You will end up spending more money buying something else and you won't have half the car of your MINI. Scions are flavor of the month (if I had to I would go for the TC over the xA or xB) but, I couldn't even imagine being condemned to driving a PT!

 

Whatever job your at, ask for a raise.

 

I will agree with the other posters, keep the Mini, refinance and get the extended warranty.

 

I own an absolutely mint 2001 Patriot Blue PTC LE with 10K miles in CT. Sure would like to sell it for a deposit on a MCS. The PTC was nice, but doesn't have the fun factor of the MC. Having test drove a MCS this past weekend, I gotta sell the PTC...

Rich

 

I know it's been said already, but the CHEAPESTcar is the one you own. If you trade out, you'll more than likely be upsidedown. That, plus TTL of a new car (even if you can find one in the 13k range) will still put you near 20K. (And a new total debt of around 20-22K versus the 12K or so you owe now).

If your main reason for changing is to avoid repairs that aren't under warranty, maybe you should consider leasing. Then that shouldn't be an issue.

Good luck in whatever you decide.

 

One of the BEST ways to throw money away is to buy new cars often. Not only are you eating the depreciation of your MINI (which, compared to other cars isn't a lot), you have to consider some other things. Payments on a new car, over the course of a year, will easily outpace whatever repairs you might encounter.

Also, don't forget taxes! I'm sure that registering a new car in NY can't be cheap. Anybody know the sales tax in NY? Here in Cali, it's 8.25%!

Besides, how bad can owning the MINI really be? There are plenty of clubs you can join; there's so much support out there, much more than with Scion (which, to me is a Kids' car).

Economically, if you buy a new car--any new car--every two or three years, it's like "buying the barrel of whiskey for the same price as the cow you can't afford" (Ambrose Bierce, The Devil's Dictionary).

Here's one final thought. If you buy a Prius or Honda Accord CIVIC Hybrid, you'll get a $2000 tax credit on your income tax. That MIGHT make your decision to replace the MINI a more viable one.

Of course, I offer this opinion with the humblest of intentions.

I say, wait two extra weeks to get a haircut each time, stop going to Starbucks, keep the MINI, and keep Motoring!

 

Throw money away? (*doesnt apply to orig poster*) but maybe one has money to burn... maybe they want to... if they're stable, has a house or two... enough saved up for retirement... and a steady income and everything is set why not get a new car every so often to enjoy life? What are you going to do with all the money in the bank? Save it for what? Investment? SURE! Another house? SURE... thats great... but might not be needed... sad to say but in the end you'll die and have nothing... enjoy while you can... if you can...

I would LOVE to do that... but I cant.. cuz I dont have a house... nothing is set... so I will have to make my MINI last as long as I can...

 

Are you sure your bf's not the one who wants to get rid of it?

 

Others have done a good job explaining why it's not a good idea financially to buy a new car, so I'll just say this: after driving your MINI for 38,000 miles, you're in for a rude surprise if you go and test drive those Scions. The gearshifts are incredibly imprecise and cheap-feeling, and the handling is downright comical compared to the MINI. The xB is definitely superior to the xA in terms of quality and praticality, but both are far below the MINI in every respect other than fuel economy.

One part of your argument that definitely has merit is distance to the dealer. It's something to consider, but I don't think it's worth dumping the MINI for.

Seriously, go drive those other cars. I did, when the faulty 5-speed transmission in my Cooper failed at 15,000 miles, and guess what I'm driving now? (Hint: it's chili red with leatherette interior).

 

Nightowl, DO NOT sell your MINI if you are moving to NY.

We have a great MINI community here.

There is a meet almost every weekend.

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