Heya all,
I've been lurking on these forums for quite a while....almost as long as the official MINI website. I would like some input on my "situation".

I'm 20 years old. I drive a 1996 Honda Accord sedan thats been bulletproof for the 50K miles I've put on it in two years. (Bought it with 80K miles on it) Most of you would consider me a "rice boy". My car is tastefully modded, IE no stickers, park bench wing, body kit, massive exhaust, etc.

For some inane reason I want a new car. I just got a raise. (to be specific, I'm making about $1200 a month) I've been configuring MINI Cooper S' for months now. My "dream" MINI would cost me about $23k, before taxes, licenses, etc. About $400/month payments, for the next 5 years, plus modifications (All black MCS with DARK tint on back three windows would be awesome). And if I get it, my MINI WILL be modded. A firebreathing MINI. John Cooper Works, here I come!

The question is though...should a 20 year old student making $1200 a month buy a new MINI Cooper S? I have no doubt I'll be happy with it, I must think about MINIs at least 500 times a day.

Thanks

 

Im 21, student/working, and drove a new 99 ranger xlt, new 00 mercury cougar v6 special edition, new 01 dodge stratus R/T. I swore that the stratus was my last new car, then the mini came along and made a big fat liar out of me. :smile: :smile: (I paid for all cars on my own )
I have no regrets about getting my mini, and just this month, added the madness cold air intake and magnaflow exhaust and am loving every second of it! My mini has 18K miles on it in about 7 months of driving.

If you love it, if you need it to live, get it....if anything.. because you only live once.

_________________
<img src="http://puma.dpg.devry.edu/~cthoemme/MINI.jpg">

 

:smile:

Cheers!
Clover

 

I'd say "Go For It"--- But that advice comes from a MINIaholic. I had already owned 3 MINI'S by age 20 (including one S) I'm now 57 and on #13 and counting.I got hooked! -------Ya Think???------No I'm not some rich fool----I'm always broke. (And still married after 29 years of this nonsence) But still Havin fun! Cheep tharepy I guess?

 

Welcome!,
You did not reveal much else about your living expenses, etc....but I'd wait until you have finished school and are in your chosen profession. The mini's payment = 1/3 of your take home. There will be plenty of Coopers available when that time comes. Best of luck!
Jim

 

Go for it bro! You can afford to take calculated risks when you're young..Go ahead and buy your MINI. Work hard, play hard....But know when to slow down!

 

I say that Jim got all the point cover.
don't rush in to a big doubt of a $400
payment for 5 years. Wait till you finish
with school and make real money and then
go and get a Mini of you dream.
Good luck on your Decision :smile:

 

Are you "good enough" for a Mini? Of course you are good enough.... but you are going to *hate* my advice.

The right thing to do is to NOT buy a Mini. It isn't the right time for you. You're too young to get tied down to long term car payments and a car is a terrible investment.

Financially, committing 1/3 of your monthly income to a car payment is a terrible decision. Don't forget that there are other expenses that increase when you buy a new car (insurance, taxes, etc).

If you've really got $400 extra in your buget-- save that money. Or better yet, have fun with a little of the money and save the rest. After all, you are only a young college student once!

Be realistic.

The car you are driving now is not giving you any problems. At 130k miles, the resale value is low enough that selling it would not bring in a big windfall. Keeping it should be costing very little at this point. Even if you have to do some repairs... they will be far less than $4800 year which is what you would be paying for the Mini.

Having savings stashed away and no payments on your back gives you options after college. You might land a great job and get the S of your dreams. Or you might decide that something else new has come along that you want even more.

Don't do it. There will be time for new cars later in life.

 

5 year car loans are a terrible deal, especially if you don't have the savings to plunk down a big chunk (10-20%) to begin with. You'll end up paying well over 30k for your car. Why not wait a year or two - at that point the cars will be selling for less than MSRP, and you'll likely be able to modify the car to your heart's delight without having to eat Ramen noodles every night. If you can put away a few hundred a month, save up at least 3-4k for a down payment, and the whole process will be so much more affordable and enjoyable for you! You can easily put another 50-100k on that Accord!


_________________
2003 Red/White Cooper - Brookline, MA

 

You really do not have to income to afford a MCS, plus mods, plus the increase in insurance you are going to experience.

At 20, you really have no idea what you will be doing in a couple of years, and a huge car payment is a terrible burden when you are just starting out after school.

A "firebreathing mini" like you described is going to cost you $50,000 by the time your 5 year loan is up. You can likely squeak by and avoid having the car repo-d, but toss a pregnant girlfriend or other unforseen variable into your financial plans for the next couple years and the MINI won't look quite so shiny.


On the other hand, you might very well be drafted in a couple months to serve as a taste-tester for a Homeland Security chemical weapons response team, and if that is the case, by all means, get the MINI!

 

If you have to ask whether you are good enough..... you're not. Sorry.

 

Well I guess I'll give my $.02...

I am 22, currently in Grad school, making NO money, BUT living with the paretns. Well, not NO money per se.. I'm making 3500 this semester as a TA, wait tables during the summer and winter break, which will bring in about 8000. I'm also taking out loans for school, which give me an extra 4500 a semester. That having been said, I make roughly 20,5. Granted, I'll have to one day pay back the 9000/year gov't loans, but they carry no interest until I'm through with school, which won't be for at least 3 more years. Because I live at home, I incur no/limitied living expenses. So what most people are paying per month on rent, I'm going to pay on the car. Plus, I'm doing the residual loan program, so payments should be no more than 300/month with a 10,000 baloon payment at the end of the term that i'll have options for.

Basically, I decided this would be the time to buy a new car (my current car is falling apart) while i'm still milking free living. Hopefully, the majority of the car will be paid for when i leave home. I just figured I would regret not buying the MINI before I regreted having to live on some sort of budget.

Just depends on how much you want it, and the specific situation you're in.

Good luck with your decision

Ryan

 

>>Are you "good enough" for a Mini? Of course you are good enough.... but you are going to *hate* my advice.
>>
>>The right thing to do is to NOT buy a Mini. It isn't the right time for you. You're too young to get tied down to long term car payments and a car is a terrible investment.
>>
>>Financially, committing 1/3 of your monthly income to a car payment is a terrible decision. Don't forget that there are other expenses that increase when you buy a new car (insurance, taxes, etc).
>>
>>If you've really got $400 extra in your buget-- save that money. Or better yet, have fun with a little of the money and save the rest. After all, you are only a young college student once!
>>
>>Be realistic.
>>
>>The car you are driving now is not giving you any problems. At 130k miles, the resale value is low enough that selling it would not bring in a big windfall. Keeping it should be costing very little at this point. Even if you have to do some repairs... they will be far less than $4800 year which is what you would be paying for the Mini.
>>
>>Having savings stashed away and no payments on your back gives you options after college. You might land a great job and get the S of your dreams. Or you might decide that something else new has come along that you want even more.
>>
>>Don't do it. There will be time for new cars later in life.
>>

I'm afraid I have to agree. And it's not about whether you should spend the $$ on a Mini - it could be any car for that matter. I made that mistake at 21 - bought a new Acura Integra when all I needed was a base Civic. Realized my mistake a year later when my husband and I decided to buy our first place (a townhouse) before he went back to grad school - could only qualify for a $35K loan (which gets you a mobile home in CA!) because of the debt-to-income ratio. Talk about having to swallow a big pride pill....sold the Acura...bought the townhouse lived there for 4 years and then sold it for 50% more than what we bought it for (walked away with $30K).....and the happy ending is that NOW, we're getting a MINI!

 

dixiep is right.
I'm a mortgage lender, and I can't tell you how many people fall short of qualifying for the home they want because of their car payment. Think about your decision with your head, not your emotions.

 

The discussion abouve above about buying a house are good. I know that at 21 years old, I wasn't thinking a lot about buying a house but 5 years later, I was paying a mortgage.

My main point is that debt is an anchor. Your college years go by fast. Then your life changes a lot. Resist the siren call of easy credit. It's an anchor.

There are so many changes coming in your life soon.

You might decide to take a job offer in Alaska. You might decide to go travel Europe for a year. You might decide to join the Peace Corp. You might decide to go to graduate school.

All of these options are easier when you can walk away without needing to find a way out from under debt.