I think the anomolously high residuals/re-sale values will drop significantly when the new MINI is released; the bubble WILL burst (and is slowly deflating even now). Having said that, I've just purchased a brand new '06 MCS-JCW and expect to take a big hit if I sell in the next 2-3 years (even if the new MINI isn't as desirable in the purists' eyes). As long as "your" expectations are realistic you won't be disappointed

 

I don't think resale values will be affected as dramatically as some have predicted upon the release of the R56 MINI.

After 4 years, the MINI is still a hot car and if some folks are turned off by the upcoming turbocharger, they'll have no choice but to opt for an used Supercharged MCS.

Still too early to predict. ALG (American Leasing Guide) still predicts the residual value of a 2005 MCS at around 60-63% after 5 years. We shall see how that plays out then.

 

When I heard a MA describing the mini special financing I couldn't help but laugh in his face before he finished. Why would anyone do that to themselves financially? If you think you will turn the car over in 2 years buy it and sell it. You will still build equity in the car as you pay it off. (at a much quicker rate than the ballon/mini payment system.) Mini ballon financing is the worst of all worlds. You pay more intrest, just like a lease. But at the end you don't own anything and the dealer has no requirment to take your car back (like in a lease). so you could end up owing 12K on a car thats worth 2K. If you cannot afford something don't just finance it out for 7 or 8 years (which is what happens if you finance your ballon payment.) Buy a civic for 1K and save your pennys until you can really buy the car you want, not just rent it.

 

I think you are wrong on at least one count and a little misleading on others.

Where you are wrong is that, just like a lease, you have the option of turning the car in at the end and not having to make the ballon payment. So if you owe 12k on a car worth 2k you would turn it in and owe nothing.

Second, unlike a lease, should you decide to get out early, you don't pay any unearned interest. With a lease, if you turn in early, you pay the gross balance of all payments plus residual, essentially paying unearned interest.

Also, unlike a lease, should you decide to pay the balloon at the end and keep the car, you don't pay another sales tax. As someone else pointed out, this may not be true of a lease buyout.

Lastly, different people have different needs and wants and you just can't conclude that its not right for everyone.

 

bagging my assoff at a supermarket for the first 8months.. then working at a delershipp

 

haha ive actually got one of those aluminum suitcases for my r/c plane! I am SO doing that when i get my mini. I'll walk up to the guy, plop the case on his desk, pop the clips, and give him a pile of cash. what would they do?? i feel like they would get suspicious.

 

i paid for my car in cash and it feel great....no monthly car payment.. just enjoying my car

 

I kind of did that when I bought my Vespa, though the pile was smaller. You should also consider using the bags with the $ on the outside.

 

I paid for mine by being the perfect daughter. Gave my dad all the money I had (about $8k) and told him to buy me a car. Next thing I knew I had a MINI! I like to think that I'm not one of those girls who drives daddy's car and doesn't appreciate it though. I've worked hard for what I've gotten, I LOVE my MINI, and my dad isn't the kind of guy to buy me something he doesn't think I deserve.

 

Cash. (Although I bought pre-owned--2nd owner).

 

I would love to buy my daughter her first car (a MINI) but I am torn between giving my daughter a
beautiful MINI and doing the right thing and the right thing is to let her buy her own first car.
I believe most people respect and appreciate what they have worked really hard for even if its an
old Yugo (or a 68 VW in my case).

I would hate to get the reaction seen in this video:



Don't get me wrong, my daughter is by no means a spoiled brat but that's because I let her earn everything she gets.

 

$11k in cash, I had to get a car loan for the rest ($10k). Bleh. I am trying to get it paid off early, though.

 

for the 08 paid cash,,,,03 paid cash

 

I have a motto for buying liabilities like cars, fun toys, and other things that don't generate income (I consider them liabilities except for collector cars etc.)

"If I can't pay for it in cash, then I can't afford it" However that being said there are times when I find financing makes much more sense, like when there is 0-3% financing, usually you can make your money work and generate more than the 3% with the funds, but I always have the total funds for the purchase avliable.

Just my motto

That being said I paid cash for my 03 MCS.

 

L.S.D. - YES! My '05 MCS came out to around $32,000...
Chase Auto Financing - even with excellent credit I got 6.9%.
I put $10,000 down and financed the rest. Result? $445.00 per month. I usually try to pay $150.00 additional against the Principal each month which will cut down the total loan payback in the end.
I've got less than $9,000 to go... can't wait to be finished with the payments!

 

Wrote check......

 

That's so funny! That car the daughter was getting was a MINI. How 'bout that!

Cheers

 

Some of you are being silly, fantasizing about walking in with a case full of cash.

As far as I know banks and other businesses are required to report to the IRS anyone who deals in a cash transaction in excess of $10,000 [by cash I mean the green stuff.] In other words, for example, if you deposit $10,000 in cash at a bank, the bank has to report it to the IRS. Go into a dealer and pay cash for a MINI, the dealer has to report the transaction.

http://www.irs.gov/businesses/small/...148857,00.html

The reason for this is that the IRS and other agencies want to check you out to determine the source of the money [drug sales, organized crime, money laundering.]

Where does the car dealer come into play? Well, if you pay the dealer in cash it has to deposit the money in their bank. So your cute cash payment is going to cause them all kinds of trouble. I suspect most car dealers would prefer not to start a chain reaction of inquiries by government agents. Moreover, the dealer has a separate duty to report your cash transaction, WITHOUT YOU EVEN KNOWING IT!

I have to wonder if a car dealer would even dare accept cash as payment for a car. Maybe some might, the dishonest ones who might launder the money and not report the sale, but I suspect most would say no thank you.

Granted, if your cash is legit ultimately there's nothing to be concerned about. But I don't know about anyone else, I prefer not to kick a sleeping dog.

I'll write a personal check for that MINI in the corner, thank you.

 

I sold my vintage Porsche (and all the spare parts) to buy a pair of '03 R53s for my wife and I....NO looking back, would do it again in a heartbeat!

Oh, and I'll buy my daughter her first car (a MINI) because I trust her judgement and don't want her in some other kid's car that I don't know. But rest assured that she will also WORK for it.

 

well unfortunatly im not so financially set. so i couldnt pay cash and had to traditional finance my car , 04 mcs all options but navi. bought used in feb of 08 for 15800/66/6.25%

 

From Canada, the financing frmo Mini got a very high rate, 6.9%. Which means they actually don't want you to lease or finance the car. Or at least put a big dump first to get your monthly payment less. So, anyway I decided to pay off one time, so I don't need to worry later, & I can concentrate on the mod expenses & the repair later.

 

Financed mine, just because i didnt want to plunk down so much cash and we have other things to do with it, my bank came back with 6.7% so i called another guy and he gave me a number of 5.35% told that to my bank and they matched, NEVER walk into a bank without another number in hand, they will just give you the big number that they would give to anyone off the street.

 

I financed but just sent the check in to pay it off yesterday (about 2 years early). Leasing is the most expensive way to buy a car - your basically renting a car for the term of the lease and then paying what the auto company THINKs it is worth at the end for the priviledge (or turning it back in with nothing to show for it). Been turned on to Dave Ramsey lately. The Mini and my wife's MDX are the first cars we didn't pay cash (check) for. Not gonne finance again. I'd rathe keep my car an extra couple (to 5) years and put the money I would have spent on the car payment into the bank. I'd rather earn the interest rather than pay it. But that's just me.