My past 2 cars i have leased simply for the reason that i was young and life was unpredictable. Well, i am still young (25) but i am pretty sure after leasing my mini now for just over 2 years (25 months) that i really like the car enough to keep. I don't want to buy out my lease cause it is paying WAY to much for the car. Interest rates are so low right now that if my dealer is willing to take in my lease and let me order a new one i would. Payments on a 60 month purchase are only another 80-100/month and i would OWN it. So, anyone else take the plunge after leasing and buy?

Here is the config i am thinking about

Cooper S (Coupe)
Horizon Blue
Black Bonnet/Roof
Sports Package (Black Wheels)
Premium Package
Cold Weather
Rear Fogs
Piano Black
Anthracite Headliner (is this worth it?)

If i put down between 2k-3K it won't cost much more than my lease does at 60 months and 3.9%.

-Will

 

I financed right off the bat, so I can't comment on the benefits of leasing vs buying.

But my car is configured very similar to what you are thinking about and all i can say is: yes, the headliner is worth it. It really ties together the whole dark interior look.

 

Thanks for that. My thinking is that if i am going to buy the car and own it for 5-10 years then I don't mind spending a little more to make theinterior nicer.

 

Do not, I repeat, do not finance a car for more than 60 months. If you have to stretch yourself beyond that time, perhaps, you can not afford the car.

Try to finance the least amount possible for the least amount of time possible.

 

And also be aware that the dealer/bank may tack on the "upside" down balance of your lease and add it to the new financing deal of the new car.

Be careful.

 

If I were you, I would wait another 6 months to a year and save enough money to put down at least $7K-$10K down.

 

I'd do it if you think you can afford it. I'd also not put any money down on it, besides the initial deposit. Save the money for a rainy day and just make payments.

I'd get the optional headliner btw, personal preference.

 

I have done my homework on the financing and i can get 3.9 from pen fed. for a 60 month finance. I wouldn't do anything longer than that. I said 5-10 years is the amount of time i would plan on owning it. Plus i do some side work and i would put extra money right into that loan to pay it down faster. I might get a 60 month finance, but i hope to pay it off it 48.

Also my dealer just got in a Horizon Blue convertable w/ chocolate interior. VERY NICE.

 

I like your thinking. Keeping a car 5-10 years is the way to go, IMHO.

 

If i can get out of my lease scot free then that is 10 months of payments that could go towards a loan instead of the lease. Nine or ten months of lease payments would take a nice bite out of the loan.

 

If you can come out "clean" of the lease (No negative equity and no hidden fees/penalties) that would probably be the better case scenario.

Probably the dealer will try to "Buy out" your lease than trying to "Pay it off".

(Remember that you can sell your lease and probably make profit on it. A dealer trade in is not your only option available)..

 

I already listed the car "for sale" in the market place.

 

So my sales guy just called me back and asked if he should place the order, i told him just to hold on for a second. The car's out the door price would be 29,435 (tax and fees). I told him we can talk about it next week when i go to pick up my car (in body shop). My first thing would be to ask for a break down of the extra $599 above tax. Since they already have to "absorb" my lease i think it would be fair to offer 28836 out the door (just tax) or not? Whats the next place to go?

Thanks

-Will

tax 1886.5

 

Ask what the "newly posted" $600 is for. that's the thing I hate about buying cars: the late surprises. And they are never good surprises like you get other places. They always cost you money and sometimes you just have to say NO.

 

Worst case scenario i can walk away and just keep my car until march. :-)

 

Your car is in the bodyshop? What happened?

 

Got keyed at work. 2 Panels. $1100 estimate but thank you Gieco and $50 comprehensive deducible. Just dropped her off an hour ago and maybe done by Friday, but probably Sat/Monday.

 

Another thing i forgot to account for is tax. To keep the loan affordable i would need to pay that out of pocket. So i am looking at a 3800 down payment and finance the rest. Doable, but i feel dumb for forgetting about taxes. At least its deductible, right? Grumble.