My dealer (where I bought my R56) called me today to offer to buyback my R56 for a new 2010 model for about my same monthly payments. Does anyone know if this is common? I love my current R56 but an updated version would also be nice....I'm half-way through my payment schedule so I'm literally "stuck in the middle". Has anyone gone ahead with this? I'm sure the dealer will "come out on top" but I know I will love an updated MINI so willing to go through the paperwork @ dealer...again if, indeed this is true. Any information will be appreciated....

 

Ya, this is normal...I've been pinged repeatedly by all the dealerships I've been to (in the military - we move a bit), trying to buy my '07 MCS from me...with or without a trade, since these little buggers have high resale values (and are less expensive generally than brand new ones for some folks.) MYYYYY MINI. MINE!!! MINE MINE!! But if you're looking for an updated model, go for it.

 

It may sound good but please look at the numbers very closely. You should get a good trade-in value and $$ off the MSRP, if not walk away. Exercise caution.. it may lead to you being upside on your loan down the road.

BTW the letter(?) you received is a very common gimmick used by a lot of dealers to lure new business especially when sales are slow.

 

Absolutely right. Never assume that a dealership is out to do you a favor - their interest lies in making money.

 

...your monthly payment may ending up being "about the same", but I'll bet the length of the payments won't be the same.

Dealers love to work around a monthly payment figure, as it's an easy way to hide a not-so-good deal.

However, with 2% money available on a new purchase, plus a likely discount on a new MINI, it might be a good deal if the dealer give you a decent trade value.

For trade value, go to www.edmunds.com or www.kbb.com, and do the used car evaluations. You'll see the spread between dealer trade-in and dealer certified-pre-owned price is substantial.

That's where the dealer makes their money, and that's where you need to negotiate for the best possible trade-in value.

 

With a Mini it may be worth it to go with the new one just to get all of the updates and the new warranty. But you'll be starting all over with any mods and you'd have wonderfully brand new run-flats (deal killer).

 

If the numbers are good, go for it especially if you need new warranty and maintenance or regret not getting certain options!

 

I'd wait until the tweaked fully-Valvetronic turbo Prince engine is in production for US models later this year.

Oh and that "get into a new car for the same payments" is one of the oldest sales gimmicks around. Avoid.

 

Do you know what feeling is better than buying a new mini? PAYING OFF YOUR NEW MINI!

 

I got a similar offer. They were offering 110% of book value on my old MINI in trade for a new(er) MINI. In fact, I posted here about it awhile ago and got the cr@p flamed out of me for it, but nobody's been able to convince me that I didn't get a good deal. I ended up with a fair trade-in value (almost to the dollar with what KBB said), with basically another $1,900 off MSRP. I didn't 'rob 'em blind', but it absolutely was a better deal than I could have worked on my own without that promotion.

I did a lot of research on the value of my '07 MCS first, then item-by-item on what I'd want in a new one. I'd had my '07 for only 2 years and was planning to keep it for at least another year, so if their numbers didn't pan out, I was completely ready to walk away. When their numbers matched mine and they found me a '10 with the color and the options I wanted plus a few I couldn't see passing up, I pulled the trigger. I'm very happy, and my MA still talks about it as about the best deal she made all last year.

As folks have suggested already, do your homework before going in. As was also stated, Edmunds.com and KBB.com are usually pretty accurate to determine the value of the car your trading (I believe most dealers use KBB). Spec out what you'd like to trade for, including must-have vs. nice-to-have options, and price it out at MINIUSA.com. Then go talk to a live somebody a the dealer, and be prepared to leave it if the deal isn't exactly to your liking. The more informed you are going in, the less likely they'll try to take advantage of you.

As for them promising the same monthly payment, be careful ... they could be writing up a loan that's two years longer than the one you have now to make the payments the same. Make sure you know the price of the car your buying and the interest rate, not just how much the monthly payment will be. If they show you anything more than 2.9%-3.9% (sometimes they even have 1.9%), or if the term of the loan is a year or two longer than your current loan, they're not doing you any favors -- walk away. Yes, such letters are designed to get you in the door, but they're not always just a gimmick. Dealers are in business to make money, but they can't make money unless they move cars. So there are good deals to be gotten.

Good luck ....