Hey everyone,

Pretty new to the site, but I've wanted a MINI for a long, loooong time. Finally getting towards the point where I can afford to get my own car, and a lease seems to be the option that will work best for me. Went down and drove a MCS at my local today, (they didn't have any manuals so I was told it'd have to be an order car)

This is what they gave me for numbers and I was wondering if this sounded good or should I be looking for a different dealer? I've never bought a car before and I've never even looked into MINI pricing other than a 'dream' car when I was younger.

2013 MCS Hardtop
Manual Trans (free $1250!)
Metallic Paint (color undecided)
basic standard color line and roof/mirrors color
colored bonnet stripes (to match roof)
Leatherette
Center Arm Rest
Cold Weather Pack
Premium Pack
HK Sound System Upgrade

Came to be $27,600 MSRP
I was looking at a 36m/12k lease where I would have a $1000 deposit upfront to order the car (counts towards the $1,644.45 I'd have to pay in Bank Fees, and an 8.65% sales tax in my State/County) with no up front down payment otherwise. I believe they gave me around 500-1000 off for recent college grad/BMW loyalty (we have a BMW registered to the same address)
MINI FS is offering a .00165 lease factor and 61% residual this month

They told me with all of this - $376 monthly


Is this a good deal on a sweet MINI or am I getting unknowingly hosed?

Any advice and tips on the buying process, options etc. would be much appreciated - I love the car and the way they drive, but otherwise I don't know much else about them

Cheers!

 

Typically MINI leases are very expensive and so you so you don't see many people lease. However, the deal you have actually seems pretty good, but that may also be driven by the high residuaL value.

Also, I didn't see the anthracite headliner on your options list. I would add it to avoid the weird contrasting beige headliner that they have been using the past few years. Good luck with the order!

 

2013 MCS Hardtop


They told me with all of this - $376 monthly


First I am no expert and I live outside the USA but I am a Mini lover and if I were offered a deal like that at those rates – for me it would be a hard decision to say NO!


But then again money is money so I would also get some alternative prices for the same deal and see how they compare


Good luck with the deal!

 

$13536+ $1000 up front. = $14536 at the end of the lease you own nothing. SO you paid $14+K to rent a car. Not to mention any excess miles you might rack up, or wear.

I son't know, but leasing just doesn't make any sense for me. Maybe if it were for business, there might be some advantage. Or if I were broke...

 

Have you looked at the MINIUSA website to see what programs are available. They seem to run specials everymonth and you won't get locked in until the car is ready for delivery. I would order the vehicle and see what happens. I know it's risky but!!!!! There is a hybrid lease called Mini Select that you may want to consider.

Good luck.

 

This is true, but, after 2 or 3 years into an average car loan, you don't have any equity either... so if you're going to want a new car every couple of years, leasing can be cheaper.

I'm considering a short lease (24mo) next year as I may be leaving the country after that, but I would like to drive something fun in the meantime.

 

If you know you will be changing cars in 2-3 years, leasing is your best option! If you want to own the car after the lease is up, you also have that option to re-fi the balance.

 

I leased a 2013 MCS in the past couple of months and I think (can't remember the exact numbers) the MF I agreed to was the buy rate of 0.00140 or 0.0013x. It was initially 0.00145 and the dealer tried to mark it up to 0.00185 but I refused (and so should anyone) to pay anything but the actual buy rate. So I would double check that MF and make sure you're getting the actual one provided by MINI FS rather than going only with what the dealership tells you.

But, your payment sounds pretty good to me if that has taxes factored in. I have to factor in taxes monthly in my state and my payment is $440 per month. The car had an MSRP of $31,050 and I got $1k off of it. I put another little bit down to lower the payment another $20 or so.

I'm in the camp that likes to be driving a new car with new warranty, especially when it comes to MINIs! So leasing made the most sense to me at the time. Next time I might finance and plan to privately sell at 36 months though.

 

Thanks so much for all the help guys


One question, where can I find the current MINI FS numbers on residual and MF/LF so I know if the dealer is ripping my face off or if they're actually trying to give me a good deal where they make money and I save some money?

 

What is MINI Select and how is it different to a normal car lease?

 

I knew that dealers tended to mark it up and I asked my SA specifically what their base MF was after he quoted me 0.00185. He said dealers usually mark it up and acted like I would just have to accept it, but when I applied a little pressure he told me what it actually was. Unfortunately you're at the mercy of the dealership, but if you're in doubt call another MINI dealer and say you want to know the base MF and will order from whoever treats you the fairest. Even if you have no intention of ordering, it would be a way to get them to be more direct with you and then you can use that information with your preferred dealer.

MINI Select, as far as I understand, is a balloon payment program. You agree to pay a certain percentage of the car over 24 or 36 months or whatever, and then you're responsible for the remaining balance at the end of the term. At that time you can trade it in and would be on the hook for any negative equity, or you could sell it privately or finance the rest of it (or pay the balloon payment but most folks aren't in that position). I think the program is a little risky and would recommend that if you know you're going to be switching cars sooner than 5 or 6 years from now, do a traditional lease.