Looking into buying my first brand new car(MINI Cooper S or JCW)..????
Orig. Posting Date | User Name | Edit Date |
Aug 16, 2019 04:40AM | 6464 | |
Aug 16, 2019 03:40AM | RedRiley | |
May 5, 2019 02:02PM | SAlexander | |
Apr 28, 2019 02:53PM | MD-IN-UK | |
Apr 23, 2019 03:35PM | malsal | Edited: Apr 24, 2019 06:03AM |
Apr 23, 2019 02:43PM | Dr Mini | |
Apr 23, 2019 12:46PM | Dan Moffet | |
Apr 23, 2019 12:30PM | kenatminimania | |
Apr 23, 2019 11:28AM | onetim | |
Apr 23, 2019 06:21AM | thewerewolf | |
Apr 23, 2019 04:42AM | elpez | |
Apr 23, 2019 02:53AM | Jimatalba | |
Apr 23, 2019 02:10AM | Lincon | Edited: Aug 19, 2019 11:53AM |
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Retired manufacturer of VTEC/Mini performance conversion kits
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Honestly, no matter what you end up purchasing, if you treat it properly, don't beat it into the ground, perform routine maintenance, etc. it's going to last a longtime. Todays cars are light years ahead of what was available 20 or more years ago. 200,000 miles on any car thats been well maintained isn't far fetched anymore.
With that said, I think if your going to go all out, get the JCW. Not all of us have been fortunate enough to be able to purchase and maintain a classic Mini. And keep in mind, a lot of us had no idea that the cars we abused in the late 60's and early 70's would become the Muscle Cars with crazy price tags all these years later. Todays MINI JCW could one day be one of those 30 years from now.?
IF IT WEREN'T FOR PHYSICS AND LAW ENFORCEMENT, I'D BE UNSTOPPABLE
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BMW MINI sales are way down America is shifting towards Cross overs and SUV's, there is a reason Ford is not making any more cars except the Mustang.
Some of the repairs on the MINI are astronomical when compared with other makes, research the forums and see for yourself.
If you have to get a MINI either get a lease and get one with a warranty and an extendable one just in case you decide to drive the wheels off it.
If in doubt, flat out. Colin Mc Rae MBE 1968-2007.
Give a car more power and it goes faster on the straights,
make a car lighter and it's faster everywhere. Colin Chapman.
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"Retired: No Job, No Money, Wife and I! Will travel anywhere for Minis"
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Heed particularly the words "You never want to finance a car that can go upside down in value."
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"Hang on a minute lads....I've got a great idea."
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A new car can lose as much as 30% in value the moment you drive off the lot - not the best use of your hard earned $$, unless you are flush with $$. A common advice is to purchase a car that is 3 yrs old so the initial hit of depreciation is past.
Good luck!
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Before buying a BINI I suggest you Google the Problems Page these cars have. It makes scary reading!
Saor Alba
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While I am generally fairly frugal and save a bit each month, I am extremely ignorant about personal finance. I am in a new financial situation and not really sure where I stand. Fairly recently I started a new job and it's a pretty substantial raise from what I'm used to; additionally, I also haven't had a large car payment before (have had mostly beaters and currently have a <$200 payment).
My current base salary comes to right at $4000/mo after taxes but I also get overtime pay (the amount of which I don't really control, so not a reliable thing to count on) Mobdro that has made it as much as $5400. Average month for a year will probably end up being $4500 on the low side, could be more.
My other expenses are not huge -- mortgage+HOA fees for my condo are $665/mo. No other debts besides my Fiat which I am essentially even on in terms of equity (worth within plus or minus $1000 of what I owe). Few hundred a month for groceries, live 10 mi from work so gas is cheap, couple hundred each month for normal stuff Lucky Patcher like utilities and internet, etc.
I've read that 20% of your monthly income for a car payment is reasonable but that would be like more than $800/mo which seems ****in' insane to me. My (realistic) dream car is a new Mini Cooper S Kodi or Mini Cooper JCW. I like all of the customization options so I would be ordering one to my specifications to the tune of around 35K for the S or 39.5K for the JCW specced the way I want them -- more or less fully loaded -- including the small discount that I get (I work for one of BMW's tier 1 suppliers). I could put down preferably around 5K but as much as 10K for a loan but would prefer zero-ish down if I go the lease route. In my state TT&L happens at the DMV later, not the dealership. As of today Mint says my credit score is 756 which is consistent with what the 3 credit agencies reported 18 months ago when I bought my home -- I assume my beacon score will be similar.
I am not super sure but based on what I've read I think that all puts me in the $550-650/mo range for a 60 month loan. That seems like an absurdly high monthly payment to me (especially since it's a similar amount to my mortgage) but I'm in a whole different income bracket than I'm used to now and I guess I'm just looking for a sanity check. My Fiat is completely fine and I don't need to buy a car tomorrow, but I would REALLY like a MINI. Based on what you've all seen in the industry am I shooting for something reasonable here -- and am I accurate with my payment assumptions -- or do I need to adjust my expectations and/or dial it back a bit?