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MBmini · Sep 13th, 2007, 11:43 AM

i disagree!

everyone preaches that the SELECT scheme is a rip off but i feel that's wrong.

you put down an affordable deposit and the repayments work out cheap because you're not financing the total value of the car - hence this makes a £20k car affordable to a larger proportion of consumers.

the guaranteed future value (or final repayment) is always very modest, this means that you should always have equity in your car when you come to sell or swap.

i have just ordered a mini - put £3500 down as a deposit, i will pay £220 a month and at the end of my term, from analysing used mini's on the market that have done similar mileague, of similar age, spec etc of what my car will have done, i'm very confident i will get nearly all of my deposit back. to conclude, my £17.5k is only going to cost me £220ish a month and i'm sure i will get the bulk of my deposit back - if thats a rip off, then i'm happy as larry to be ripped off!

SELECT - makes expensive cars affordable - consumers benefit, BMW benefit, i don't have any hard feelings!

don't listen to the sceptics - why finance the full amount and own more of a poor investment, which we all know cars are!

Sep 13th, 2007, 11:43 AM	#8
MBmini MINI2 Newbie Join Date: Feb 2007 Local Time: 05:07 AM Posts: 14 Offline	i disagree! everyone preaches that the SELECT scheme is a rip off but i feel that's wrong. you put down an affordable deposit and the repayments work out cheap because you're not financing the total value of the car - hence this makes a £20k car affordable to a larger proportion of consumers. the guaranteed future value (or final repayment) is always very modest, this means that you should always have equity in your car when you come to sell or swap. i have just ordered a mini - put £3500 down as a deposit, i will pay £220 a month and at the end of my term, from analysing used mini's on the market that have done similar mileague, of similar age, spec etc of what my car will have done, i'm very confident i will get nearly all of my deposit back. to conclude, my £17.5k is only going to cost me £220ish a month and i'm sure i will get the bulk of my deposit back - if thats a rip off, then i'm happy as larry to be ripped off! SELECT - makes expensive cars affordable - consumers benefit, BMW benefit, i don't have any hard feelings! don't listen to the sceptics - why finance the full amount and own more of a poor investment, which we all know cars are!