[mr.abulia]

I'm still debating whether to lease or buy my new baby... since I'm having so much trouble selling my current car, leasing is beginning to sound more and more attractive.

I would love to hear some of the reasons why you decided to either lease or buy (finance/purchase) your Mini, and how you feel about that decision after owning for a while!

Thanks in advance

[bok]

i have never leased a car and never will. there is just something about not really owning something and continuing to make payments. with purchase financing you have the option of buying out or selling whenever you want (usually) with no strings attached other than paying off the balance.

[Ferroequine]

I'm with Bok, I would much rather have something tangible to show for my hard earned $$. I also will, in all likelyhood, keep the car for a long time. My son may be going to his high school prom in it!

There is an interesting thread about leasing vs purchasing here:

http://www.mini2.com/forum/canada/61...buy-lease.html It does kind of degenerate after a bit though.

[mr.abulia]

I would buy for sure if I was thinking of keeping it for a while... but at most this car will likely last 3 years until the new JCW is out. More power + better fuel economy + hot interior = gotta have it

Therefore, leasing looks like it may work out for me... although I must agree that I don't like the idea of not owning the car. In the past, I have always bought cash... my only concern is that in three to four years I will take a huge hit because I am getting the last of an old model in a colour that isn't incredibly popular and a bunch of high-end options that don't appeal to a majority of drivers.

[faster,Tobias!]

To me the incentive to lease is the convenience - your term is up, you drop the car and keys off and away you go. And with any car that has a poor resale this is the way to do it, but with the MINI (and it's great resale value) the sensible thing to do would be to pay it out, sell it yourself and you pocket the difference. But there goes the convenience, because you are now disposing of the car in a conventional manner. Also, if you mod the car in anyway you are obliged to 'de-pimp' before returning it, or you have to buy it out anyway - with purchase/finance you can pretty much do whatever to the car and not worry about future ramifications. But the biggest thing for me is if circumstances change and you have to unload the vehicle quickly it is a little easier to dispose of a purchased car - say your car is two years old and you have an interested buyer. If the car is a lease then they are looking at assuming the lease; there could be a substantial saving by the end of term, but the monthly payment is going to be pretty much what a new one is, and often (though not all) people buy pre-owned because of the payment factor - buying a purchased car is going to mean a lower monthly payment. So it reduces your potential market. My tuppence..

[RS3TURN]

I will never lease a car again. My MINI is on lease, and I can't wait until it is over. Would love to sell, but it seems like such a hassle.
If you do decide to lease, do not put money down on the lease....or as little as possible.
I made the mistake of putting down a large downpayment. This money could have easily been invested elsewhere (and earned money), or done something better than lowering my monthly payments slightly and giving the lease company an interst free loan.

Have you considered taking over a lease.....? Actually let me rephrase that, have you considered taking over MY lease?

Many leases include the maintenance costs, oil changes, etc. Not the case with the MINI.
I have now put approximately $26,000 in to my car (downpayment and monthly payments) and have nothing to show for it.

Still have 27 months to go....will have paid nearly 52K on this car by the time it is over.

[xtremepsionic]

Using mini.ca's calculator
Cooper S with rally pack

MSRP $34100, + other fees and delivery and taxes = ~$38000 out the door

$3000 down 36 month lease, 20k km a year, $401 a month, $20,460 buy out
in 36 months you pay $17436 + taxes(?)

Works out to be about the same over all I think, buying or leasing.

[RS3TURN]

Quote: Originally Posted by xtremepsionic (original)

Using mini.ca's calculator
Cooper S with rally pack

MSRP $34100, + other fees and delivery and taxes = ~$38000 out the door

$3000 down 36 month lease, 20k km a year, $401 a month, $20,460 buy out
in 36 months you pay $17436 + taxes(?)

Works out to be about the same over all I think, buying or leasing.

Assuming the interest rates are the same, and you have the $17K in hand to pay as soon as the lease is up.
And buying you can easily sell whenever you want...

[Senior]

Everything you what to know about leasing

Auto Leasing Guide - The Art of the Deal

[Bydgoszcz]

Im a leaser, some people attack me and say im an idiot but hey, im driving a MINI which I otherwise wouldnt of been able to afford.

Mathmatically I dont think im getting screwed over that much either ( correct me if Im wrong)
but I pay just under $500 / month for 39 months, with $0 down, with a residual of $18,300.

Total Lease payments $500 x 39 = $19,500 add the $18,300 and it totals $37,800. My car with all said taxes and fees came out to roughly $35,000 so I payed $2800 in intrest, yes I still owe $18,300 but......

Lets see Financing same $35,000 at $0 down. Monthly payments are $1082 x 36 months = $38,952 so you pay an interest of $3952 which is $1152 more then the lease option but yes you "own" the car but if I saved the difference of $582 every month then I too would own the car so who in this case really wins or losses.

Now to fight some one saying well you just tossed $20,000 in the toilet if you walk away from the car, true but if I financed the car and was to sell it at the end of 39 months how much would I get for it? lets base it on the residual, so its roughly $18,300 add $3000 and 10% (this is roughly how the dealer calculates what they will sell the car for) so roughly $23,500. So in that 39 months you would lose $15,000 ($38,952 - $23,500 = $15,452).

Now if I sold the car after the leases for that same price ill pocket $5000 and lose roughly the same $15,000 ($500 x 39 = 19,500 minus the $5000 from the sale = $14,500)

Either way you put it a car is a horrible horrible horrible investment, if you can call it that.

In the end all I can say is this, "Yes I drive a MINI"

[xtremepsionic]

Yeah the way the lease works out for a MINI seems to make it about even in terms of total amount paid between leasing and finanacing.

Obviously the best deal would be to buy the car right out so you don't pay any interest But unlike a lot of other cars where the residue value is so low after 3-4 years, leasing actually makes sense for people who always get a new car in 3-4 years anyway, that way they can invest/spend the money instead of putting it down in a car.

[MRC2K6]

Quote: Originally Posted by xtremepsionic (original)

... But unlike a lot of other cars where the residue value is so low after 3-4 years ...

My Father just went to trade in his 1998 Lincoln Town Car (the big one). New it is worth almost $70,000.00. The Ford dealership was really generous and offered to pay him just under $2,000.00. His car is in perfect shape ... well as perfect as a Ford could ever get.

Can you imagine, a car worth almost $70,000.00 nine years ago isn't even worth $2,000.00 now. Goes to show you how much the Ford people think of their own products.

Luckily he sold it privately for a lot more.

Then he went and bought another one.

Silly old Dad ...

[mr.abulia]

Thanks guys... all stuff I have to read over some more and think about even more than that... I appreciate all of the thoughts and answers! RS3TURN, if I may ask, why do you want out of your lease so badly?

Related question for Faster, Tobias or anyone else who knows: I notice that the lease rate on the Ralleye and Soho editions are at 4.9% now. Is the Competition car at the same rate?

[xtremepsionic]

Quote: Originally Posted by MRC2K6 (original)

My Father just went to trade in his 1998 Lincoln Town Car (the big one).

Silly old Dad ...

LOL, I could imagine how silly he thinks YOU are buying a tiny little mini car

[MRC2K6]

Quote: Originally Posted by xtremepsionic (original)

LOL, I could imagine how silly he thinks YOU are buying a tiny little mini car

Yup, he shakes his head every time he sees my car.

I cringe every time I see his ...

[heli_guy]

The way I look at is this.

If you want to switch cars every two or three years, and always drive new and you are comfortable with a car payment. Then Lease.

If you plan on having the car for a long time (6 or more years) you are IMO better purchasing it.

Of course this does come down a bit to interest rates and such, but if you are planning on selling the car in a couple of years or trading it in, I think you may be better leasing.

Of course, I have never been able to successfully run the numbers where overall after say 5 years leasing was cheaper. Again, it comes down to short term, and what you NEED your monthly payment to be.

Trevor.

[mark-o]

Quote: Originally Posted by MRC2K6 (original)

Yup, he shakes his head every time he sees my car.

Dude, he shakes his head 'cause it's always dirty!!!

[faster,Tobias!]

Quote: Originally Posted by mark-o (original)

Dude, he shakes his head 'cause it's always dirty!!!

LOL!

Is the Competition car at the same rate?

Alas, no.

[RS3TURN]

Quote: Originally Posted by xtremepsionic (original)

Yeah the way the lease works out for a MINI seems to make it about even in terms of total amount paid between leasing and finanacing.

Obviously the best deal would be to buy the car right out so you don't pay any interest

Not necessarily the best deal if you can take the $$ you would have used to but the car outright and invest it to make more money elsewhere.

[RS3TURN]

Quote: Originally Posted by mr.abulia (original)

Thanks guys... all stuff I have to read over some more and think about even more than that... I appreciate all of the thoughts and answers! RS3TURN, if I may ask, why do you want out of your lease so badly?

If you really must know......here's my full rant. Perhaps the MINI just isn't my "cup of tea" anymore.

Honestly my wife and I have really just outgrown the car. There are so many "uniquely MINI" traits that **** me off about this car. (yes I have a bad MINI attitude). The car was fun for the first year or two, and was tolerable. I would like to get out of the MINI lease and purchase a BMW which would better suit the needs of my wife and I. (possibly the 335i? Twin turbo here we come!)

- I don't like driving the MINI on long trips. Find it uncomfortable compared to other cars after ~2hours or so. The console pillar also rubs on my inside leg and usually gets quite tender after 4 hours or so of driving. haha.
- I hate that it doesn't have the option of memory seats. (I am 6'0, my wife is 5'0) I swear at it every time I have to move the seat
- I miss the 300 ponies from my last car.....it lacks power/low end torque. I liked the 307ftlbs at 2500rpm I used to have.
- annoys me that I can't see stop lights due to the angle of the roof. Hate leaning forward
- Head light washers drive me crazy. You wash your windshield and instantly you have spray over the entire front of the car.
- Always feel tense when I drive this car. A feeling of "whew" relief when I arrive...
- FWD ****es me off...give me AWD or RWD please.
- 2 door.....I need a 4 door car. Impractical to load my inlaws, grandparents etc. into this car. (Now have a land rover also so it helps)
- Black car....(why on earth did I buy a 2nd black car???)
- All of the creaks and rattles in this car drive me crazy
- Noisy heater/AC is annoying
- I hate the 3 degrees C beep...shut up already MINI....
- Electronics problems. Half the time my climate control refuses to illuminate, and my drivers 1 touch window doesn't work. Have taken it in for service and they have "documented the problem" but have not been able to replicate
- Wheel bearings. Had both front wheel bearings replaced at 50K. What's that about? They should last to 150K. This and a few other problems makes me question the build quality.
- The door rocker points are spaced too far apart.
- Key fob is hit or miss...sometimes it works, sometimes it doesn't
- Horn buttons. In an emergency I always miss pushing them. Put a button in the middle of the wheel so I can just jam it when need be.
- massive key fob. Get a keyless entry/card system already MINI!!!
- yo-yo problem. What's that about???
- I have shoulder problems (surgery last Dec.), and back/neck problems that come with it. Hence the suspension wrecks havoc on all of these.

I can keep going on and on about little things on this car that drive me insane. Overall the long list makes me think there is a better car out there to suit my needs. There are also a lot of positives about this car though as well.

Did I mention that I'm extremely picky when it comes to cars?
I would have ditched the lease if it was easy too, but always stop when I think about how much $$$ I have already invested in this car. The monthly payments are no big deal, so I will most likely wait until the lease is up, buy it out and throw it in a corner of my garage only to be driven occasionally on weekends.