Should I buy my '04 Cooper after PCP ends?

[adman2808]

Hi guys - newbie here, just after a few opinions from you experienced MINI guys...

I love my car. Its a March 04 Cooper with 40,000 miles on the clock. (I only put about 5K on the clock each year) It's got all the toys - 17" alloys, xenon headlamps, air con, half leather seats etc, etc. and in excellent condition.

I have it on PCP finance with MINI. My PCP term comes to an end in a few months and I'm weighing up my options...

Should I buy it, run it for a few more years and enjoy the saving on not paying monthly... or should I go for a newer MINI and re-finance? (although I'm worried that I may struggle to find something that's the equivalent of mine only newer within budget)

I have the money saved to pay the GFV at the end of the term (£4K), and then it's mine. So is it worth buying a 7-year old car, or do I plump for an R56 Cooper and carry on paying?

Thanks for reading my ramblings, I appreciate any thoughts!
Adman.

[Kitis_1989]

If the payment is only 4k and u have that in cash would it be worth buying the car and selling it on private? Must be worth at least 6k?

[adman2808]

Yeah that thought had crossed my mind. I'm thinking my options are either; buy for £4k and keep it, buy to sell (and make around £2K) OR use the £2k difference plus my £4k as a deposit on a new MINI... I would need to finance the rest of the cost for a new one though.

[Kitis_1989]

If ur going to get a new mini on pcp I'd put as less capital into the option. There are a few threads about how the options work etc I know from
Personal experience it is best to put as little into the plan as possible.

[adman2808]

Well thats confused me. Is it not better to finance less money from the start?