How much are we, current Mini owners losing per month in the current crisis?

[sony]

You don't know what to believe! Mini's are still the least depreciating car, next thing you know there's discounts galore on them!
I bought my R56 Cooper D in July 2008 and managed a pitiful £500 off it. I paid £15530 in total (as you can imagine at that price with few extras on it). I did this in the light of the fact that I don't use most extras and I know you don't get your money back for most of them. Unless it's an S and a Chili pack is pretty much mandatory.
I stuck on the pepper pack and a MFSW. That's all. Anyway.
I'm currently putting £300 away per month to cover the cost of the my next motor. Which is likely to be the R57 S.
Now we can't predict for sure what will happen in 2009-2010 but is £300 per month enough to cover depreciation?

[Magic Carl]

Quote: Originally Posted by sony (original)

You don't know what to believe! Mini's are still the least depreciating car, next thing you know there's discounts galore on them!
I bought my R56 Cooper D in July 2008 and managed a pitiful £500 off it. I paid £15530 in total (as you can imagine at that price with few extras on it). I did this in the light of the fact that I don't use most extras and I know you don't get your money back for most of them. Unless it's an S and a Chili pack is pretty much mandatory.
I stuck on the pepper pack and a MFSW. That's all. Anyway.
I'm currently putting £300 away per month to cover the cost of the my next motor. Which is likely to be the R57 S.
Now we can't predict for sure what will happen in 2009-2010 but is £300 per month enough to cover depreciation?

I suppose that depends on how long you save for. If you save £300 for 36 months,that's going to be £10,800 plus interest which I would've thought would have been plenty plus you car.

But I'm only guessing.

[sony]

I tend to get rid of the car after 24 months.

[Tallpaul]

You need to consider several thing. Firstly your monthly rate of depriciation on a brand new car is highest in the first 6 months of ownership. How long do you plan to keep the car, how many miles will it have done at the time of sale and what condition will it be in (an unknown, so probably assume it will be good/very good)? Also, the introduction of a new/facelifted model will further complicate matters. Finally how will you dispose of the car when you come to change, part/ex or private sale?

Once you have all that information you could make an educated guess.

As an example, I think my MCS depriciated at an average of £235 over the 4 years since it was purchased new. BUT, that will have been significantly affected by the current used car market and its mileage.

I estimate (based on very rough figures) that my MINI is depriciating 15% faster now than it was 6 months ago. Hard to say if that level of deprication is real (I got mine at a very good price, better than any i've seen since) or sustainable.

As with all saving, just put aside as much as you can afford. £300 sounds like a sensible amount to me, if you can afford a little more then great; you can never have too much money put away!

[W44NE G]

Quote: Originally Posted by sony (original)

I tend to get rid of the car after 24 months.

All cars depreciate a lot in the first year which is why, this time I've bought an ex-demo as I'm hoping it's lost a chunk of its value already and will now slow down on that front.

At the end of the day, no matter how many rivals appear against the MINI, if people want a MINI, they'll never find anything to tempt them elsewhere. I've had 19 cars up to now and to me, the MINI has been the most unique car so far.

It's this that helps it hold its value and I think if you're buying one, you just can't worry about depreciation.

If you're looking at an R57 then I guess you'll be buying new... it might be worth you looking at an ex demo R56 S as it's easy to find an R56 with the same spec as the slightly different R57. There's some very tempting offers around at the moment.

[sony]

I do fancy the idea of an R57 though, never had a convertible!

[MJS]

Would you not be better leasing for 24 months?

[sony]

I suppose so- would have to look into that actually!

[MJS]

You would probably spend £250 a month on leasing and not even have to think about losing money or depreciation, when your 24 months is up, simply give it back and get a new one!

[sony]

How does leasing work, specwise though?

[MJS]

go to your dealer, spec a car up and they will work out financing options and tell you how much it is every month, easy