Replace Mini engine or lease new car (opinions needed!)

[joezer3003]

Hi everyone,

Sad news

The engine on my 02 Mini Cooper S is blown. It was either a spun bearing or cracked rod according to the mechanic, but it is beyond repair and will have to be replaced.

I'm not sure whether to replace the engine, or sell as is and simply lease a new car (Fiesta/Fit/Cruz) something in that price range.

Car Background:

- 02 Mini Cooper S
- Purchased for $9500 a year ago
- Great condition (except engine ...)
- about 115,000 miles on it

More details on parts/labor etc:

$5,800 in parts and labor to replace the blown engine with another 02 cooper S engine with about the same mileage on it.

On KBB the Mini is worth $7,500 w/ engine. I think I can probably get about $2000 for my Mini as it is now.

If I replaced the engine, I'd probably keep the car for another 3 years at least and sell it once it hit about 160,000 miles for around $6,000 (according to KBB).

Or should I simply lease a new car and save myself from future problems (engine swap problems, standard repairs on older cars etc...)?

Attached is a spreadsheet with an analysis of swapping engine vs leasing.

Thanks for any help!

[marque]

Hi

I am not shore of the labour charges where you are but I have just looked on eBay uk and there are recon and engine from salvaged cars pretty cheep any where from £100 to £500 might be worth having a hunt on eBay.com may get a good deal and low ish milage then find a good place to change it
What happened to the car what symptoms did it have and have they stripped the engine yet

Mark

[andrewdobie]

The problem is the finance. If you have to spend out on a new engine and then getting it fitted, it will cost you upwards of £1000 I would say. Now, if you want real piece of mind, with a warrantied engine etc etc, then its going to cost you more. But your not going to get your money back when you sell it. You'll have to make it clear when you sell it that its not the original engine, which would put off a lot of buyers.

With a leased car, you have none of those worries and can work your way up to getting yourself another mini or something else.

Difficult.