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Wanted one so bought one
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Discussion Starter · #1 ·
I am seriously wanting to purchase a MCS.

My options are to..


1. Purchase brand new thereby having exactly what I desire spec wise. I appreciate that the depreciation on this option has to be a consideration.

2.Wait and purchase a very low mileage car with hopefully the spec I desire.

This method will involve a wait for the correct car.

Has anybody gone down this path and been entirely happy with the savings or are the savings not worth the hassle?


What would you consider to be the best way forward with regards to the financing of the car?

I have a reasonable amount to purchase the car of my dreams but am get confused having spoken to the dealers.

Am I correct in thinking they will only accept small deposits...ie 40% or can I put down a lot more.....and would this be the best thing to do?

Is MINI finance the best method?

Decisions decisions.......:confused:

Sorry for all the questions but your advice will be gratefully received.:)
 

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I think you've got to decide exactly what you want from your MINI. If you can only live with an exact or very specific spec/colour options, you're probably going to have to buy new. Buying used will save you a little money, but possibly not as much as you'd expect.

As for finance, buying the car outright with cash is obviously the 'cheapest' way to buy the car, if you're looking for a finance package you'd be better speaking with the people at the dealership, they'll have a specialist to go through the options with you.
 

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Think the advice above is pretty sound. Think about all the things which are essentials (to you) versus the stuff you could live without.

For us we couldn't afford a new one anyway, so it didn't come into the equation, but then, when you're looking for SH, you have to go through the same process of seeing what's available for a price.

A good way to look at it is to see which of the things you can't live without are retro-fit options and which aren't. i.e. you COULD retro-fit leather seats if you wanted, but I think you'd have a hard job retro-fitting dual sunroofs for example.

The good thing about buying a Mini is that they have pretty much the least depreciation of any modern car. Good if you're buying new - even better if you're buying SH as someone else has already taken the hit.

Finally, if you do go for SH, think about how much it would cost you to retro-fit any items you might want and add that to the cost to compare with buying new.

Good luck.
 
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As prowse says, it is very dependent on what you want from your Mini. Because of the huge potential for variation in spec, it depends on what extras you think you have to have.

If you only want a few factory fit options which are pretty common like a Chili pack (essential if you ask me), chrome trim and one of the common alloy wheel types, then you may well find a used car with the spec that you want fairly easily. The bonus being that you might get some accessories that you would have liked but didn't want to pay for already on the car and paid for by somebody else.

Of course if you have a huge spec list of all the rarer things in mind, it is unlikely that you will find car to match your desired spec. Dealer fit options like driving lamps, extra stripes can all be added at your own convenience.

In terms of finance packages, it really does depend on how much you were thinking of putting on credit.

If you have a very large amount of money to put down and are only one or two thousand short of paying for the car completely, you might want to consider simply putting that amount on a credit card by transferring it on a 0% balance transfer for up to a year. That way, you have no interest charges for a year and at the end of the year (or however many months your credit card company offer), you could probably transfer it to another card and so on until you have paid it off.

If however, you have a smaller amount to put down, you then have the option of applying for a bank loan or buying the car on hire purchase and will have to shop around for the best interest rate.

Personal contract purchase (PCP) could be considered if you only plan on keeping the car for a few years (e.g 3 years) as this sets a "balloon" payment at the end of the period and in the meantime allows your monthly payments to be lower. Once again, it's worth shopping around. On the whole, your local Mini dealer's finance person will be obliged to point you in the direction of the Mini finance packages which are not the cheapest around. But it does depend on how you want to pay for the car - Mini may be able to offer you lower monthly payments on their PCP because they will set the final balloon payment much higher than a bank. This is not good if you were going to pay to own the car at the end of the 3 year period because it means that overall, you end up paying more for the car. However, if at the end of your 3 year period, you were only going to hand the car back anyway (don't listen to anyone who tells you that you will have equity in the car at the end of 3 years, you won't!!), then it means that you will have paid less to have that car over that 3 year period.

Complicated eh?

Good luck by the way, the MCS is a brilliant car:D
 

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Wanted one so bought one
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190 Posts
Discussion Starter · #5 ·
Thanks for all of the above....I really do appreciate the advice and the time you have spent answering my long list of questions.

I am going to wait until the New Year now.... and will consider all the adivice given.

Once again cheers.;)
 

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w' all the toys..
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Hi..
Find a low mileage used one with the spec you desire - you may have to compromise on colour and it may take a while but well worth it..

I waited almost a year but had an extremely nice '05 Cooper so wasn't too painful - a March '05 S came up in BRG/Blk roof and mirrors with almost every single option, 1 owner, 12k, hardly a mark on it.
Wasn't totally convinced about the BRG as I love black cars but there was enough black in the roof, mirrors, tinted glass, wheel arch trim etc - when I saw it in the flesh I was sold..

Bought it in May 2007 so just over 2 years old - I paid £16,000 cash privately (it was at the height of R53 values I think) the original purchase invoice I have shows a few £'s under £25,000.

That's a saving of almost £9,000 :aargh:

Couple of days spent on interior, underbody and engine bay detailing by me then a day spent on bodywork by a professional detailer (don't have the skills) and it looked as good if not better than the day it rolled off the showroom floor..
http://www.mini2.com/forum/general-discussion/157003-finally-my-brg-cooper-s.html

I love it, continues to make me smile and gets lots of compliments - hope to keep it for many years to come..

Buying new is great if you have money to burn but............what a waste of money when you really think about it..
A car depreciates most in the first 2 years, so buy carefully and you can have "almost new" for a fraction of the cost - I love my Cooper S, but spend £25,000 on one - no way!!
 

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going or coming?
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I was thinking long-range economy. We bought our 2004 to replace a '90 Honda. I expect to keep the MINI past 2014. With that plan, I had no problem ordering exactly the spec I wanted. If I were planning to have the car 2 to 3 years, I would have bought used.
 
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