I know this isn't my actual first post here but i figured it was about time I posted in this forum. I'm a college student that drives 50miles a day to school. My current car (SUV POS) gets 12mpg and i need something that won't break the bank in gas.

Today, i finally went to the MINI dealership (Motor City MINI) and test drove a Cooper and Cooper S (hardtop). I had so much fun. Even the Justa Cooper was much quicker than any car I've driven before. I definitely have my heart set on a MINI now.

My MA told me about MINI Select financing, where the monthly payments are lower but at the end, there is a bigger "balloon" payment. I'm really looking into that, so i can have a lower monthly payment while I'm in college and can make the larger payment when I'm out in the real world. My question is, for any of you that have or are currently paying with the MINI Select, is it worth it?

Anyway, test drove MINI's today. Loved it. Want to buy one more than ever now.

 

I think it's worth it. It's nice to have the cheaper payment and if you want you can refinance the balloon payment but the payments won't be the same since you're not cutting the price of the car completely in half. It would take longer to pay the car off if you refinance too. Something you might want to consider. But it's so worth it. Love my MINI.

 

I don't have experience with the MINI Select... but I would suggest getting the Justa since you are still in college and need a more reliable car. The quickness of the S is nice but it seems to be more prone to issues.

 

I have 2 more questions that I feel didn't warrant their own thread.

1. I'm looking at buying a certified preowned MINI but my local dealer only has CPO MINI's with automatics and a manual transmission is a must for me. If i bought a CPO MINI from a different dealer, should it need repairs under warranty, would i have to take it to the dealer i bought it from or could i take it to my local dealer?

2. What happens to the 2011 MINI's the dealer still has on the lot when the 2012 MINI's arrive? do they just sell them at a lower price to try and clear them out?

 

You can take it to other dealers for warranty repairs and it should not matter. You might get more of a VIP treatment though if you take it in for service at the same dealer you bought it from. The availability of loaners might be an issue as well.

The dealers will eventually lower the price on 2011s the longer they sit, especially once 2012s are out. However, that will be driven by demand and interest. When I was buying mine, it was a choice between a 2007 and a 2008. I didn't think they were coming off the price enough on the 2007 to justify it, so went with the 2008.

 

I did the Mini Select program when I purchased my Mini. I saved like hell, and when the Balloon payment came, I paid off the car. I was considering a refi, but thought I needed to watch my debt. Did not think I could pay off a $27,000 car in two years, but I did it!

 

I'm looking into the MINI select program because i'm still in college and I'd like the smallest possible payments that will get me a MINI. I crunched the numbers and the balloon payment would only be about $4500 anyway so it's not that big either.