I purchased my 2010 Hardtop brand new nearly 4 years ago. It's performed pretty well over the years and hasn't require any major work. My warranty is coming to an end at the end of August. Trying to figure out if I should keep it, or trade it in for a new one.

I'm worried that some unknown engine trouble may loom around the corner. I don't know what or why, but it's my first car so I guess I'm just nervous to keep it with no warranty.

They've offered me $11k trade in value at the same dealership I bought it at. Seems like a solid deal for a 4 year old car with 44k miles. But then I'd have to get a new loan to cover the differential of about $19-20k.

It would be nice to not have car payments, but at the same time if there's a chance the MINI could die then maybe it's not worth the risk.

Looking for advice from the community. Any guidance would be most appreciated.

Cheers!
Brian

 

What about extend the factory warranty?

 

Base or S?

 

I have the base hardtop (not S).

Have thought about the warranty, but is that worth it either?

Guess I'm wondering if anyone has any horror stories with their 2010 that would discourage me from keeping it...

 

Drive it. Put some fraction (half?) of your car payment aside in a savings account for repairs, maintenance, and mods. Do that every month, and chances are pretty good that you'll be able to keep the car in good shape for years. And probably have a decent amount of money left over when you finally move on to your next car.

 

Well, since it's a 2010 it has the older engine. 2011+ have the newer one that has been very reliable on a base. It kind of depends on how much you want a new car too ha. Remember there are a lot of changes in the F56 (good and bad) if you went that route.

 

Ya, I heard the 2010 had a French engine that was less reliable. Not sure if that's true. But this is what I'm worried about...

I'm not dying for a new car, but at the same time, don't want to pass up the chance to trade in my 2010 for $11k if the old engine may experience issues in the near future.

 

Keep the car. 44,000 miles is nearly new. I had a base 2007 and put 120,000 trouble-free miles on it. I like the advice of starting to save for a new one, rather than spending your money on interest.

 

Does the 2007 have the same engine as the 2010?

 

Yes. 2007-2010: original; 2011-2013: upgraded.

 

Keep it. No payment, reliability, you have lots of miles left on it. And yes...... Extending the warranty is far less expensive than buying a new car. There are two extended warranties available. One is for maintenance the other is for replacement parts. I have the replacement parts as I live 2 hours away from the closest dealer. I cannot get there for scheduled maintenance and would rather cover the expensive parts in the event of failure. Generally changing the oil frequently will prevent many potential problems with your car and it is not expensive to do. The other advantage in my opinion is that you have the second generation car and not an F56. Sorry to the new F56 owners. That is just my opinion.

 

If I keep it, should I get either of the extended warranties? This is the deal one dealer offered:

MINI Maintenance Program Extension adds another 3 yrs or up to 100k miles whichever comes first. Also included is 6 yrs unlimited miles of MINI Roadside Service.
-Covers Oil Services
-Inspections
-Brake Fluid Service
-Replacement of covered wear-and-tear items, such as brake pads and rotors, clutch disc, and wiper blade inserts
-Spark Plug and Oxygen Sensor Service

RETAIL $2,295.00
Your Price $1,895.00


MINI Extended Motorer Protection (Extended Warranty)
Has a $50 Deductible for each Warranty work completed.

2 yrs or up to 100k miles whichever comes first.
RETAIL $2,530.00
Your Price $2,280.00

3 yrs or up to 100k miles whichever comes first.
RETAIL $2,980.00
Your Price $2,730.00

 

Personally I wouldn't get either of the extended warranties. You're asking whether you should spend $20k in order to save a few grand a year in maintenance and repair costs. You have the base mini which are definitely more reliable than the turbo models. Just keep putting that car payment you would have been making into a savings account and you'll have plenty of funds if the car breaks and eventually you can get a new one. Your car has already taken the large depreciation hit and you could drive it a few more years and only lose another $4k in depreciation as opposed to the $20k hit you took in the first few years.

 

I totally agree. The best option financially is to the keep the car and every month you should be putting the equivalent of a monthly car payment into savings, think of it as your "MINI" account. Do not spend anything from that account unless it's for a necessary repair, and you will have a nice chunk of money built up in a few more years. Even if your current car is only worth, say, $4K at the 7 year mark (it would probably be more than that), if you are saving even only $300 per month, you could have $11K in cash saved up at that point.

At the end of the day, just make sure you're not doing something financially that's going making you second guess yourself and feel 'iffy' about your choice. MINI's are awesome cars and are super fun to drive and own, but if you are dreading looking at your bank account when it comes time to make a car payment every month you'll get a bit less enjoyment.

 

I'm not sure there's any real difference in reliability on a 2010 Non-S vs. a 2011+. The real improvements in that regard are more or less S stuff.

I like the suggestion about just putting aside half the car payment for maintenance and repairs. Seems like solid advice.

 

Skip the above offer - this is not warranty, just extension of prepaid service plan. If you are all handy with a wrench, you can do all of the above (oil, spark plug, and brake changes) for way under $2K/3 years. Probably under $500 (plus your free labor).


So this is roughly $1K/year in extended warranty (you will hit years limitation way before mileage).
Time to read the fine print and see what is, and is NOT, covered.
It is a common mistake to assume that the extended warranty will cover everything that new car warranty did. None do, even if underwritten by the OEM !

How much service ($$ wise and frequency wise) has you car required to date?

Non-turbo (Just-a) cars have been significantly more reliable than turbos. If your warranty claim rate has been below $1K/year, and you are comfortable DYI-ing some repairs, consider skipping. If warranty coverage is sufficient (read the fine print!) and you want a piece of mind, then buy the extended warranty to cover your target length of ownership. Might also help with resale (if the warranty is transferable).

a

 

--

 

Brian, I hope the responses you have convince you to keep the car and save some money. The car you have has the potential of going well past 100K with very little cost compared to trading for new.

I trust you understand that the vast majority of problems you read about on this forum are with the supercharged (or turbo) engine, while the base engine that you have has far fewer issues.