Maybe this was the worse deal...
Mini cooper S 02 27k miles...
equipment - nothing special... standard stereo, standard suspension, leather seats, standard body / lights... etc.
problems - front right cracked mount strut / left mushroomed, left rear broken mount, power windows not working, rear spry system not working, starter problems, messed up rims, driver's door with problems and out of warranty.
$32k after financing.
Did i get the worse deal ever

 

yep, you got the rip , unless you have the worst credit possible. that should only be i the 17-18,000 range if that perfect.

 

well that all depend on how much you owed on the vehicle you traded towards the MINI......

 

Well, Mini had some awards for the car that retained more of its value for resale, and actually i am buying it not selling it (well bought it ) from a not bmw dealer.

 

well they riped you good.
You could have bought a new one for that.

 

Depends how many years you financed it over, how bad your credit is how much the extended warenty was etc....

My step-son has horrible credit - his APR was ~20%, he financed a $12K car (worth about $9K) and his total charges (car, tax, reg, warrenty, paint treatment (?) etc) looked to be about $24K before I stepped in and helped him out a little.....

 

well credit was ok, but no good or excellent. financing: 36 months... and no warranty for the car.
But i love the car, the desing is very nice, and handling is very good. The good thing is that the motor still in good condition. I hope i can make it look better, since i have no other option.

MaC

 

Another thing to look at is how long to you plan on keeping the car? if your going to buy it and keep it for 10 plus years then its not so bad.

 

Did you even look at a new one? I just bought a new 06 MCS with just about everything you got and it won't be close to what you paid after finance. But hey, if you feel good about the deal MOTOR ON! After you have paid it off it will still be worth more than just about anything else you could have bought for that price.

 

OMG they saw you coming! I guess that is the worst deal. I got an 05 MCS JCW with every sport package, plus K40 radar detector and only 3,000 mi. with warranty - 24K But, everyone loves a MINI so you can take that to the bank.

 

I'd say yes.

 

My granny used to say it is far more important what you buy with your money than how much you pay for something. I tried to explain that to a friend of mine once, telling him what she meant. Something to the effect that it would be far better to get ripped-off on a bicycle than to get a good deal on a hooker. His reply: "What did your granny know about hookers?"

 

There's no way to sugar-coat this, you did not make a great deal. It could cause you problems if you total it before you pay off the loan because your insurance payout probably wouldn't cover the remainder of the loan. But if you manage to steer clear of serious accidents and hold on to the car for a long time, well, you're a little poorer but you've learned a lot.

For what it's worth, my first car buy was much like yours. I went to a car lot just to see what I could expect to pay for a used car, and several hours later went home with a 3-year old car for which I paid about what a new car would have cost. I felt pretty sick when I got home and started looking at car ads! Fortunately I an attorney friend wrote a scathing letter on my behalf (he was also bringing action against them for much worse sales practices) and they offered me a new car for the same price. I did a lot more research before my next car purchase!

I'm curious -- who financed your car loan?

 

Reminds me of something Warren Buffett said. The quote was something along the lines of "I'd rather pay a fair price for a great company than a great price for a fair company."

 

Well just for comparison. I got a 2003 MINI Cooper S with 15K miles on it (still under warranty), sport, premium and cold weather packages, Harmon Kardon Stereo, real leather option (lapis blue interior), Anthracite dash and trim on the interior and Navigation. I paid $19,500.00 for it.

BEATNUT

 

great deal!!!(okay maybe not so good) i know the prcing was a little unfair but no money is worth the amount of happiness ull get in return from your mini, congrats btw(on the mini, not on the deal :P) have fun!

 

Maybe not the best of deals, but, it is yours now. Quit second guessing yourself and enjoy the ride. You have a MINI now. Have FUN!!! Go motoring!!!

 

There are several possible scenarios depending on the amount finance and interest rate you paid. If you are paying $32,000 after 36 month financing you could have paid:


$29,000 at 6.5% interest

$27,000 at 11.39% interest

$25,000 at 16.80% interest

$24,000 at 19.75% interest

Or dozens of combinations in between.

All of the above scenarios amortize out to a total payment of $32,000 give or take a few dollars. In any case, you probably paid too much for the car, too much interest, or both. You can't do anything if you paid too much but you can refinance from a higher rate. But don't stress out. Enjoy it.

 

I priced a number of used Minis before deciding on buying new. It just wasn't that much more to get exactly what I wanted, especially since most of the used Minis were MCS and I was partial to an MC.

In any case, what you describe is almost exactly the going rate on used MCS models around KC. Just under 20k. I saw a few for more than that but sensed they were going to sit on the lot a long time before they moved. At least on used cars, there is tremendous price resistence (at least in my mind) at 20k.

 

[quote=princeofwaldo;1224939]My granny used to say it is far more important what you buy with your money than how much you pay for something. I tried to explain that to a friend of mine once, telling him what she meant. Something to the effect that it would be far better to get ripped-off on a bicycle than to get a good deal on a hooker. His reply: "What did your granny know about hookers?"[/quote]



Yes, pretty much that what happened to me... anyway i have no other option than love the car and pay it (i dont remember the company, autofinancing or something like that), and actually the car was 20k.

MaC

 

If the car was only 20k, and the rest is financing, check with your local credit union about refinancing. The check the balance of your current loan. If the balance does not include to many closing costs, loan balance way above 20k, you should be able to refinance and save a ton of money.
Credit unions are a great place to get financing, and almost everyone can join one in some way.

 

Just picked up an 03 MCS with sport package premium package and cold weather package 46,000 miles for 16k... seems like a good deal y or n?

 

yes thats about true market blue book.

 

this is a joke right? you must have done some research prior to buying.? know your enemy. i'm feeling ill for you . no bull. i'm getting a knot in my stomach. take the absolute best possible care of it . never ever sell it . some 40 yrs. from now you may get right side up on it as a collector car.

 

Hey, what can I expect from my 03, got the thumbs up from a mini tech...