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Old 11-17-2011, 01:58 PM   #1
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Cheapest way to own a Cooper S for 3 years?

I'm interested in getting a Cooper S and was wondering if fellow members could give me some tips or advice.

I'm only planning to keep this car for a maximum of 3 years, so it doesn't matter whether it's brand new or used. Also, I usually only drive on the weekends.

What would be the cheapest way to own one for 3 years? Manual and automatic is fine for me, though I prefer manual.

Thanks.
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Old 11-17-2011, 02:30 PM   #2
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Zipcar Vancouver - Zipcar is easier than Vancouver car rental and car ownership
or
http://www.modo.coop/find

This is the cheapest way.
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Old 11-17-2011, 03:00 PM   #3
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Zipcar and modo doesnt offer the cooper S. Only regular cooper.

OP: How much were you looking to spend monthly? I can see if i can get you into one in your budget since you don't seem to picky as long as it's a Cooper S.
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Old 11-17-2011, 03:07 PM   #4
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Quote:
Originally Posted by reamemiya View Post
What would be the cheapest way to own one for 3 years?



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Old 11-17-2011, 03:36 PM   #5
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i'd lease one so you dont have to worry about major maintenances

if you buy used, it may be cheaper initially but coopers are known to have problems, so you'll MAYBE end up paying more cuz of maintenances and stuff
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Old 11-17-2011, 03:47 PM   #6
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Sorry to sound blunt but did you try using the finance/lease tool on the mini website? Configure one and punch in your downpayment (if any) in the tool and it'll tell you how much it costs. Take that and compare it with used coopers on craigslist or on the mini site. They have an awesome search engine on the mini site. If you get used, you can get an estimate of how much your used mini is worth by using blackbook since you probably wanna sell it after 3.

www.mini.ca/
www.canadianblackbook.com/
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Old 11-17-2011, 03:52 PM   #7
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Date a mini s girl ?

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Old 11-17-2011, 04:08 PM   #8
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just lease the car and hand it back to them at the end of 3 year term, end of story
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Old 11-17-2011, 05:29 PM   #9
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pretty obvious?

lease and get out?

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Old 11-17-2011, 06:40 PM   #10
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plus, if you own your own business or use & insure the vehicle for work, you might be able to write off each lease payment as a taxable expense.. talk to your accountant.
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Old 11-18-2011, 11:01 AM   #11
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I tried the configurator on the the MINI website, and I would end up paying close to $20k over 3 years.

I don't think there's any way I could lose $20k if I just bought a used MINI and sell it back out after 3 years. Hence, I'm asking for opinions and options.
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Old 11-18-2011, 11:16 AM   #12
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Well like others said, it might be a mini but the maintenance is like a BMW so be prepared?
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Old 11-18-2011, 12:14 PM   #13
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Quote:
Originally Posted by reamemiya View Post
I tried the configurator on the the MINI website, and I would end up paying close to $20k over 3 years.

I don't think there's any way I could lose $20k if I just bought a used MINI and sell it back out after 3 years. Hence, I'm asking for opinions and options.
No one can predict the future and it's always a gamble, but you may be surprised how much you may end up spending on an used boosted mini.. assuming you are dumping it after 3 years.

I have never owned one, but have bought and sold several used German vehicles that were just out of warranty and seemed like a deal when I bought them....hence my above comment.

Think the following:
1. Big ticket wear and tear items (tires, brakes, etc.)
2. Bigger factory scheduled maintenance items that are not usually needed in the first 3 years (like trans fluid, coolant, brake service, etc.)
3. Out of warranty repairs
(on a 3-year lease of new car you may not have to worry about the above, unless you don't fit the norm)

4. Any ICBC claims, even if you are not at fault, are records that will drive
the resale value of your car down... more than you think ! If you lease, you don't own it and it's car manufacturer's problem.

5. Financial opportunity cost .... depending on how you plan to pay for the used Mini S... this amount may vary.
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Old 11-18-2011, 12:28 PM   #14
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Quote:
Originally Posted by reamemiya View Post
I tried the configurator on the the MINI website, and I would end up paying close to $20k over 3 years.

I don't think there's any way I could lose $20k if I just bought a used MINI and sell it back out after 3 years. Hence, I'm asking for opinions and options.
Well lets see...

A new 2012 MCS with 0 options is $28950 + freight/PDI and tax. For round numbers you can estimate this to be $34,000 out of pocket. After 3 years, I estimate it's probably worth around $18,500 based on the prices of 08s now (also 3 years old). Since you cannot recoup any tax, you are out of pocket $15,500. You also have to deal with selling the car and come up with the $34,000 in the first place.

If you lease it with 0 down, according to Mini's website, the payment is $496.15... $496 x 36 = $17,856. The residual they specify is $13,606 which seems pretty low to me... to buy it out you will have to pay $13,606 + HST = $15,238... good chance you can get $18,500 and then your total cost to own it will be $17,856 + $15,238 - $18,500 = $14,594.

The MAX it can cost you is $17,856 no matter how shitty the market on Minis becomes since you can always return it. There is also a good chance that it will cost you less than that since there will probably be some equity in it at the end. It also potentially can be written off depending if you have the ability to do so. For me, that would definitely sway the decision towards leasing for me - in the worst case scenario it only costs me 15% more and in the best case scenario it costs me less. I also have the ability to get out of it with a single phone call after 36 months if that is important to you.

Obviously all these numbers are estimates but I think there is also some ability to barter with the residual so the lease may look even more attractive then.

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Old 11-18-2011, 12:35 PM   #15
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Just sign to an open end lease = much lower payment
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Old 11-18-2011, 04:33 PM   #16
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So you guys are all against getting a used one?

I did a quick search on craigslist and I can easily get a used one for less than 17k. It's a weekend car which means I don't drive it that often, so even if there's a problem with the car, I can always sell it back out and lose a 1-2k.

I'm not too familiar with owning a European car, and I was thinking I could own one for 3 years for 5k? (as in sell it out and lose 5k on it). Please let me know if I'm not being realistic. I really don't know how much it would cost.
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Old 11-18-2011, 04:45 PM   #17
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What model year do u want? Turbo or supercharged?
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Old 11-18-2011, 04:55 PM   #18
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Quote:
Originally Posted by reamemiya View Post
So you guys are all against getting a used one?

I did a quick search on craigslist and I can easily get a used one for less than 17k. It's a weekend car which means I don't drive it that often, so even if there's a problem with the car, I can always sell it back out and lose a 1-2k.

I'm not too familiar with owning a European car, and I was thinking I could own one for 3 years for 5k? (as in sell it out and lose 5k on it). Please let me know if I'm not being realistic. I really don't know how much it would cost.
You are not being realistic. At that price range you are looking at 4 year old out of warranty mini S with over 100K kms, or older ones with less mileage. If I were to guess you will lose $3K a year in depreciation. $2K a year on repair/maintenance/etc., in addition to fuel/insurance/license/etc.
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Old 11-18-2011, 05:01 PM   #19
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Quote:
Originally Posted by reamemiya View Post
So you guys are all against getting a used one?

I did a quick search on craigslist and I can easily get a used one for less than 17k. It's a weekend car which means I don't drive it that often, so even if there's a problem with the car, I can always sell it back out and lose a 1-2k.

I'm not too familiar with owning a European car, and I was thinking I could own one for 3 years for 5k? (as in sell it out and lose 5k on it). Please let me know if I'm not being realistic. I really don't know how much it would cost.
FFS. Did you even look at blackbook? I threw in a query for a 2010 Mini Cooper S with no add-ons. 20k on the odometer, 20k of driving per year.

Current trade-in value: 21,000
2015 trade-in value: 10,200

Mini's site is selling them for around 28,000-30,000.
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Old 11-18-2011, 07:25 PM   #20
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Quote:
Originally Posted by reamemiya View Post
So you guys are all against getting a used one?

I did a quick search on craigslist and I can easily get a used one for less than 17k. It's a weekend car which means I don't drive it that often, so even if there's a problem with the car, I can always sell it back out and lose a 1-2k.

I'm not too familiar with owning a European car, and I was thinking I could own one for 3 years for 5k? (as in sell it out and lose 5k on it). Please let me know if I'm not being realistic. I really don't know how much it would cost.
you will lose more than 5k in 3 years.

The ones that sell for 17K are non certified, high K's, previous gen cooper S.
I highly advise you to get a certified MINI next if you want warranty.
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Old 11-18-2011, 08:31 PM   #21
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Lease or go used. If you buy new you WILL lose a big chunk of money.
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