Mini Car Finance

Wonder_Woman

mustangu wrote: »

You have the option trade in at anytime not just at 36months.

Oooh hadn't realised this - I think perhaps she suggested 36m as she considered it to be the point when I would potentially have some equity to trade up with.

Wonder_Woman

A quick update...after much discussion with the dealer decided to go with a new countryman as only an extra £3k and get the 4.9% on the finance deal.

I was wondering though - has anyone else had any luck getting a discount on the list price a new car?? No one we talked to wanted to budge an inch!!

Eonel

You should be able to get £500-£1000 off the price of a new Countryman depending on the model. ( more expensive ones get bigger discounts). Unless they are already giving you over-the-odds on your trade in vehicle.

I recently got £1500 off a new Countryman but that was in a special circumstance and capitalising on a dealers mistake.

If they dont want to co-operate, try driving to a different Mini dealer and see how they price your trade-in versus the new car.

Wonder_Woman

Thanks for your reply Eonel. We don't have a trade in vehicle as sold it privately already so hoping that works in our favour.

What was the dealer mistake if you don't mind me asking?

Eonel

They messed up the calculations & had to telephone me (after taking my deposit) to ask for more money. I knew the deal they first offered was very very good, and I played very unhappy with the revised calculations until I got as much out of them as possible.

Getting a discount on a new Countryman without a trade-in will be more transparent with no ambiguity around over-valuing your car.

I would drive around a couple of mini dealers. Appear keen, be amicable with the salesperson, listen to their rambling & build your dream car on their computer.

But then be very indecisive about actually signing the order form. Ask the salesman if the garage can help with a contribution towards the cost. If no luck, walk away to "think about it". The salesman will call you at home the next day.

Cornucopia

If you are buying a new car and want a rough idea of the discount you should be looking for, go on the web and have a look at car broker sites. You can often get a price without having to register.

izools

I know I've come in really late to the conversation and it's moved on a fair bit since the OP, but to address the original question:

...

The reason why loans offered by car dealers and manufacturers can be a lower APR is due to the fact they are secured loans. Secured on the car.

Therefore the risk to the lender is much lower than an unsecured personal loan from a bank, which tends to carry a higher APR to offset the risk of having nothing to secure the lending against

Wonder_Woman

Thanks all, we're now waiting to hear on whether they can come up with a better deal. It's quite intimidating when you haven't got a clue!! Will keep you posted.

Wonder_Woman

Forgot to add, I looked at a broker site as suggested called broker4cars who offered a ridiculous price - is it worth going through these guys?!

Cornucopia

Wonder_Woman wrote: »

Forgot to add, I looked at a broker site as suggested called broker4cars who offered a ridiculous price - is it worth going through these guys?!

Ridiculous good, or ridiculous bad?

You're free to buy where you like, and TBH, buying a new car without a trade-in to dispose of makes the situation easy/flexible. Personally, for ease of transaction and peace of mind, I would be looking to deal with one of the brokers that simply puts you in contact with a main dealer at a discounted price point. (e.g. Broadspeed).

But the point of suggesting this was that if X, Y and Z brokers can get £1000 off the car, and your dealer is saying no, it gives you leverage to make them change their minds.