Mini Car Finance

Wonder_Woman

Cornucopia wrote: »

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.

Sorry, ridiculous good - a £2.5k discount on the list price.

I know I'm free to buy where I like, just wary of making the wrong decision.

ETA: I know it probably seems like I'm dithering loads but it's a massive decision for us to spend such an amount of money. I don't want the dealer to think we're not serious buyers, argh!

chanz4

Just have to watch for none uk spec

Cornucopia

Wonder_Woman wrote: »

Sorry, ridiculous good - a £2.5k discount on the list price.

That's a lot for Mini. If it's just one broker, then I would walk away. The underlying market price of the vehicle is what is consistent across a number of different sources.

However, if that price is consistent, then that is what you should be looking for. As I said, before, buying by being put in contact with a main dealer should address any fears about non-spec vehicles, imports, etc.

There's also nothing wrong with taking your broker figures back to your own dealer.

FiestaST

Wait until the end of the month when they all want to sell as many cars as they can to get their bonus payments for the month ... I did it with my Ford Fiesta ST... Had my eye on the car for a week or two, was already cheapest on the market at £4800, only offered me £800 for my old car. Went back a week later and suddenly was offered £1000 for my old car and the fiesta was bought for £4500 so only paid £3500. Funny how a week saved me that much money ... It does work ...

FiestaST

Wonder_Woman wrote: »

Sorry, ridiculous good - a £2.5k discount on the list price.

I know I'm free to buy where I like, just wary of making the wrong decision.

ETA: I know it probably seems like I'm dithering loads but it's a massive decision for us to spend such an amount of money. I don't want the dealer to think we're not serious buyers, argh!

Walk away! Plenty of dealers around the country, end of the day regardless of who the dealer is they are all mini/bmw so if you see one on a mini website 100 miles away no reason why they can't get it over to your dealership for you!

niknok_2

Probably a bit late and if so then disregard my experience from mini but if im not too late please bear this in mind!!

In 2010 I purchased a brand new mini from Sytner for almost £16,000... When I got my finance plan from BMW the overall cost with interest was £21,000.... Now I had an excellent credit rating and checked all of this out before I even applied for the finance and was still stunned to see the cost. This worked out at £270 per month and then at the end of my term I had a huge bubble of nearly £7,000 which was the final direct amount!!!

Throughout my purchase I was told I could trade my car in for another one at any point and that they recommended I took it back after 2 years to look at a trade in.

After having the car 2 years I went back to mini to look at trading in... only to find that I was £2,800 in negative equity and to swap my car the new value of the car would have to be added to the £2,800 and the whole amount refinanced, so the car I looked at was £17,000 plus the additional £2,800 made a total of £19.8k before interest.

I was absolutely gobsmacked and so I asked about me just handing the keys in there and then. For me to do that I had to pay them the £2,800 to get out of contract. So cut a long story short I paid them just to get out of the whole farce which is BMW finance!

izools

Just do what I do and buy a well cared for second hand BMW.

I love my E39s, gave one to mum, she loves it too

A Gentleman's Express by day, and a bullet train by night

Wonder_Woman

Thanks Niknok - I appreciate your post, that's exactly the kind of story I needed to hear! May I ask what deposit you put down?

Nearly 5k in interest on 16k is an absolute shocker!! :eek: Our quote is only 2k in interest which I don't think is too bad on a loan of 20k. The used deal we looked at above was a lot more interest.

The dealer was a bit shady in that they kept saying not to worry about the total repayable as we'd trade up before the end - I'm sure they said the same to you! To be fair though they did explain that it would probably be 3 years before we had any equity in the car that we could trade up with too.

Wonder_Woman

For anyone that's interested - after much haggling we managed to get 2k off list price and 4.9% apr so pretty happy overall. Thanks again for everyone's advice!!

Kirium

Hi, looking into trading in my wife's current Mini for another (her 3rd, no issues, maintenance free apart from tyres). We are also tempted by Mini Select and are at the same crossroads - new v. nearly new. Did you use Mini Select or did you obtain non dealer finance ? What was the finance cost differences over new to nearly new ?
Thanks in advance, Matt