13 replies to this topic

[Its a mini thing]

Iv been looking into getting a Brand new BINI (I know iv heard them all before)
at the moment i pay £150 a month on a loan i had for my corsa, i ow about £1000 on it,
iv had a quote off Knights and i can have a new mini cooper 1.6 for 4 years with £800 deposit and £200 a month and at the end of policy i can either pay £5000 and keep it or give it back and use it towards a new one, or they will buy it off me. what you think?

[jpd]

mini thing, how goes it, im the chap from mini's n oatcakes in the black un...u came to one of our events..

i heard the knights are struggling a bit, so im sure you could get a better bargain!

[Its a mini thing]

its just a cooper 1.6 with a few extras on, 17" alloys chrome pack etc, il have to have a ride up and see what they have to offer

[Its a mini thing]

nah i have only enquired throu emails, havnt been to see anyone, it would bother me if i had one that was a few months old etc, dosnt have to be brand new

[GraemeC]

If you are set to go down the route of financing a new car then my advice would be to secure a personal loan from a bank. This means the car is HPi clear if you sell it, you will almost certtainly get a better APR rate and you cna shop around for the best car - a few months old will give you a considerable saving over brand new.

With dealer financing there are two things to bear in mind -
1) They will give you a worse finance package on a good car he can sell easily but a bargain on the models he struggles to shift.
2) They make more money from finance than from selling cars.

[GraemeC]

Oops = double post!!

Edited by GraemeC, 06 November 2008 - 03:33 PM.

[Doctor_63]

Im with GraemeC, i had a Corsa on HPI and when i started a less paid job and couldnt afford it anymore i had 4,400 left on it.
When it came to selling it the car was only worth 3,500 so im now stuck with paying the rest off at a reduced rate and with intrest thats now 1,000

Stay away from finance get a loan from the bank because you then know the car is yours, dont make the mistake that i did

[Jammy]

Definitely go with the bank loan.

However, no matter which way you'll look at it, you spend £7k on a car thats work £5k now (depending on the duration of the loan, etc), and you'll still be paying the same money for a £5k car (thats actually costing you £7k), when the car is worth half that in two years and you want to sell it.

[shedonwheels]

I agree with the others go for a bank loan not finance. See if you can get a loan to cover the remainder of the loan on your corsa, that way you'll only have to worry about one payment a month. You should get a much better deal with a bank loan, you won't have to worry about a deposit, you'll be HPI clear and you'll own the car.

Also don't buy a brand new car! Even if you buy a bmw mini thats just a few months old you'll be saving yourself thousands. Can understand why you want a brand new one, it'd be the exact spec you desire and no-one else will have mucked about with it but there are so many used MINIs out there for sale you're bound to find one thats right. Would never buy a brand new car unless you have buckets of money and aren't bothered by the massive new car premium. The second you drive it out of that forecourt the value will drop dramatically.

A few I just found on autotrader _{close your eyes to my postcode}
Black 08 Cooper
Another one!
Sexy silver convertible!

Maybe pop to your BMW dealer and see what used stock they have,they can prob do a national database search of all the used stock to match your specs.

I just found myself actually quite liking a few of these BMW family hatchbacks with Mini badges on the front

[Bungle]

save up and pay cash


you get a better deal and it cost's a lot less


thats what we did when mrs bungle wanted a new car

[tomkidd]

Not really a good time to be borrowing any money. Whats wrong with the corsa?

[shedonwheels]

Actually with interest rates as low as they are right now it's a fairly good time to borrow so long as you can afford your repayments.
Obv it's always better to save up but I know if I starting saving right now for one of those binis (not that I ever would ) I'd still be saving in ten years time. Sometimes the only option is a loan.

[Guess-Works.com]

Whats wrong with the corsa?

Have you driven one ???

Had an '08 model 1.2 for a hire car, talk about gutless piece of sh*t... I could run faster, and I'm not the running sort of person...

[The Matt]

I would normally agree with people going with a bank loan.

But at the moment I'd try and take advantage of this media driven 'recession' that we're apparently suffering with.

I'd go to the dealer, tell them that you have funds available through the bank, but you are interesting in hearing about their best deal with finance. At the moment there are some really good deals out there for finance due to the projected marketing forecasts for our local car dealers. Haggle, be willing to walk away, tell them the best APR deal you can find in a bank and see if they can either match it or bump up the optional extras to the equivalent value.

As an example, where I work has just scored nearly £3k off the list price of a brand new passat TDi (because of haggling for extras) at our local dealer. Never take screen prices on cars as a definite figure!