Can I afford a Mini Cooper?

[ex carrabba fan]

people around here really seem to know about anything and everything.. so i figured i could get some straightforward answers.. anywho i'm really wanting to buy a mini cooper.. it'll prolly be used but still either 2002-2005 models.

ok so here's my question: how much down would i need to put down if i wanted to pay $250 a month? I also have a 1994 volvo which was bought for 4,000.. and am assuming i could resell that for at least 4,000.

-i've looked around a little online and saw that there are plenty of mini's priced around $20K at dealers.
-I am in college, and work part time making roughly $800 a month.
-I live at home.. i don't pay for anything basically so i really believe i can save if i put my mind to it.
-I don't really have any credit, i do have a gap card and a macys card that I always pay on time.

is buying a mini cooper from a dealer even possible for me? i've talked to my mother but she seems to just think i wouldn't be able to afford it. but i want some other opinions. any response would be greatly welcomed!

[Herbsinator]

Re: Can I afford a Mini Cooper?

people around here really seem to know about anything and everything.. so i figured i could get some straightforward answers.. anywho i'm really wanting to buy a mini cooper.. it'll prolly be used but still either 2002-2005 models.

ok so here's my question: how much down would i need to put down if i wanted to pay $250 a month? I also have a 1994 volvo which was bought for 4,000.. and am assuming i could resell that for at least 4,000.

-i've looked around a little online and saw that there are plenty of mini's priced around $20K at dealers.
-I am in college, and work part time making roughly $800 a month.
-I live at home.. i don't pay for anything basically so i really believe i can save if i put my mind to it.
-I don't really have any credit, i do have a gap card and a macys card that I always pay on time.

is buying a mini cooper from a dealer even possible for me? i've talked to my mother but she seems to just think i wouldn't be able to afford it. but i want some other opinions. any response would be greatly welcomed!

first of all...if you think you could get 4000 trade in for a 94 volvo...you are dreaming.

[ex carrabba fan]

Re: Can I afford a Mini Cooper?

i was actually going to sell it just as a private seller. i really think i could get 4,000 for it.

so does this mean you think i'm dreaming if i think i can get a mini? my friends were telling me i could get my parents to co sign or something. i honestly know nothing about dealers.

[billmatic]

Re: Can I afford a Mini Cooper?

i dont know why anyone would want to pay $4000 for a 94 Volvo unless it had pretty low mileage, but who knows. you're definitely better off selling yourself instead of trading in though.

you should see what kind of rate you can get from the bank before you go to the dealer. they will try and get you to finance it through them, which may or most likely may not be the best deal.

as far as the payment goes, it also depends on how many years you want to do.

this will give you an idea of what kind of payment to expect:

http://www.defenselink.mil/mapsite/carpay.html

[RoyalBoyle78]

Re: Can I afford a Mini Cooper?

i was actually going to sell it just as a private seller. i really think i could get 4,000 for it.

so does this mean you think i'm dreaming if i think i can get a mini? my friends were telling me i could get my parents to co sign or something. i honestly know nothing about dealers.

Dude, you really are bugging is you think your going to get a $1000 for a 94 Volvo, I bet it has well over 100k miles on it, just get that out of your head. You forgot about insurance to, my freind no disrespect but keep your volvo.

[funky_chicken]

Re: Can I afford a Mini Cooper?

If you need to ask if you can afford it then you more then likely can NOT.

[Tha Dynasty]

Re: Can I afford a Mini Cooper?

Why not look for a mini coop from a private seller...probably cheaper then getting it at a dealer...I dont know much about european cars but $4000 for anything that old is going to be hard to come by. If you bought it for $4000 what really makes you think you could resell it for that much. If you were to pay $250 a month i would htink the down payment would be pretty high. My friend had 0 down and paid i believe 400-500 a month for a Scion TC. So you could guesstimate how much it would be for a mini coop.

[TheMatrix31]

Re: Can I afford a Mini Cooper?

The Mini is gonna be around 350 a month....bank on that. My coworker just got one.

[ex carrabba fan]

Re: Can I afford a Mini Cooper?

well this was a definite buzz kill. oh well thanks for taking the time fellas.

ps to everybody who thinks i can't get shi_ for my volvo: when i sell it for over 4k i'll make a thread about it.

[pk500]

Re: Can I afford a Mini Cooper?

well this was a definite buzz kill. oh well thanks for taking the time fellas.

ps to everybody who thinks i can't get shi_ for my volvo: when i sell it for over 4k i'll make a thread about it.

And please post the address of the fool who buys it from you at that price so we can mail him a cup to pee in!

Take care,
PK

[nc0ffey]

Re: Can I afford a Mini Cooper?

Have you considered a counterfit? I'd bet you could get one for pretty cheap if you went that direction.

[Jimplication]

Re: Can I afford a Mini Cooper?

You may be able to afford it now, but when you move out, you will likely still be making payments on the Mini.. Will you be able to afford it then? If you are only looking to make payments of $250 a month, you will probably be paying it off for 10-15 years.

A friend of mine has a Mini and pays over $400 a month, before insurance. And he will be paying that for over 7 years.

Buying used, privately is the way to go IMO. The value of cars depreciates so quickly it makes no sense to me buying brand new.. But to each their own.

[GAMEC0CK2002]

Re: Can I afford a Mini Cooper?

You may be able to afford it now, but when you move out, you will likely still be making payments on the Mini.. Will you be able to afford it then? If you are only looking to make payments of $250 a month, you will probably be paying it off for 10-15 years.

A friend of mine has a Mini and pays over $400 a month, before insurance. And he will be paying that for over 7 years.

Buying used, privately is the way to go IMO. The value of cars depreciates so quickly it makes no sense to me buying brand new.. But to each their own.

co-sign.

I wouldn't saddle myself with a big monthly payment for 8-10 years.

You could probably lease one with the option to buy after the lease is over. You'd wouldn't need a big down payment and your monthly payments would be lower.

After 2 years you may change what kind of car you want.

[Heelfan71]

Re: Can I afford a Mini Cooper?

go to this site: www.kbb.com

you can find out how much you would get on your current car on a trade in and if you re-sold it out right.

[bryan_05]

Re: Can I afford a Mini Cooper?

I have similar wages and situtation etc. My car payment per month on a 5 year loan is in the 200 range. I'd look more into that price range. Prob. a $10k car.