Mini/BMW Finance
Discussion
My wife has decided she fancies a Cooper S, and we have found a 54 plate very high spec car at the local dealer. We are just debating wether to pay cash for it (£14500) or finance it with a deposit but no future baloon payment.
The best they tell me they can offer is a 7% flat rate, which I think is expensive, they are also not prepared to knock a great deal off the sticker price of the car, they claim they work on much smaller margins than BMW and can't offer the same discounts.
Firstly,I have bought a few AUC BMW cars in the past and have always been able to get an acceptable "deal" on the sticker price after haggling, does anyone know if the Mini dealers work on tiny margins?
Secondly, has anyone financed a used Mini recently, and if so what was the best deal you could get?
Thanks in advance
The best they tell me they can offer is a 7% flat rate, which I think is expensive, they are also not prepared to knock a great deal off the sticker price of the car, they claim they work on much smaller margins than BMW and can't offer the same discounts.
Firstly,I have bought a few AUC BMW cars in the past and have always been able to get an acceptable "deal" on the sticker price after haggling, does anyone know if the Mini dealers work on tiny margins?
Secondly, has anyone financed a used Mini recently, and if so what was the best deal you could get?
Thanks in advance
I looked at buying a new mini cooper s recently from a dealer where I have bought £150K's worth of cars from since last August.
The only deal they would do on a mini was a free TLC pack. So I can believe what they are saying about a used car. There certainly does not appear to be the deals available that you can get on a regular BMW, but I guess they see the Mini as a niche vehicle.
The only deal they would do on a mini was a free TLC pack. So I can believe what they are saying about a used car. There certainly does not appear to be the deals available that you can get on a regular BMW, but I guess they see the Mini as a niche vehicle.
Thanks for the reply Catherine, I tried bloody hard to get a deal out of them but it's like trying to get blood out of a stone!
Still ended up buying it though, its a lovely one owner 11,000 mile Cooper S with Navigation, Heated Leather, HK Stereo, Folding mirrors, Park sensors etc in Grey with black roof and mirrors.
Still ended up buying it though, its a lovely one owner 11,000 mile Cooper S with Navigation, Heated Leather, HK Stereo, Folding mirrors, Park sensors etc in Grey with black roof and mirrors.
They don't seem to be fond of haggling do they! I managed to scrape £500 of the sticker price for my 52 MCS.Bought it through mini finance at a rate of 7.5%m that was over 18 months ago now though. The problem you will face is that interest rates will have gone up 7% on an unsecured loan is a good rate currently.
Hope your missus likes her new toy, plenty of fun on the road.
Hope your missus likes her new toy, plenty of fun on the road.
i got my car trailered from the north west to the south east! that was my deal!
i guess what you have to ask yourself is what will you do with the money otherwise? pay off some mortgage? stick it in the bank? unless you are going to use it for a property investment or a gamble on equities or something the difference between borrowing for the carpurchase and investing elsewhere just isn't worth it IMO.
7.5% isn't ace but then again it's no worse than when i bought mine 2 years ago and the base rates gone up ( alot) since then...
it's my feeling that if you have the cash you should pay cash. the only time i'd (personally) borrow for a car is if i really needed a decent sized car and couldn't afford it (although even then i'd try and get the best used mondeo estate i could!) or if circumstances changed and we needed two cars all of a sudden (again i'd try and get the cheapest thing possible to get started).
i guess what you have to ask yourself is what will you do with the money otherwise? pay off some mortgage? stick it in the bank? unless you are going to use it for a property investment or a gamble on equities or something the difference between borrowing for the carpurchase and investing elsewhere just isn't worth it IMO.
7.5% isn't ace but then again it's no worse than when i bought mine 2 years ago and the base rates gone up ( alot) since then...
it's my feeling that if you have the cash you should pay cash. the only time i'd (personally) borrow for a car is if i really needed a decent sized car and couldn't afford it (although even then i'd try and get the best used mondeo estate i could!) or if circumstances changed and we needed two cars all of a sudden (again i'd try and get the cheapest thing possible to get started).
We sold our one owner, 55 plate well specced Cooper with ~7k to a BMW/Mini Dealer earlier this year for £11,600. This was the best offer having offered the car to half a dozen dealers.
The car was on the Mini Cherished website staright away for £13,995 and sold within the week, don't know the price it sold for though.
Although they clearly made a reasonable markup, the fact that they shifted it straight away implies they have little incentive to shift on the price, nor to sweeten the deal with loss-leading financing.
Cracking car though, if circumstances (2nd baby) didn't force it's sale we would have kept it indefinately.
The car was on the Mini Cherished website staright away for £13,995 and sold within the week, don't know the price it sold for though.
Although they clearly made a reasonable markup, the fact that they shifted it straight away implies they have little incentive to shift on the price, nor to sweeten the deal with loss-leading financing.
Cracking car though, if circumstances (2nd baby) didn't force it's sale we would have kept it indefinately.
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