[stevie996]

Just had a shock, my wife's 18 month old 11 plate cooper vert with 9 k on the clock is only worth £11k!

I paid £22k for it and owe £17k on the finance, how about that for negative equity!

[magic77]

ouch just about to buy a countryman thats worrying, though as its 18 months its not too bad. I recall getting settlment deal / vs trade in on my e90 when it was 2 years old and I was break even. Now I'm actually in plus

[peterg1965]

Minis have lost their novelty factor and with it their previous decent residuals. I am about to VT our Mini Cooper, it's worth £2k less than the settlement and that is after 3 years of a 4 year PCP. Not good really. Being £6k behind after 18 months is also not good!

[magic77]

hmm kind a ma|kes me worried about buying the countryman now. Saw a lovely All 4 Cooper SD today ex demo fully loaded sods all only option it didnt have is one I wanted "heated windscreen" but every other one was there.

Up for 26K I wonder what I can get them down to

[stevie996]

I've got £4k of the shortfall taken care of with a £4k support payment on a C180 AMG sport coupe but f******g h**l another £2 k on top, together with £1k deposit on the c class is just too much. I mat revisit the position in the spring when a vert may be more inviting and I have paid a few more instalments but I fear it won't improve by much.

The question is, should I take the pill now?

What do you think.

Steve

[peterg1965]

Originally Posted by magic77

hmm kind a ma|kes me worried about buying the countryman now. Saw a lovely All 4 Cooper SD today ex demo fully loaded sods all only option it didnt have is one I wanted "heated windscreen" but every other one was there.

Up for 26K I wonder what I can get them down to

Here is the reason you should NOT buy that Countryman ALL 4 SD.

http://www.minicherished.co.uk/miniu...sultsOrder=5_0

An 8 month old ALL4 SD 5000 mile and yours for £18.5K. This means that this car is probably worth max £17K as a trade in. OK, it doesnt have many options, but we all know options add nothing to the value of your car come trade in. So, if you bought the ex demo £26K Countryman, even for a 'bargain' £24K, you would still lose an instantaneous £7K on a used car.

Do I sound bitter and twisted? Minis are overpriced and this thread bears testament to that. They are great cars but.......

[peterg1965]

Originally Posted by stevie996

I've got £4k of the shortfall taken care of with a £4k support payment on a C180 AMG sport coupe but f******g h**l another £2 k on top, together with £1k deposit on the c class is just too much. I mat revisit the position in the spring when a vert may be more inviting and I have paid a few more instalments but I fear it won't improve by much.

The question is, should I take the pill now?

What do you think.

Steve

Surely if you went for the C180 Coupe you would be straight back in the same situation, if not worse, with another car. If you only put a £1K deposit into a C180 at full list price (if the contributions go towards paying off the negative equity in the Mini) my bet is that you will be nearer £10K in negative equity on the Merc. Dont do it!

How long before you can VT the Mini 'vert?

[djgandy]

£26k........for a Mini?

[stevie996]

Originally Posted by peterg1965

Surely if you went for the C180 Coupe you would be straight back in the same situation, if not worse, with another car. If you only put a £1K deposit into a C180 at full list price (if the contributions go towards paying off the negative equity in the Mini) my bet is that you will be nearer £10K in negative equity on the Merc. Dont do it!

How long before you can VT the Mini 'vert?

That's my thoughts, but the vt is £6k, that's about another 19-20 payments!

Steve

[peterg1965]

Originally Posted by stevie996

That's my thoughts, but the vt is £6k, that's about another 19-20 payments!

Steve

VT doesn't work like that, you can terminate when you have paid half the total amount. The total amount being price of the car plus any interest. For a 4 year PCP with modest deposit (about £1000 on a £20K ish car) that should come at about month 36. Looks like you have about 18 months to go. Was it a brand new car?

[stevie996]

That's spot on, car was new in June 2011. Small deposit of £1500. £6k is the amount to get me to 50%.

[peterg1965]

Originally Posted by stevie996

That's spot on, car was new in June 2011. Small deposit of £1500. £6k is the amount to get me to 50%.

So it looks like she is going to be driving around in the Mini for another 18 months....worse places to be I suppose.

Our first Mini Cooper auto (08plate) was chopped in for a new one (exactly the same spec)after 20 months with nothing more to add towards a deposit and the same monthly payments. How things have changed in the world of Mini.

[mowflow]

Unless you have a very good reason to change (need a bigger car) i'd just keep the mini. otherwise you're paying a wedge of cash more than is needed just for the sake of changing early.

The arse has totally collapsed out of the mini market. Got a friend that works for Audi and she says they regularly get people with minis looking to swap for A1s. She says they can never make the finance work as they are always upside down on the finance.

[magic77]

Thats not good news the B-class is starting to sound better and better

[SCN_Saul]

i think there are too many about now, and the dealers are ripping off the customers (mainly female) i helped a friend out the other day who was quoted a PCP at 15% APR from williams, with no money off the car and no p/ex

we shifted my wifes 08/08 cooper 2 years ago and made 1k selling it back to the dealer for 10k, you have to be so careful what you buy now, i actually think the countryman will level off shortly as people get out of the 3 door cars

[davyk31]

There is also a new model of the three door on the horizon which has to also have an impact on value of current models.

I remember my first BMW Mini Cooper, ordered a week after launch, delivery a couple of months later. Car cost me £13500, sold it 3 years later to a dealer for £11500 which was pretty cheap driving.

[magic77]

One thing countryman has for it its bigger than 1series which if you have two kids is good but shorter than X1 which wife hates as its too big. It fits in middle but its not much more for it

[peterg1965]

Spot on, they are expensive in the first place, little or no discount on new and finance skewed to make buying new more favourable to ex demo/nearly new. Add to that that the values just plummet from new very quickly. Makes you wonder how many cars are VT'd or just make it to the end of a PCP and are handed back in negative equity. Makes me laugh that What Car still applauds the Mini for resale values and lack of depreciation.....must be on a backhander from Mini UK.

[magic77]

I think you are spot on that. Lookint at the CAP values on that one its a joke they try to push it for 26k list. They have initally offered now 600 off but no where near so I think subtle eamil with the cap pdf format attached might help

[peterg1965]

Originally Posted by magic77

I think you are spot on that. Lookint at the CAP values on that one its a joke they try to push it for 26k list. They have initally offered now 600 off but no where near so I think subtle eamil with the cap pdf format attached might help

Now that will be interesting, let us know how the dealer reacts to that. I suspect that if it was their own demo, as opposed to a trade in, it will owe them a lot of money and they will subtlely ignore your detective work and wait for someone to pay full price and high interest to recoup most of their costs on it.

[stevie996]

Anyone want a nice mini vert?



Go on, you know you want it!!!!!!!!!!!!!!

I think you are right Peter, just drive it for another 18 months and then VT the contract, thats all i can do.

[magic77]

well after driving the CDI200 Sport things have shifted over to that side. I think it will come down to costs. Will let you know