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Old 10-28-2014, 09:43 PM
 
Location: Houston, TX
1,228 posts, read 963,168 times
Reputation: 3822

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I'm currently driving a 2013 Mini Cooper. I owe about 20k on it (some of the $$ was rolled into the cost due to the auto I traded in to get the Mini). I'm paying $450/mo.

I love the Mini, but honestly, i'm intimidated by the stories of the high cost of maintenance that will be coming up as the vehicle gets older.

I will be coming into a decent chunk o' money and would be able to trade the Mini in and cover the gap between what it's worth and what I owe on it. Basically, zero out and start from scratch.

I would like to keep the car for as long as possible. I am not a fix it queen, not mechanically inclined, but I will take the vehicle in for maintenance as needed. I like small cars. I was thinking about Honda Civic, Toyota Corolla/Yaris/Matrix or Chevy Spark, those types of vehicles.

Should I just buy new (trying to keep my payments around $250-$300/mo) or buy one that's older for about $5-6k straight cash with high mileage? Would the "cash car" be worth it? Should I look for a particular brand if I buy used? thanks
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Old 10-28-2014, 10:11 PM
 
16,485 posts, read 17,501,756 times
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Well how long is your bumper to bumper and powertrain warranty? I suggest you simply pay the 450 payment fior now until you get to the point where you're not upside down if you want to trade in. I suggest you dint trade in cause you'll take a bath.

If you maintain it it should run for a long time with no issues. And buying a older car you could be sinking money in it a week later. While I'm not crazy about making payments I would keep the chunk money you are getting and simply put ( say you have 5-6k cash you plan on buying the other car) take that cash and put it away. He'll take 1/2 of that and put it away. That's your car repair account. Don't touch it. I don't normally go for extended warranties but you seem really worried about breaking down. I guess ( and I'm saying this with reluctance) I would go back to the dealer and go purchase a FACTORY extended warranty. DO NOT GET A AFTERMARKET ONE. And you can negotiate the warranty price. The only one worth a crap is the factory extended. Add $50 a month or however much you can spare to that car repair account and once out of factory warranty just keep doing the recommended owners manual services. ( please find a good mechanic not jiffy lube quick lube joints)
You should be able to get 5-6 years and easily 100k mikes before even thinking of doing any major repairs. If you keep up in your maintenance schedule that goes a long way

I routinely get 150-200k out of my vehickes with just regular maintenance and taking care of things before they get bad.
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