Car Buying Advice Needed

[HyundaiGuy]

All,

I have an opportunity that has arisen and need some advice.

My car: 2009 Hyundai Accent 3 door. 57K miles. Meticulously maintained. Zero issues. Coming up on 60K Service (timing belt- tensioner- etc.) Absolutely the most reliable car I have ever owned. The downside? Boring and zero power. Most of my driving (95% plus) is on the highway at 65-75 MPH. I commute 100 miles a day. Great car, but with the lack of power, I feel like I drive in a penalty box. I have 2.5 years of payments left at $243 a month. Peanuts.

My plan was to drive this for 150,000 miles and buy a Kia Forte Koup. More power, more features, great styling. Engine uses a chain instead of a belt.

Something else has popped up. My in laws are quite wealthy and have a bunch of cars. My mother in laws main car:

2009 Mini Cooper Clubman S. 24K miles. Loaded. All service records up to date- the annual free services from the local BMW/Mini dealership. 80% city driven. No issues. Mint condition. Payments are somewhere between $425-475
a month for the next 2.5 years- we bought cars in the same week.

My mother on law decided that she prefers their other Mini better. (2012 Cooper S.) So they will be selling the Clubman outright or possible trading for another toy for my father in law. (The 2012 is his toy- but he never drives it.) The Clubman gets 5-6 MPG better than the Accent, has tons of power. Must use Super unleaded.

You can see where this is going. They will let me assume payments. I can sell my car and have a much nicer car. They extra payment is no problem at all.

Concerns- I still have 3K miles of bumper to bumper warranty left on my Accent , with another 40K power train warranty left after that. I would have 25K miles warranty left on the Mini, unless I purchase an extended warranty, which I am not likely to do.

I am certain maintenance costs are higher with the Mini (I have owned mutliple BMWs so am not a rookie there.) The idea behind buying the Accent was to lose less money due to depreciation with all the miles I drive.

What do y'all think? Accent or Mini? Are there issues with the Mini I need to be aware of? I hadn't even thought about a Mini until this situation presented itself.

 

[oggb]

I'd pay your Accent off faster, keep it as a daily driver, and buy something you'll really enjoy - unless you're really into Minis, in which case this sounds like a pretty darn good deal.

The only problems I've heard about regarding Minis is that you shouldn't follow the maintenance schedule which calls for ridiculously long oil changes on BMW LL-01 oils (like most BMWs, actually...).

 

[hemitom]

Man i wish this was i choice i had to make. At the end of the 2.5 years the mini's value will far out weigh the the accents. Your going to make about $7000 more in payments, in the mean time but have a much more enjoyable ride to work everyday. And most likely make most of this back at trade or sell time.

 

[eagle23]

I have heard, maybe incorrectly, they can be hard riding, which for a longish commute could be unpleasant. Not saying the Accent is soft, but...

Reliability of the Mini I don't know about.

It also sounds like you're bored with the Accent, and the idea of paying it off quickly (like applying the Mini payment rate, maybe more, to the Accent) using it for your DD and getting what you want might be the way to go.

Just a thought.

 

[JHZR2]

Wait until you can pay cash for something.

 

[ARCOgraphite]

I would refi the car say for 3 years - not assume payments unles the bank will negotiate with you. You would have to own the car - so you wont end up on TV infront of Judge Judy

Would you sell the Syunday Accidental outright?

 

[Pop_Rivit]

Originally Posted By: HyundaiGuy
What do y'all think?


I think being tethered to payments, especially at that level, is one of the dumbest financial moves someone can make.

If you can afford to do it with an outright purchase in cash then it's strictly your choice. But you're still tethered to payments in your existing vehicle; being tethered to payments with a second vehicle simply proves you can't afford your current lifestyle.

But, if you enjoy making creditors weathy while making foolish financial decisions, it's certainly your choice. And if you like the ball and chain of a payment lifestyle, then more power to you.

 

[Dakota1820]

I would probably keep the accent. Remember grass is always greener on the other side. Besides that the hyundai has been good to you. Return the favor to her and keep her around. I know i get emotionally attached to my cars but thats how i see it. But its your choice i wont tell you your dumb or anything idk your life or situation. Whatever you do just weigh the options

 

[hemitom]

I think he is planning on selling the accent if he makes this deal.

 

[dishdude]

That's a steal of a deal on the Mini. Not my first choice, but taking over 2.5 years of payments on a low mile, high resale car with known history can't be passed up. As long as you can afford the extra $200 a month and additional cost for fuel, it's a no brainer.

You probably have a tiny bit of equity in the Accent that you can throw in the bank too.

 

[HyundaiGuy]

Originally Posted By: hemitom
I think he is planning on selling the accent if he makes this deal.


Yes, if I did the deal, the Accent would be sold. My big concern is that the Mini has ONLY seen the dealer for the free services- once a year.

The Accent has been maintained according to Hyundai's severe service schedule.

 

[wallyuwl]

Originally Posted By: JRed
I'd pay your Accent off faster, keep it as a daily driver, and buy something you'll really enjoy - unless you're really into Minis, in which case this sounds like a pretty darn good deal.



+1. Unless you really love the Mini, just pay an extra $200 a month on the Accent (since you said you can afford it) and when it it paid off in a year and a half go get a new car of your choice (that probably will get 7+ mpg better than the mini).

 

[bigdawg74]

Originally Posted By: HyundaiGuy

My car: 2009 Hyundai Accent 3 door. Zero issues. Absolutely the most reliable car I have ever owned.

The Clubman must use Super unleaded.

The idea behind buying the Accent was to lose less money due to depreciation with all the miles I drive.

I hadn't even thought about a Mini until this situation presented itself.




Sounds to me that you really want to keep the Accent. I am guessing you have the base model? If you haven't already done so, I would do some interior improvements to make the car more enjoyable...like car stereo, maybe window tint, etc. Not much you can do with that 4 cylinder, though.

If you really want to get the Mini, see if your M-I-L will let you use it for a week to test it out. You may not like it after a week of your commute back and forth.

 

[BigBuck]

You have an ultra reliable car. It does its job well. Increase payments to pay if off, then save cash for a car you really want.

Don't want to go from something that you can't complain about to a higher payment car with higher repair costs. It could always turn into a money pit with the higher payments and somewhat known history.
You know everything about your car, only a little about the other car.

List out the pro's and con's of each. What do you need most in your life right now? What can you afford?





That being said, the Mini would be more fun. You have to pay to play!

 

[JustinC25]

Originally Posted By: wallyuwl
Originally Posted By: JRed
I'd pay your Accent off faster, keep it as a daily driver, and buy something you'll really enjoy - unless you're really into Minis, in which case this sounds like a pretty darn good deal.



+1. Unless you really love the Mini, just pay an extra $200 a month on the Accent (since you said you can afford it) and when it it paid off in a year and a half go get a new car of your choice (that probably will get 7+ mpg better than the mini).


+2 Play it safe, and drive the accent until it's paid for, then buy what you want.
The Accent may be slow and boring, but it's reliable, and gets good mileage. Being a previous BMW owner you are aware that they are money pits, but they drive like a dream.
So ultimately it's your choice. You can pay off the Accent, and get what you really want, or sell it, make double the payments on a car that you may or may not enjoy.
Good luck,
Justin

 

[yonyon]

Mini: Fun but someone walked too close it in a parking lot this week, so there's yet another $3k going to the body shop. It's okay, because I've got a flatbed on order so I can get around with this car without worrying toddlers will accidentally yank major body panels off.

Accent: Boring, but it goes. Did I mention that it goes?

Okay, maybe I exaggerated a little.

 

[HyundaiGuy]

Thanks for all of your responses.

There's the decision. I really like the Kia Forte Koup. The Mini wasn't really on my radar.

I spent the morning washing, claying, and waxing both cars. Clay made a huge difference. Used NuFinish with an orbital buffer. Both cars look fantastic.

I decided to double up on the payments and keep the Accent until it starts giving me trouble. I'll still get to borrow the Clubman in a month or so if they haven't sold it by then while my Accent gets the 60,000 mile service.

 

[The_Jeff]

Originally Posted By: bigdawg74
If you really want to get the Mini, see if your M-I-L will let you use it for a week to test it out. You may not like it after a week of your commute back and forth.


This. Because she's getting better MPG doesn't mean you will in your typical use. If I had to look at them I'd figure they'd be neck and neck or the hyundai would have a slight advantage in mileage, not to mention the premium/regular issue. (Incidentally it's not the premium for premium like it used to be-- only 5-6% which you can cover with a rewards credit card.)

It could be hard to judge resale on new minis once their fad has passed. (Well on its way, IMO) Would it be a clunker like the over-produced PT cruiser or a classic like a miata? Probably the latter but you never know. Land Rover Discoveries have pretty lousy resale, for example.

 

[addyguy]

Due to your long commute, I'd stick with the Accent, like you are doing. You need the reliability.

Not that Mini's are inherently unreliable, but like you said, it's gotten 1-year OCI's, which HAS caused problems.

 

[ARCOgraphite]

Much bad financial advice through this thread.
Man u passed up a DEAL on the mini - I might assume ur cost is way, WAY under book. The Accent does not have any teeth to its resale value - I had to trade my 08 Toyota Yaris and the best I got from negotiating with 3 dealers on a new TRADE was 1500 UNDER wholesale during a gas crisis - the car sat fine. I would absolutely NOT double up on the payments on the hyundai. Get a used car loan for the Mini for the loan balance and buy it out right from this MIL. You are sitting on cash. If you dont like it, flip in a month or two. That'll surely P off the mil