Thinking of trading for this...

Thinking of trading my '05 Mini Cooper S for this. I owe $22,5** on the mini and how it's going to work more or less is a straight up trade (this car is at a dealership). My Mini has a F'd up loan on it and I want to get out of it. I found this one and for some reason I think it has potential. 265 c.i.,th400,10 bolt,nova sub,tilt column and a grant wheel,power steering. The rest you can see. I know it has an early 90's street rod look to it but....This would be my daily, or drive my '57 chevy and keep this for fun.
Ah hell,what would you do?

 

hard choice but first I guess you would have to ask yourself if the car is worth what you owe on the Cooper,then ask the bank if they will release the cooper with that high a balance for a car that old.I dunno but I think I'd try to sell the Coop. first.

 

Car looks pink.

 

Neat car, I have a lima bean green and poo brown one. Are you gonna owe any one money after the trade, cuz 225** is a lot for one of these things. How do you get a th400 to bolt up to a 265 and still have a starter?? Anyway, if you can get out from under a car loan, ANY car is a good deal. But that is nice Aerosedan. Go for it.

 

I think I'd renegotiate my Mini Cooper loan...

 

yea, The car might not be worth 22 g's (well its not) but I will be able to get out of the loan with a better interest rate and lower payments. So it's pay 22g for a mini that will lose all value (already lost A LOT , these cars are soft in the market I hear) or make lower payments on the '48.

The car is Orchard red with a pearl. So yes it looks pink in certain sunlight. But I don't care. At least it's not flat black.

 

Get it; then proceed to lower it, throw on some white-walls, skirts in the rear, chrome the grille, (redo the interior), and you're good to go.

 

Tried to refinance my payment would go UP.

 

There is no way I would want 22500 in that car. If you do anything, why not try to sell the car, even for a little loss and then buy something you really want. I can't see the market on Mini's being that soft right now, probably the coolest compact out there. 22500 could buy you a helluva a cool hotrod that needs nothing and if you want to talk about a soft market, try selling that car down the road for anywhere near 22k. Don't think there is gonna be people beating down the door. Definately think it through, personally, I'd keep looking for a better situation...


Mootz

 

Yeah, that would be your best bet.

 

Even Orchard red with pearl,I'd keep lookin'. Just what kinda deal do you have on your Mini?

 

It's a "smart loan". In 2009 I will have a balloon payment of 13,5**. Two more years, twice as many miles, it's going to be REAL hard to get anything for this car, even $13***. I just kind of figured, I like the '48 (I almost bought this same car 3 yrs. ago) and I'm going to be making payments no matter what. I could make them on the mini or the chevy. 22g's in the '48 seems like a lot, 22g's in the mini is a lot. Either way a few years down the road they both would not be worth that.

 

The front wheels are sitting to far back.

 

Toss the Mini on ebay with your balance as the reserve, you never know. Do you have a Carmax in your area? My buddy needed to sell his mini and took it to them, told them what he needed out of it and they wrote him a check. They didn't haggle, nothing. I couldn't imagine the dealership having more than 10k in that car, especially if it's a new car dealership (if it is, probably no more than 5-8k). I could be wrong. Explain to me how if you refinance on a newish mini cooper, your payment goes up but if you borrow 22.5 on an old chevy it goes down? I can't get that to make sense no matter how I slice it.

Mootz

 

My loan is more or less a lease. I called BMW, asked them about refinancing, they gave me the numbers and it came out more per month. I don't get it either. I took my mini to this dealer they said they would give me about 17k for it. (Which is what they are asking for the chevy). So instead of financing (still paying)the orig.$27,000 on the mini, I would be financing what I owe now., about 22.5.(payments would go down) Which makes this car 22.5. Yes it is too much. But as I see it and maybe I'm dumb, but I'm going to have pay 22.5 on something. Yes I could sell it out right, pay off the loan, but then I would be back at square one.

I think I'm talking myself in circles....That's why I'm asking you fine folks.

 

the wheels ARE too far back, but I think some GM's came that way from the factory.(I am a bit beered up right now) If it has an aftermarket IFS in it I don't think it's installed right. I'd be careful, and I don't think I'd shell out that kind of $$$ for that car.

 

Trade down on the mini for a late model domestic with a v8 rwd, for say 10K then pay a lump off the loan reneg it and your burden is eased............

 

Check your insurance first. It might be hard to find a company that will insure that car for $22k as a daily driver.
Just a thought

 

What is the guy asking for the car (if you were to buy it straight out).

basically you bought a car you could not afford the first time (or had really bad credit).. now you want to get deeper into this one. I have been looking at those and you will be really deep, plus its an old car and may not be as realible as a newer car.. just make sure you have an alternate driver when it needs work.. I know the lure of an old car is strong but you shold go trade you mini in on a kia that is a year or two old (something cheap and realible).. get the lower payment and work to get it paid off... then once you are paid in full. worry about something else at that time..

And Digger is right, you will be making payments (what interest rate and for how long ??) getting full coverage may be hard.. speciality insurance companies will not touch you and your local "state farm" type insurance will not be open to covering it usually

 

The dollars you are dealing with is $17,000 for the car. The difference between the $22,500 and $17,000 is long gone in the Mini so put it behind you. The Mini is worth $17,000, so that is the number to work with. Decide if the pink one is worth $17,000 to you, if so buy it. If not, sell the Mini for $17,000 and look around for something else. If you put a value of $17,000 on the Mini, you may decide to keep it.

Neal

 

Sounds like he owes 22.5 on a 17K car. Either way, he's screwed. I'd fight through the Mini before I'd swap it for that car. Is the market for those even at $17k??? You could BUILD it for close to that and pay off each part as you go. Usually this fine hobby depreciates to a certain level, about 60-70% of what you've got in your car. If the dealership has $10-12 in it, they're making money on your loss (about 10k if you swap).

It sucks but either sell the Mini and get what you want or suck it up and keep paying on the Mini. I think the Ebay plan is a good way to go, at least for a trial. If it doesn't sell you certainly aren't out $5500!

 

Um, no. Never.

 

I wouldn't trade. that's not a 22,500 car. sell the coop and buy a better rod for the money

 

I'd rather have 22.5 in a 48 chevy than 22.5 in a mini couper.... the value of the cooper is consistantly going down.

 

My question is who is going to finance 22,500 for that chevy? If it's dealer financing at a small lot you are probably looking at a HIGH interest rate. used car rates are high anyways probably looking at atleast 9% which would have you paying about 25,000 for that chevy. WAY TOOO MUCH!!!!!!!

 

just think of the gas saving.....i just bought a scion.my gas saving over my lifted f-250 at 7 mpg more then pays my car payment and gas bill in the box.i say keep the mini.I'd never want a pink automobile.just my 2 cents.

 

So I have been weighing it over...Can I justify spending 22g's on this car.....no. I tend to get overzealous on things I want and didn't even notice the sub frame prob. I'm glad I posted on the HAMB, and got opinions. Not sure what I'll do about the mini now...

 

If you are upside down then go look at other cars to trade it in (you will still be upside down ... no way out of that, other then paying it off). but if you can not afford the payment, its better to find something that is cheaper then loose the car due to lack of payment. The Scion, Kia or other cheaper car is not a bad way to go, its economical to operate, insurance is cheaper then others and you can make a lower payment. you need to find a lower payment and a decent interest rate. Other option, go talk to whomever the loan is thru and see what they can do to help (refinance at a lower rate for a 5 yr plan (do you want to keep the car that much longer.. Mini's are cool rides but how are they for longer term maintenance)

you need to buckle down.. maybe sell the 57, pay off the mini and start saving for another hotrod.. (ya that sucks... I know)

 

Buy gap insurance and total the Mini out.........problem solved.

 

Sure, and old car will probably not depreciate....IF it is kept in the condition which it was purchased in. But, if it is going to be a daily driver, will it be possible to keep it in that condition, or will you be putting more money into it to bring it back to that condition when you decide to sell?

Difference is, the Mini-Cooper will depreciate even if you keep it in perfect condition and hardly put any miles on it.

Another factor is...are you really going to be able to keep this as your daily driver for an extended time period....or will you grow tired of it as your daily and end up buying another modern car anyway?