OT Mini Cooper extended warranty....buy or self insure?

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Submitted by scaredyclassic on August 30, 2017 - 5:39pm

I have a mini almost out of warranty. It's had 3 leaks from seals in last year and would've cost 3k if I'd been out of warranty.

I can buy another 24 m warranty for 3k.

I'd prefer to sell the car but wife would then want a Porsche so cheaper to keep it.

cars only worth 8k selling back to dealer.

Is it worth the risk to self insure? Or is the fact that it's a known leaker tip the scales toward the extended warranty not being a sucker bet in this particular case?

I'm willing to take some risk but I'll be irritated if car needs over 6k in work...

Submitted by spdrun on August 30, 2017 - 6:09pm.

"Buy the Porsche yourself if you can afford it ... do I look like a walking ATM?"

Translation: you should have got a better prenup.

Submitted by svelte on August 30, 2017 - 6:24pm.

Rolling the dice either way, which way do you want to bet?

I can tell you I've lost money on every extended auto warranty I've purchased. But then we are very easy on our cars, too.

If you think about the odds a bit deeper, the companies offering the insurance have done their homework and you can be absolutely sure that they didn't set the price where they'd lose money, on average. Therefore the odds say don't buy it.

So the question becomes - how much is peace of mind worth to you?

Submitted by svelte on August 30, 2017 - 6:26pm.

And you might chose to think of it this way. Even if you don't buy the warranty and get stuck with $3k worth of bills to replace seals over the next three years, you've STILL saved $$ over buying the Porsche! :-)

Submitted by flu on August 30, 2017 - 7:07pm.

Find out what the deductible and exclusions are on that extended warranty. Chances are. Seals aren't covered.

Submitted by scaredyclassic on August 30, 2017 - 7:23pm.

svelte wrote:
And you might chose to think of it this way. Even if you don't buy the warranty and get stuck with $3k worth of bills to replace seals over the next three years, you've STILL saved $$ over buying the Porsche! :-)

Agree. That's the weird thing about financial decisions. Hemmed in by somewhat irrational human constraints. She just likes the mini even though it just leaks like crazy

And anyway, she earns way more than me. She could just go buy whatever she wanted but she likes to have a nervous geek manage family finances I guess. And with our income approaching all time high, this decision should be peanuts to me. But I still sweat small stuff, and it's giving me a slight headache....whether our income is 100k or 400k, once a tightwad, always a tightwad...and my family role in general is to constrain spending generally kind of like an idealized republican congress.

Sales tax alone on the Porsche will be way more than the warranty.
I'm leaning toward the warranty. I'm still scaredycat.

Submitted by scaredyclassic on August 30, 2017 - 7:20pm.

flu wrote:
Find out what the deductible and exclusions are on that extended warranty. Chances are. Seals aren't covered.

It's through mini, same I think as reg. Warranty which has covered seals. But I'll read the fine print.

I will never be able to just relax and enjoy money.

Submitted by Ribbles on August 31, 2017 - 7:08am.

Not to come down on your car, but...

Wifey runs a European auto repair place. They work on everything from Boxsters to Lamborghinis. She always wanted a Mini. The grumpy old mechanics (20-30 years experience each) told her "never buy a mini." She was then offered a crazy good deal on one, through a connection at the shop, which had just had its motor replaced (at about 50k miles), and the mechanics still said "do not do this."

They're most definitely fun, though.

Submitted by flu on August 31, 2017 - 7:30am.

Mini's are really good cars from a performance perspective (even for a FWD car)....But, they are a bear to maintain. It's German afterall. There's a reason why mini's are really cheap preowned.

Unless you like wrenching on it yourself, I'd say get rid of it.

Get the P-car for the wife. She's a doctor if I remember. I think you guys can afford it. If I weren't racing it regularly, I would be in one. That said, I love my new ND Miata. And it's about to get a whole lot more fun soon, when Edelbrock releases the CARB legal supercharger.

$25 oil changes, and onlly about $120 per tire * 4, roughly every 4 months... I haven't looked back at something German.

Submitted by Ribbles on August 31, 2017 - 7:33am.

flu wrote:
...when Edelbrock releases the CARB legal supercharger.

Oooh, really? That might be the trigger for me.

Submitted by flu on August 31, 2017 - 7:42am.

Ribbles wrote:
flu wrote:
...when Edelbrock releases the CARB legal supercharger.

Oooh, really? That might be the trigger for me.

Yup. Actually there are 4 blower options now.

BBR Turbo (via Flyin Miata) $5700. Supposedly they are working on a CARB tune). If I weren't going SC route, I'd get that.
https://www.flyinmiata.com/miata-perform...

Edelbrock SC:
https://www.flyinmiata.com/edelbrock-sup...

If you get the CARB tune professionally installed, it also comes with a 3year/36k warranty on it and the car's powertrain from the time you bought the car new. (because you'll be voiding the manufacturer's powertrain warranty).

Edelbrock is finishing the CARB tune any day now.

There's a local tuning shop working on a race tune too.

Turbosource: Non-CARB. But by far the most powerful tune so far at 250/250 roughly.
http://www.turbosource.com/

AVO Turboworld: Non-CARB https://www.avoturboworld.com/

I've already spent about $4k in non engine mods...
When it's said and done, my bill will be around $10k in mods with the blower... Even with stock engine, I'm running about 3-4 seconds quicker than in my NA with a supercharger. The ND is just a much better car.

Submitted by scaredyclassic on August 31, 2017 - 9:44am.

Ribbles wrote:
Not to come down on your car, but...

Wifey runs a European auto repair place. They work on everything from Boxsters to Lamborghinis. She always wanted a Mini. The grumpy old mechanics (20-30 years experience each) told her "never buy a mini." She was then offered a crazy good deal on one, through a connection at the shop, which had just had its motor replaced (at about 50k miles), and the mechanics still said "do not do this."

They're most definitely fun, though.

sounds like a warranty vote

i bought my kid a brand new corolla when he graduated. i told him id much rather we both have 15k paid for cars than i just have a paid for 30k car w him making payments. or worse, me making payments on a 60,000 car.

its not like im being unselfish. honestly i think i get more pleasure from this arrangement.

it seems better to me to blow money on yr kids while youre still alive than die later and leave him $ when he likely needs it less.

driving Porsches would make that more difficult for me.

at the end of the day, keeping an old mini, which has already suffered huge depreciation, w an extended warranty is probably cheaper overall than new car sales tax...and its steep depreciation.

middle one a soph. in college, need to buy him a car too probably...

Submitted by scaredyclassic on August 31, 2017 - 9:48am.

i was never very gracious or comfortable at accepting parental help when i was younger, or even now, where my kids are comfortable, extremely grateful and open to it.

when my dad was alive,and helped me, id feel guilty or want to repay him.

he said, the way you can repay me is by helping your children.

i guess i took it to heart.

Submitted by flu on August 31, 2017 - 10:26am.

There's the option to lease. And then you don't need to deal with maintenance and reliability. You might even be able to deduct part of it.

Submitted by scaredyclassic on August 31, 2017 - 10:44am.

if i lease now, prob about 14,400 in total payments for 3 years.

if i keep current car, i have 9500 more in .9 perc payments plus 3k warranty fee for 12.5 total, and then the car maybe worth 4k in 2020, so 12.5 minus 4k is 8.5k total cost.

thats 5900 bucks difference over 3 years. plus i just spent 700 on tires. so like 6600.

am i being too cheap?

6600 might buy amost a,half a new corolla!

Submitted by flu on August 31, 2017 - 11:06am.

scaredyclassic wrote:
if i lease now, prob about 14,400 in total payments for 3 years.

if i keep current car, i have 9500 more in .9 perc payments plus 3k warranty fee for 12.5 total, and then the car maybe worth 4k in 2020, so 12.5 minus 4k is 8.5k total cost.

thats 5900 bucks difference over 3 years. plus i just spent 700 on tires. so like 6600.

am i being too cheap?

6600 might buy amost a,half a new corolla!

Any write-offs from the lease?

Submitted by scaredyclassic on August 31, 2017 - 11:26am.

flu wrote:
scaredyclassic wrote:
if i lease now, prob about 14,400 in total payments for 3 years.

if i keep current car, i have 9500 more in .9 perc payments plus 3k warranty fee for 12.5 total, and then the car maybe worth 4k in 2020, so 12.5 minus 4k is 8.5k total cost.

thats 5900 bucks difference over 3 years. plus i just spent 700 on tires. so like 6600.

am i being too cheap?

6600 might buy amost a,half a new corolla!

Any write-offs from the lease?

zero

Submitted by flu on August 31, 2017 - 12:22pm.

When my dad turned 70. I bought him a $75k car. He and my.mom were a little concerned since they've been thrifty all their life. So I got an earful about spending my money more wisely...

To which I said, something to the effect....don't worry, I didn't really spend my money. I really spent part of your money you were going to leave me....if you object to my choices I make for your money, I suggest you spend it to your liking right now before I do.just saying...

Considering your kids saved you a boatload money by going to state schools, get the P car for your wife if that's what she wants. At least you can enjoy it every now and then with her... And not she enjoys it with her husband 2.0 once you kicked the fence.

Submitted by FlyerInHi on August 31, 2017 - 1:09pm.

Get a warranty on the Mini and then buy an electric car in December. Look for a special deal on a "compliance" car.

Last year they had the Fiat 500c on a 3 year lease for $49/month. Super cute and stylish at give away prices. Your wife and kids would love it. Plus maintenance is near zero and charging at home is nearly free and you get carpool sticker.

I guarantee you the family will fight to drive it just because it's cool and different. Perfect for a hip, budget conscious family to zip around town. Electric is the future.

http://www.fiat500owners.com/forum/66-fi...

http://www.latimes.com/business/autos/la...

Submitted by scaredyclassic on August 31, 2017 - 1:32pm.

flu wrote:
When my dad turned 70. I bought him a $75k car. He and my.mom were a little concerned since they've been thrifty all their life. So I got an earful about spending my money more wisely...

To which I said, something to the effect....don't worry, I didn't really spend my money. I really spent part of your money you were going to leave me....if you object to my choices I make for your money, I suggest you spend it to your liking right now before I do.just saying...

Considering your kids saved you a boatload money by going to state schools, get the P car for your wife if that's what she wants. At least you can enjoy it every now and then with her... And not she enjoys it with her husband 2.0 once you kicked the fence.

one good thing about base mini cooper. its quick but has a lowish top speed. doesnt really like to go over 70.

so no speeding tix for her in 4 years!

porsche would change all that. heck ive had loaner turbo mini cars, very difficult not to speed in.

theres another thousand...

Submitted by scaredyclassic on August 31, 2017 - 1:45pm.

FlyerInHi wrote:
Get a warranty on the Mini and then buy an electric car in December. Look for a special deal on a "compliance" car.

Last year they had the Fiat 500c on a 3 year lease for $49/month. Super cute and stylish at give away prices. Your wife and kids would love it. Plus maintenance is near zero and charging at home is nearly free and you get carpool sticker.

I guarantee you the family will fight to drive it just because it's cool and different. Perfect for a hip, budget conscious family to zip around town. Electric is the future.

http://www.fiat500owners.com/forum/66-fi...

http://www.latimes.com/business/autos/la-fi-hy-fiat-500e-review-20160415-story.html

there are some excellent deals if i understand right from the chatgeoup to offset emissions from truck sales? fiat actually may lose money on some sales but somehow this becomes profitable thru higher pollutiin vehicles?

Submitted by scaredyclassic on August 31, 2017 - 1:49pm.

tis better to give than consume, as consumption triggers cycles of guilt for me.

Submitted by flu on August 31, 2017 - 2:24pm.

scaredyclassic wrote:
flu wrote:
When my dad turned 70. I bought him a $75k car. He and my.mom were a little concerned since they've been thrifty all their life. So I got an earful about spending my money more wisely...

To which I said, something to the effect....don't worry, I didn't really spend my money. I really spent part of your money you were going to leave me....if you object to my choices I make for your money, I suggest you spend it to your liking right now before I do.just saying...

Considering your kids saved you a boatload money by going to state schools, get the P car for your wife if that's what she wants. At least you can enjoy it every now and then with her... And not she enjoys it with her husband 2.0 once you kicked the fence.

one good thing about base mini cooper. its quick but has a lowish top speed. doesnt really like to go over 70.

so no speeding tix for her in 4 years!

porsche would change all that. heck ive had loaner turbo mini cars, very difficult not to speed in.

theres another thousand...

Yeah, that could be a problem. I Managed to get two tickets within a 4 month window.

Submitted by FlyerInHi on August 31, 2017 - 3:43pm.

scaredyclassic wrote:

there are some excellent deals if i understand right from the chatgeoup to offset emissions from truck sales? fiat actually may lose money on some sales but somehow this becomes profitable thru higher pollutiin vehicles?

Not really trying to push you to get something you didn't ask for.... but I think you're the kind of guy ready for electric, for the environment and for being cool.

$3000 down + $55 ($49+tax) over 3 years = $4,980 total or $138/mo for 3 years, 30,000 miles included. Consider the time value of money and it's even cheaper.
No oil changes or anything like that. Negligible electric charging at home. And maybe free if you can charge at work.

How can you go wrong at this price for a commuter car? Yes, Fiat makes up for the losses on the electric (about $15,000 per car) by selling gas guzzlers.

You're too thrifty for an aspirational Tesla so a Fiat is right up your alley. I can picture you not running the AC to save on range (80 to 100 miles depending how you drive).

Or buy your wife a Tesla and a Fiat for you. Go all electric and lead the way to the future.

I pretty sure your wife and kids will like the Fiat. A car doesn't get cheaper than that.

Submitted by flyer on August 31, 2017 - 3:58pm.

We all only have a limited number of great years on earth, so, as long as you have the necessities covered--as you most definitely do--we're all for living to the max, so, imo, you and your wife should do whatever makes you happy.

Submitted by scaredyclassic on August 31, 2017 - 4:10pm.

wait, the lease on the mini is much cheaper than i thought.

199/mo plus 2200 down, so 9400 for 3 years.

i owe 9500 on the current mini, plus 3k for warranty is 12,500. then i will own a car in 3 years worth about 4k.

pretty much a wash.

except for thew tires i just bought.

Submitted by scaredyclassic on August 31, 2017 - 4:11pm.

FlyerInHi wrote:
scaredyclassic wrote:

there are some excellent deals if i understand right from the chatgeoup to offset emissions from truck sales? fiat actually may lose money on some sales but somehow this becomes profitable thru higher pollutiin vehicles?

Not really trying to push you to get something you didn't ask for.... but I think you're the kind of guy ready for electric, for the environment and for being cool.

$3000 down + $55 ($49+tax) over 3 years = $4,980 total or $138/mo for 3 years, 30,000 miles included. Consider the time value of money and it's even cheaper.
No oil changes or anything like that. Negligible electric charging at home. And maybe free if you can charge at work.

How can you go wrong at this price for a commuter car? Yes, Fiat makes up for the losses on the electric (about $15,000 per car) by selling gas guzzlers.

You're too thrifty for an aspirational Tesla so a Fiat is right up your alley. I can picture you not running the AC to save on range (80 to 100 miles depending how you drive).

Or buy your wife a Tesla and a Fiat for you. Go all electric and lead the way to the future.

I pretty sure your wife and kids will like the Fiat. A car doesn't get cheaper than that.

fiat lease is higher now

Submitted by flu on August 31, 2017 - 4:31pm.

Sorry, if you are complaining about the reliability of a mini, you certainly shouldn't get a Fiat product....with the exception of a Fiat 124, which is really a Miata with a Fiat engine and older generation Miata transmission built Mazda, that ironically is probably more reliable than the transmission in the newer ND Miata (at least the version 1 transmission that's been grenading for some)

That was one of the reasons why I opted not to get an Alfa Romeo 4C, despite it being a really cool car. The reliability of the 4C isn't terrible, it's just the service and support at Fiat dealerships sucks donkey butt.
They should have sold these alongside massarattis

Submitted by spdrun on August 31, 2017 - 5:59pm.

Doesn't the 4C have thlappy paddleth only?

Submitted by scaredyclassic on August 31, 2017 - 7:19pm.

I forgot account for higher insurance on new leased mini.

Submitted by FlyerInHi on August 31, 2017 - 7:52pm.

The best time to get Fiat electric is in December when they need them off the lot. But you may not have choice of colors and options. The car is so perfect for a nerd who likes bicycles.

Flu, agree about Fiat in general, but I find electric cars are much more reliable plus there's nothing to fix in 3 years. I believe once people discover electric, they won't go back. The economies of scale are coming in a few years. Time will tell.

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