Name: BouncewithB
Location: Louisiana
What He’s Got: 2011 MINI Cooper S
What It Cost: $420/ month, 36 month 10k/year, Only 1st payment at signing. 27,900 msrp. 26,900 selling price.
My Take: Lately, I’ve become very interested in the “1st monthly only” leases where you roll the DMV, doc fee, bank acquisition and simply pay your 1st month payment. I think of this approach as a easy way to move from one lease to another without having to fork out thousands to cover the drive-off fees. I think B’s new MINI worked out well specially since its custom ordered and definitely much cooler than previous MINI, the “Short Bus“. Just look at the rims! Wicked cool.
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My Take: I’m a bit surprised to see how high the money factor is still. Not sure I would recommend it unless a lot of lease cash and discounts can be had since the numbers don’t look too favorable this month.
My Take: Looks like MINI is shying away from the 24-month leases by dropping the residual close to a 36-month lease. It’s no question that the sweet spot is the 36-month lease, specially with the residual value this strong. I have to say that I am pleasantly surprised how the leasing world has began shaping up after the major credit meltdown we had last year. Sure, the $400 a month for $40,000 car leases are pretty much gone, but I was expecting things to get worse with GM, Ford and Chrysler getting out of the leasing market. Anyway, MF still a bit high, but the residual is so high that it easily offsets the money factor. This is not a keeper at lease-end though, so just turn it in.
