Deciding Which Car to Sell...

Ok guys, Mrs. Unevolved and I are looking at some big changes. We're looking at moving across the state to take a dream job, but it pays substantially less than I'm making now. We've got three "real" cars. A 2005 4Runner with 57k miles, a 2003 325i with 206k miles, and a 2011 Mini Cooper S with 46k miles. The 4Runner and Mini are financed, but we've got about 1/4 of the 4Runner paid off whereas the Mini is about even with what it's worth.

We've decided we're keeping the 4Runner no matter what, since it's hell-and-back reliable and the most useful car in the fleet. The decision is between the Mini and the E46. The Mini will have a guaranteed $350/mo payment, but the E46 is paid off. The E46 has a TON of work done recently (cooling system, VANOS, PCV, wheel bearings, etc). Both will need tires soon.

From a financial standpoint, which is the best one? The Mini could very well cost an arm and a leg over the next few years, or it could need nothing more than basic preventative maintenance. The E46 could be fine, or something new could break, but so long as it costs me less than $350 a month in parts, it's coming out ahead.

Seems like a gamble to me. I hate gambling.

Get rid of the Mini

Dump the MINI. Get rid of the payment, use it to keep the known quantity on the road.

That's sort of what I'm leaning towards... I just can't stop thinking "What if the Mini is reliable, and the E46 continues to be a money pit..."

Paid off always wins. Worst case you sell the BMW too and buy a camry.

Dump the mini. I cannot foresee the 325 needing that much after it's recent maintenance work.

unevolved wrote: That's sort of what I'm leaning towards... I just can't stop thinking "What if the Mini is reliable, and the E46 continues to be a money pit..."

I said the same thing.... I've got one with 130k and rod knock in my driveway right now. At least with the E46, like other said, worst case scenario, you drop it and buy a Camry or something bulletproof. You can't do that if you owe on the MINI.

Another vote on losing the Mini. At least with the E46 you're not on a restricted time line when you have to pay something. I say paid off is the way to go.

I have a good friend who's been spending a ton - of both money and grief - rebuilding his Cooper S. New head, supercharger, axels, and a whole bunch of "while you're in there parts". Last tally I heard was north of $2500 in parts alone.

2011 is turbo- but I'm not sure those are any better. Last I heard the ones you want are the 2005-6 s cooper, which I blew up.

You hear a lot more about issues with Minis then you do BMW's. BMWs seem to be limited to rear-subframe mounts (is that even an issue on the E46?) and cooling system and that is about it. Minis have trouble with everything.

Seems like you need to keep the BMW, not the least because the world needs more daily driven rwd vehicles ;)

Thanks guys, pretty unanimous decision, it seems. I guess keep an eye out for a FS thread in the open classifieds... It's a great car, we just can't afford to keep it these days.

Late to the party, but a BIG +1 to the "get rid of the second car payment" camp. I give this advice to everybody - after you get rid of the MINI, keeping paying the same monthly car payment to yourself. Odds are you won't miss it if you're used to budgeting around it. If possible, open a credit union account and get it deducted off the top of your paycheck, or set up a secondary savings account with an automatic transfer from your primary account every month. Then, 3-4 years from now when you need to replace either the 4runner or the E46, you've got a nice chunk of cash sitting there for a downpayment or outright purchase.

Well - I vote dump the MINI too.

Here is part of the reason - How much will a 12-year-old BMW with over 200K miles really sell for? I can't imagine all that much. So selling it yields what?? A few payments on the MINI at best.

Sell the MINI, get that payment off your back and squirrel some money away into your Emergency fund incase the BMW E36 M3s the bed on you.

Indeed... And, just to add if really needed, $350/mo yields a decent rental if the BMW goes down and needs repairs for a week or two.