In 2013 I bought my daughter's 2003 Mini to use as a winter beater. It had 83,000 miles and had been trouble-free for her in the 5 years she owned it. The dealer offered her $3500 in trade, so I offered $5000 to help her out. It was a good deal for both of us at the time - she needed a bigger car and got more for her trade - and I got a winter beater that was also a fun, sporty 5-speed. It also included a spare set of wheels and sensors with winter tires mounted.
In 5 years I owned it, however, it cost me thousands in repairs. BMW/Mini parts are more expensive than most, sometimes double. Quick list of some of the repairs and costs:
- front and rear brake pads and rotors - $550
- replace belt tensioner - $250
- replace rear hatch hinges - $400
- replace battery - $160
- replace exhaust - $850
- replace O2 sensors - $250
- replace water pump, front wheel bearings, accessory belt - $1700
- replace clutch pack - $1500
- replace rusted e-brake cables - $550
- replace steering shaft - $1000
- replace cylinder head/valves and motor mount - $3000
- replace control arm bushings - $550
Bottom line - the car was a really fun beater, when it was running. But the first gen Minis were not reliable once they got past 80,000 miles or so. Cut my losses after 5 years and replaced it with a 2015 Mini - totally different car. Surprisingly, first gen Minis are in high demand. I sold the car for $2000 in less than a day after posting on Craigslist, and I'm sure I could have held out for more.
If you buy a 20 year old car for $2500, you need to set your expectations that you're going to be doing maintenance on the car.