So I am probably going to be getting rid of my Mini. Never planned on keeping it that long. I got mine back in April. It is a very well equipped MCS with all of the options. MSRP 33k. 8k miles. Dealer offered me 26k. All I wanted was 27k. He wouldn't budge. So I will be keeping it a little while longer. When my payoff catches up with his offer, I will try again.

 

You change cars a lot. What are you going to get this time?

 

If you are only 1K off from "all I (you) wanted", I would be taking the dealer offer.

I suspect you could be chasing your tail for awhile -- payoff moves lower, but dealer offer will move lower too.

Or at the very least, in the interim, it can't hurt to throw it on Craigslist.

 

Throw it on auto trader, probably get a good amount there.

 

Umm your trying to trade it in what do you expect? And resale value and trade in are two different things. You'd get a much better deal selling it on your own...

 

Your thread title is wrong. It should say " so much for trade in" not resale. Resale implies private party purchase The dealer gave you a wholesale number which is probably 3k+ short of retail.

Private party sell it or take it to CARMAX. CARMAX gives some surprisingly good numbers some time.

Ps you mentioned 33k MSRP. is that what you paid for it? If not it makes it sound to readers as a bigger loss of value.

Good luck with your sale.

Sent from my iPad using NAMotoring

 

You think a car that had an MSRP of $33K will bring $30K used with 8k miles on it? You're dreaming......


I think retail on that car is more like $26-27K, max.

 

I always over pay my payment by a few hundred a month. I don't want to get my next car until spring (due to Denver winter), so that gives me plenty of time to get my payoff well below my trade in value. I was thinking of going back to Porsche or maybe a Jag F type this time. And no, I don't keep cars that long lol. Every year its something new. I take a beating in depreciation but I love new cars and get board fast. We all spend our money on something I guess.

 

Spot on.

 

I Totally agree with you....but more so with the 27k number lol. I am not going to let the dealer make that much money twice in 6 months.

 

You received a fair offer. Black Book trade in is $25,330. Black Book extra clean retail is $29,875 and clean retail is $28,675

(Above data current as of 9/15/14)

Not bad if you paid 33K 6 months ago. Dealers will only give you wholesale trade in as that's what the car will fetch at auction should they not be able to sell it on the lot. Just the way it works. If you buy something from the same trade in dealer they may be willing to give you another $500-$1000 on the trade by taking it out of any cash incentives they might have available.

 

I will never trade a car into the dealer again. They are absolute con artists, and the trade in values they offer are awful. With a car like this you are much better off selling private party, unless your OK with the dealer bending you over... And **** black book, you will not see a 2014 mini Cooper at auction for 5 years so that point is moot. I believe your car is worth 28-30k in a private sale no problem if it's pristine, but you gotta know the dealer will rail you.

 

New car every year- why not lease?

 

Trade-ins aren't all cons. For a new car like the OP's, with no mechanical problems and probably no cosmetic/wear issues, a private sale makes sense. Trade-ins often make sense if there's major work to be done ... saves the buyer making the repairs, and the dealer can offer more than a private buyer in sitchs like that because they're able to make the repairs. Every situation's different, so it's not really useful to say dealers are always cons.

 

So a dealer won't give a good trade value on a pristine car but will give a good deal on a car with issues? Somehow I find your logic flawed. I know many people in the car business, and I understand that it is a business. People get rooked every day at car dealerships and I included have traded in cars for a fraction of what they are worth. Let's be honest, the only reason trading in makes sense is if your in a rush and don't want to take the time yourself. Con artists was a strong word, but it isn't entirely inaccurate... There are some good dealers out ther, but that is in the minority. But to each their own, and if I offended you I sincerely apologize.

 

Take the deal.

 

Are you serious?

It's not a moot point -- black book is the gold standard for dealer trade-ins. It's the same book banks and dealer financial services us when determining the LTV when lending money to buyers. And thinking an F56 will not go though auction for at least 5 years is a crazy notion.

 

Go for it CAR GUY! At least you aren't buying houses and moving. We have friends who have moved twice in 2-3 years. That gets expensive in a hurry..

 

Or remarrying. I hear that gets really, really expensive.

 

And I thought I was bad, this being my seventeenth new car, this century.
I always overpay myself.
Note: Don't let the finance department stick you with a loan from DCU.

The problem with leases are that you can't get a new car when you want to without lease breaking fees.

 

Not to completely derail the thread, but what's the problem with DCU? Current rates are 1.49% with electronic payment (1.99% without but since you have to be a member to get the loan the auto payment just makes sense). That is considerably better than anything else I've seen in a while.

NOTE: My dealer did 'claim' that they get the same deal that DCU offers direct. While I'm sure that's true somewhere in the chain of lending I do believe you'll end up paying a half point more when letting the dealer run the paperwork for you. When I ordered my car in July DCU was offering 1.29% and MINI finance was saying the best they could get was 1.79%.

 

Delete

 

Delete #2

 

You must work for a dealer... And yes it's a moot point because I'm talking about the value of the car versus what the dealer will tell you it is worth. Black book is for dealers by dealers. And no, black book does not determine LTV ratio if your not going through dealer financing, which is another issue altogether. I have secured all my loans ahead of time through various credit unions and not a single one has ever used blackbook. They use KBB retail prices to determine LTV. Black book is clearly spun towards the dealer, don't you find it odd that a dealer will offer 25k on a car because that's what black book values it at, but then list the car at KBB retail pricing? Kinda weird.

And yes, I was incorrect saying that you won't see one of these cars at an auction for the next 5 years. While clearly that was an exaggeration, I can guarantee you a dealer will want a low mileage, newer car on their lot. This is not a 2004 civic, it's practically a brand new car. But at the end of the day it's free market and the dealer can do as they please if the consumer accepts the terms...

 

I do not work for a dealer and Black Book is not for "dealers by dealers" as you claim.