So here's the deal: After six months and 7500 miles on an early build R56, I'm wanting to trade it in for the following reasons:
1. I would prefer an automatic; the city driving with the 6 speed is just a bit more than I'm happy with.
2. I don't really need the sunroof/cruise control/ auto ac (i.e., the Premium package)
3. I'd prefer the cloth over leatherette seats; the leatherette just don't "breathe" enough for me.
4. I've had one flywheel replaced due to the infamous "3-2 downshift squeal" and after 1000 miles it's just starting up again.
I do like the MINI, and want one with the features I'm clearer about after having mine for 6 months.
My questions: When is the optimum time to trade it in? Is sooner better? Should I wait till the '08s are actually out? How much can I expect to "lose" in this transaction?
Thanks for any input.
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this concept could get costly. Your dealer knows the car will be a "year old" very soon so you will take a model yr hit. My guess is they will low ball the trade. If they don't, their desired used car mark up would put the car's retail price close to that of a new car somone could spec to their specific desires.

Probably will cost you around 5K OUCH....Try to sell it yourself. Someone out there may not want to wait.

 

If you do it,make sure you grt an 08.

 

Do you say this because of improvements coming, or value?
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Just about any other car on the market and I'd call you nuts. But because the MINI maintains it's value so well, won't cost you an arm AND a leg, just part of one arm.

You have good, solid reasons, so I'd say go for it.

And yes, try to sell it yourself instead of trading it in.

 

I've comtemplated the jump from an MC to an MCS (with more features) since I purchased my current MC off the lot back in April. The trade-in offered about two months ago was ~$4K less than what I paid. And that was with only 3500mi on the clock.

I'm currently holding off on a new MINI only because I'm still thoroughly enjoying the one I have. If problems mounted or if I just had some spare $$$ hanging around, I'd certainly trade up. Life's too short not to have the car you want (within reason, of course).

Other things to keep in mind if you trade:
- potential tax "savings"
- obviously, the convenience factor
- you choose the timing of the combined transaction
- you can always negotiate the trade-in value

 

That sounds about right. The MINI depreciates about 15 to 20% in the first year according to the sources I've seen. That's much better than average but it's still a big chunk to pay for one year of use.

Whether it's practical depends on how much was put down and for how long you financed. If you put down 10% and you financed for 48 months you can probably sell your car as a private party and get more than your money back. If you put less money down and financed for longer you'll be hard pressed to get your money out of it until well into the second year.

 

Go to Carmax (if there's one in your area) and see how much they offer you. It's free and it will give you a rough idea on how much you could/should get for it.

 

In my experience selling 3 cars there (liquidating an estate)

you will get the exact same price from AutoMax as you can get on the Kelly Blue Book web page.....average trade in price.....

Which is 99 out of 100 times the same price you'll get from a dealer.....

 

Sounds like you should wait for the 08, and get ready to bleed $3-$4k. But in the end, it's all about your happiness.

 

A co-worker of mine has a R56 MC that has given her some trouble and I think she was able to get a dealer in the area to "lemon law" it and is going to use the full purchase price as trade in for a R56 MCS. As far as other options go, she is just changing color from white to dark silver. She was very pleased with the car (except for it's issues) and despite others telling her she was crazy, she wanted another MINI.

 

Not sure about your state - but here in CA - don't forget about sales tax and Lic fees - those two alone add up to 10% .... So, even if your MA gave you a straight across deal - it would still cost you 10% of the new price... 30K Mini = $3,000 Tax/Lic fee

 

you only have to pay tax on the difference when trading.
old mini value = $25k
new mini = $30k
tax (on $5k diff) = $420 + lic fees = about $500