Every year, someone posts a great report on the residual value of the MC/MCS, especially the R53's. If you go by Edmunson's or KBB's blue book values on any of the first generation (new) Mini's, they tend to lean toward the highest residual value, and not on recent sales history, thus giving sellers a false sense of sales potential.
Perhaps in the early 2008 market, or when gas prices were through the roof this was true but not today, especially in a very tight economy. The reality today is the KBB book values, in spite of or despite of mods vs stock, S vs MC are a fantasy. take my 2004 MCS40th in very-very good condition with modest mods of a pulley, CAI, sway bar, lower control arms, adjustable links and a M7 Strut, with premium wheels, carbon fiber dash, leather, etc which by the KBB value scale showed $18,885. Whoohoo!
I went on the Market site today and looked at cars of the same ilk, at prices ranging from 14,500 to 20-something, cars that have been there for months, cars that will be there for months to come, because the reality factor says these Mini's won't fetch better than $11 or $12,000 on their best days. Dealers won't even go that high on a trade-in, most offering $9 to $11,000 at the very best. Toss in mileage over 75K and much much less is the best to be expected.
My suggestion to all the sellers out there is keep your Mini until this recession passes. To NAM, I suggest a hard study of this observation and secondly, to pull ads that are umpteen million years old. There are 189 for sale today, most which have been on the boards since October...give everyone a two to three week window, then disappear them.
The bottom line is there is no way over the top residual sales reality for the MINI, only a residual value that is based on past markets.

 

When summer hits and the gas prices go up like they normally do, you will be sitting on gold again. Gas prices went down long enough for another wave of discount priced gas guzzlers to be bought up, those people will regret that later. I dont really care, because I picked up my 03 MCS last spring with only 13,600 miles on it at a decent price, and I dont plan to get rid of it. This is the only car I ever drove that saves me money and still has a huge fun factor to it, Win Win!

 

Doubtful. If the economy doesn't pick up, resale values won't pick up. Low demand equals lower resale values. Plus there are more fuel efficient cars out there at lower prices than MINI compared to what was available last summer. Last summer was a fluke when people were buying MINIs purely for gas mileage, not for their handling and driving prowess. Won't happen this year as people will either hold on to what they have or seek cheaper alternatives.

 

It all depends on the buyer.
If you have something they want and are willing to pay for you can still get high bucks. I was surprised when I met a MINI owner recently who purchased a bone stock 04 MCS with 45K for $18,000. She was very happy with the price and the car. Point is if you can sell high do it.
Every asset is worth what you can get someone to pay for it.

 

I bought a used '04 MCS probably similar to yours 6 months ago. (So I've been watching the prices pretty closely.) Since then, prices have come down a little, but are still good, relative to other cars. Most likely you wouldn't get KBB, but I don't know if I could find a nice one under 14k.

I have a somewhat opposite opinion, that if you have a reason to sell your mini, I'd sell it now (not at a fire sale price, but what the market will pay.) The reason is on a relative basis, it is holding up really well! And if you are going to move into another car, you are going to get a deal!

Here is a good example - I had to buy a replacement SUV because ours was totaled last month.
6mo ago I bought the '04 MCS "excellent", new wheels,tires, 56k, primo! for ~15.5k
1mo ago I bought a '05 bmw "excellent", under factory warranty, 34k miles for 22k! (orig MSRP 59k)
I got a way better deal and more car for the money on the bimmer. So I see it as a great time to move up if that is what you are doing.
There are a lot of good prices at dealers as well.

 

lower demand does not necc equate lower resale values. the current trend towards discounting MINIs off msrp, however, will help this trend along more than any other factor.

 

The used market is most effected by the new car market. Lower new car prices mean lower used prices. Brand has little to do with it, although with mini being more of a niche market there might not be as much of an effect on it. Perfect example of this happened up here with the used mx motorcycle market. When our dollar was really low we had a dealer up here flogging dirt bikes into the states and making money on the exchange. Our dollar went up and all of a sudden he was stuck with a large inventory of bikes he couldn't move so he blew them all out at super cheap prices. You could buy a brand new dirt bike for little more that what good used bikes were going for, it killed the used market. This was several years ago and the used market here is still low as there are still a couple hundred of those cheap bikes floating around. Works the same for cars, tv's, houses, or anything. Like cobra did, I find myself looking at BMW's and wondering why I didn't buy one of those instead of my mini as prices are so low right now. Fact is prices weren't low last year when I bought the mini. sequence got it right, msrp is were it starts.

 

I personally think that the current KBB values are a bit inflated. It really does have to do with a combination of pricing and the right buyer at the right time. In this economy, a seller probably will have to have more patience and be realistic in the value of their Mini.

I am getting ready to sell my Mini in the next month or two, and I've been keeping a log of various private party and dealer 04-06 Mini's for sale. When it comes time to sell, this list, as well as KBB and Edmunds, will be invaluable to properly price my Mini. I am not in a hurry to sell (otherwise I would have just traded it in and taken the hit), so patience will be my virtue.

 

I wish you all luck when you put yours on the block for a sale. I used about ten different "sales" places - Vehix, NAM, Sunshine Minis, etc and over a four week period, other than a couple of ridiculously low ball offers, I got nothing. Just for S's and giggles, I dropped it to $12,250 for two days just to see...still nothing. Other than miles (83,500 at that time) the car is pristine. In the same time period, I only saw two cars move on NAM. One was very low priced to sell, and one was overly loaded with mods to the tune of 10 or 12 grand's worth and very reasonably priced.
It is possible with the layoffs at Mini and the slowly creep up in gas, prices might eventually affect the resale value, but I don't see this happening until late summer at the earliest, and more likely in two or three years. Most of you are going to have to take the trade-in hit and suck it up or keep your baby just a bit longer. I decided to keep mine and buy a new Clubman S for my general running about. Now I have two, and can only drive one at a time...what to do, what to do...

 

40287, with due respect, your car has high mileage for a specialty car - what the Mini is. The mods, especially the pulley, don't add resale and can reduce attractiveness, leading a Buyer to think the car's been run hard. The MC40 also doesn't have the attractive (to many Buyers) sunroof pack. Both these factors really limit your market.

Yes, I know the mods are removable, don't dramatically affect the car's longevity, etc. Some of your mods are actually on my "list". I also recognize that the lack of a sunroof means a chassis that's 50+lb lighter, and all of that weight up high. I know this, but I'm a devoted Mini enthusiast. Most are not as crazy as we are. I'm just calling the resale market as I see it.

We can run numbers and do math all we want (well, it's "just" 16,700 per year!) and I recognize you love and cherish and maintain your car... but 84k is simply a lot of miles when other Minis are out there with less mileage, more options, and a larger market of potential Buyers.

If I read your point correctly, it's that KBB and others overstate resale prices, which is true - and for all cars. One reason is that they publish prices, then time goes by and the prices drop. Another, well... I personally think it's a conspiracy to get people into new car dealers thinking their trades are worth more than they really are then teh Dealers convince them to trade anyway, then fudge the numbers to show that high trade-in - and and inflated New-Car sales price. The basis for the LBB data is then thrown off.

OK, I'm also reading a little bitterness between the lines, but hope that's not the case. I actually I think you're crazynuts in selling an MC40, since you've got one of the most attractive packages (inside and out) ever offered on the R53 and it's in pristine shape, as you say, and with a decent mods list.

I do wish you luck in your quest - and with TWO Minis to drive you can really play now!

 

Here's my case and it comes neatly packaged:
MCS40 2004
KBB Bluebook Private Party Values 3-11-09

Excellent 20,120
Good 19,700
Fair 17,970

On November 11th, an owner posted his MCS40 for sale at $25,000 (given prices on KBB at that time were closer to 24,500 and his car is nicely modded)
On December 16th, he dropped the price to 17,800
On February 13th, another drop to $15,000
And so it sits and will continue to for longer than I think he will wait before he bites the ugly bullet and trades it in. I have priced the MCS40 in a range of conditions from pristine excellent to so-so good in a range from $25,000 down to $12,400 (which sold recently and it was low mileage, lightly modded -cosmetics and very clean).
At the current price, he is $10,000 shy of what he thought he could get for his car just four months later. At $12,400, which is the most realistic price he'll probably get, he will be right at 50%. KBB, Residual, and all the other bunk numbers are just that...a hoax for dealers to sucker in buyers...maybe this is true in all used car values...I don't know, but I do know those so called fair market values for the Mini's are mostly myths.

 

well its a good thing if you are in the market to BUY

it sucks when you are in the market to SELL

buyers market now, thats how i got mine for a steal

 

And there, Kandy Red Coi, is the whole tamater of what I have been posting...

 

This is true.
The more unique your car is, the smaller the potential pool of buyers (at least willing to pay a premium for what you think are extras.) And in this market, there are fewer buyers anyway. Buyers have more alternative options than a 5 year old car with higher miles.
You can lower the price or wait for the right buyer.

When I'm selling a car, I usually go by - if I get no interest, the price is out of line; lower the price. If I get a few emails, the price is in the ball park; if I want that price, probably have to find the right buyer. If I get a 10+ emails the first day and it sells to the first person, the price was too low.

 

That goes for any car. What car is worth more during a recession than before or after one? Probably only cheap vans and pick up trucks.

 

Now for a UK perspective. The MINI has taken a dramatic drop in value on the used car market in the past year, We were previously seeing a 500 pound per year drop in selling prices and all of a sudden we saw a 3000 pound drop all at once. My 13,500 pound MCS bought last april would be a hard sell at 10-10,500 right now. Dealer offers are in the 8000 pound range, However, used cars have never been stronger, Right now good quality used cars are selling like mad. They don't tell you this in the news as the car companies (read factories) are crying poor because no one is buying new cars, they are certainly buying used ones. Values for cars that get good mileage (this is the UK with insane petrol prices) have risen considerably. I have heard stories of up to 3000 pound increases on forecourt prices for certain models just this year. I have recently went for Ford and Volkswagon and the volume of cars with "sold" in the window was amazing, even at MINI there were at least 6 cars with "sold" in the window. I honestly believe the smaller used car outlets are doing great, there is one down the road from my house and he must move at least a car a day on a 12-15 car lot. There is a huge glut of MINIs over here, especially convertibles that seem to be on every dealers lot. I wish I could get out of my car but the loss is just too great.

Peter

 

Been my experience that when I am buying... the residual value is high but when I am selling.... it vanishes...

 

Now for a UK perspective. The MINI has taken a dramatic drop in value on the used car market in the past year, We were previously seeing a 500 pound per year drop in selling prices and all of a sudden we saw a 3000 pound drop all at once.
My real belief is that MINI has gotten a tad too large for their knickers and have priced themselves way out of the market. Oddly enough, used MINI's across the pond aren't selling particularly well, but then we aren't paying out the wazoo for gas, either. Three or four years ago, inflation be damned, a nicely appointed MINI could be had for $24 or $25,000 that on today's market would be well over the thirty thousand mark. I fully expect to see dealer prices come way down in the next year, or see MINI possibly take a hard nose dive and perhaps hard enough to go fins up. It makes no sense to me, in a soft market with the economy crashing down around everyone's ears, to keep jacking up the price.

 

A used car is worth no more than the price you can fnd a buyer willing to pay.

You may add the adjustment of TIME to wait for your price which may or may NOT ever be reached...

Want my classic - 79 ????

 

This would be ideal for me. I would sell my mini in the summer and wait until winter to buy a newer one.

Unfortunately i dont think this will happen. The reason is that yes gas prices may climb some this coming summer but wont reach the rediculous prices that they were last summer due to what else but the economy thats currently circling the toilet bowl. With an economy thats emulating around a large credit crunch and globally other countries are suffering as well due to americas need for fast cash. Now adays people are not spending the cash that they used to either because they just dont have it or they are afraid from listening to the news too much. people are packing it in like a band practice in a thunderstorm. With this type of behavior it punishes foreign countries that rely on our credit behaviors to create jobs for them as well ( who do you think runs your credit and is the phone jockeys ? ). This whole big mess is creating a global slow down for fossil fuel needs and this now returns to the old supply and demand. with a world thats using less fuel the ( demand ) the price will not climatically fluctuate due to the steady and slowed production of gas ( supply ).

Long story short is that i would absolutely love the minis prices sky rocketing again but im am saddened to say good luck there mister.

 

I have always sold my used cars on the private market. Since I don't view cars as investments, I expect them to go down in value dramatically, especially when they go out of warranty. It's best to have the mentality that you are getting rid of the car rather than earning money. So far, I've only sold cars when they either have about 3 months warrant left on them or when they are at least ten years old.

Some of this is presentation and timing, and it all depends on research and how you do it.

Note that I live in a major metropolitan area (greater DC), so I reach a substantial population. Obviously there is a smaller pool of buyers in less populated areas.

Schedule your week:
--identify deadline for posting ad in your local paper (usually runs through to cars.com as well, but check)
--research and understand the documentation expected by the DMV in your state for private party sales
--clean/detail your car and take lots of nice photos
--prepare a simple web page and a one-time e-mail address (most ISPs will let you set up several e-mails and a web site up to a certain size within your plan). Include a service history, and be candid about any body work that has been done. If you want, run a CarFax and scan that for your web page as well. State unequivocally that the car is being sold AS IS (mention any remaining warranty), and the terms of payment (I always use "cash or cashiers check drawn on a local bank")
--determine local asking prices for cars very much like yours. This determines the price that is too high for a private party transaction that can be done quickly.
--the day before the deadline for your local paper, take the car to CarMax for their offer. Their offer is good for 7 days. This is the minimum you will take for the car from another party. If you do not sell the car over the weekend, you will bring it back to them and sell it at their price. Commit yourself emotionally to selling it at CarMax if you do not sell it over the weekend.
--price your car mid way between the CarMax offer and the local retail price. This is the sweet spot for opening negotiations.
--place your ad in the local paper (typically Thursday is the deadline for a Friday, Saturday, Sunday ad). The ad includes your phone number.
--change your voice mail greeting to include a mention about the car and include the URL for your web page
--Place your ad on craigslist (with a link to your web page), and on autotrader.com. Post it also on relevant forums (like this one)
--stay home all weekend and be prepared to show the car. I do not let anyone test drive the car until they let me see their driver's license (I scan a copy of it--it they don't like that I have to go with them). I always write down the license number of the car they came in in case I'm dealing with a thief (yes, it happens).
--You will probably get an offer by the time the third person comes. Negotiate down to within a few hundred dollars of the CarMax price. If they balk, show them the CarMax offer and say the extra couple hundred are because CarMax will ensure a painless transaction.
--Take a non-refundable deposit and write up a receipt in duplicate. This should be several hundred dollars because any buyer can reasonably be expected to obtain that from an ATM. This receipt states the date (use the day before the CarMAx offer expires) on which they lose the deposit and you can once again sell the car to any willing buyer.
--put a big "SOLD" sign on your web page and change your voice mail greeting to say the car has been sold.
--Transact the sale--this is usually on Monday, but might be a couple days later if the buyer has to get money out of an investment account or process a loan. Make out a bill of sale in duplicate that identifies the car by make/model and VIN. This document also identifies the buyer and seller, and includes the amount and the day and time of the transaction. If the buyer is not willing to do this, tell them no and sell the car at CarMax. It is not your goal to become a car dealer, you just want to get rid of the car.
--Report the sale to the DMV.
--Deposit your check and take your significant other out to dinner.

Note that this does not address the problem that you may be underwater on your loan--your loan balance is greater than the local value of the car. In that case, your financial situation may require a set of actions much larger than just selling your car.

 

findude, that's nicely and professionally done. Only two things to add/clarify:

As-Is: Do make sue the Bill of Sale clearly states "Car is sold As-Is".

Notary: There are also some states that require the transaction be Notarized (notarize the signing of the Title, or the Bill of Sale), which can be done at the bank with the Buyer, or at a local UPS-type store.

Title Transfer: If you have a loan out on the car, you'll have to clarify with your Lender how the title gets transferred.

 

If you belong to a credit union, they will generally handle all the transactiosn for you, assuring you everything has been done legally. Mine has never charged me for this service.

 

Interesting that I came across this post today, after arguing with some others about the value of my 05 MCS.

My MCS has the premium, sport, NAV, LSD, int/ext chrome packages and is in good-excellent conditon, no accidents.. 38k miles. Has an Alta intake as the only mod.

I actually took it in to Carmax today to see if they might surprise me. As they are appraising my car I am walking around the lot and spot a 2006 MC (non S) priced at $17,998. So, I'm thinking they'll probably offer me $15k (assuming that mine being an S model and having many more options than this cooper has).

When I get the appraisal I was taken back a bit. $13k even w/ a note that I'd get up to $500 more if I put the stock intake back on. I know for a fact that they were going to turn around and put it up for sale for close to that $18k mark.

I think Carmax is just really taking advantage of the economic scare that's occurring right now. Thing is, I actually told them I may be trading cause I thought that if I jut said I was only going to sell it to them and not buy one of theirs they may adjust it accordingly.

KBB for my area puts my car at $20,1xx in "good" condition - private party.

I knew it was inflated, was hoping if I put it out there at $17k it would sell. I don't know now.

 

When we were thinking about buying a brand new '09 MINI our MINI dealer kept going on about how well they hold their value - but when it came time to appraise our 05 MCS with 61k on the odo for trade-in they could only offer us $12.1k? Huh? We got them up to 13k but they then stopped cold and wouldn't budge. I know it was high miles, but I thought they held their value well?

I figured that I could get $15-15.5k private party for it, so when we were offered $14.8 by a dealer with none of the private party sale hassle (or sales tax) when went for it. I don't know why one dealer was able to give $1800 more than another, when we were going to buy a new car from them anyway.

I'm not a car wheeler-dealer so I guess I miss most of the subtleties. I settle for prices I feel good about an am happy with, I guess.