We bought our used mini last year. I thought I might look getting at another.

I took a quick look at what was available in the classifed just now, and $15k get you an '02-'04 MCS with 50-60k miles. So prices seem pretty strong - maybe a little off last year, but also one year later. The mini's on craigslist are priced similar. I saw one or two posts on a couple great deals recently, but I don't see them.

On the other hand, there are plenty of bargains in other cars out there, even new, so it looks like getting another mini is not my best value option. Any other mini buyers out there feelling the same?

 

In the current market condition, asking price is not a good indicator of perceived value.

It could be that I'm familiar with how the car sales industry works or maybe I'm a cheapskate, but car prices are like house prices and prices of goods made in China and the emerging markets - way overvalued.

A friend of mine works for the country's largest auto dealership network and they are going through a mind-blowing paradigm shift on value and cost assessment. Due in part is the industry's long history of using KBB, which is rigged by the banks... the higher the valuation of a car, the bigger the loan. For example, I just got my Mini from a very high-end BMW dealership. By high-end I mean its location, the surrounding community and exotic brands like Ferrari, Maserati, Lamborghini, Porsche, Audi and Bentley... all on the same road and within 2 miles of the dearler. It's standard practice here for customers to have standing deposits of a few grand to $20-30k just so they have first dip on the next generation of luxo-barges and exotics.

To make the story short, I paid $8000 below KBB's "Retail Value" and ~$1500 below Edmunds "Trade-in Value"... which is the most conservative standard at the moment. What's hard to believe is I could find a few comparable Minis (MY, specs, mileage) within 100 miles. 18 months ago it would be difficult (though not impossible) to buy one at sticker.

 

Low gas prices are impacting used MINI values as well. Last summer, our cars were selling for top dollar. Also the financial crisis is putting a damper on car sales (new or used).

However, most people that for one reason or another do not want to buy new are considering purchasing used MINIs and this may also be driving up prices as well.

It all depends on the area of the country that you live in and the demand for the product.

Overall, I think 1st gen MINIs are generally holding value much better than 2nd generation models. Some people find the 1st gen MINIs more desirable overall...

 

IMHO, people are asking and expecting way to much with there asking prices. I own a 2003 MCS and although I would love to think I could get $15000 there is no way I would pay any where near that. In reality they sell for much less

 

This was the case for me. Somehow, the raised suspension, bulging bonnet/hood and center pie plate didn't rub me the right way. But the ride is more comfy and the interior material are better than the 1st Gen. I was also concerned with the relatively new turbo engine.

 

Its great if your selling...

And they are holding up pretty darn well.

Of course it is a little bit of comfort if you buying used even though you pay more than you might like but no one can really tell what the future will bring.

 

Well then why is my mini cooper not selling.. I have a 2002 MCS in great shape with rims and alta intake and has almost 60k miles on it and I cant sell mine for 14 or 13k.... ?????????

 

Good to find my cynicism can reach even further depths...

 

No offense but because its an 02. Anything anywhere says stay away from 2002's, and in all the suggestion threads for buying MINIs. Thats why I am trying to buy an 05 r50. Average asking price is $15k with 50k miles and $12,000 should have me one. I have had one private party say thats what they would take, not sure on any dealers lowest price yet.

The used demand is driving auction costs up, and 05's are selling for $11k-12k at the auction now. I could have gotten one real cheap in like January, but my Jeep has yet to sell.

 

More like 12k?
Well, it is an '02 - 7 y.o. The first model year. Looks like you have obvious mods, which isn't bad, but narrows the market. Last year '02 MCS was 13-13.5k. So, a year older, price gone down some...not bad.

But to put it perspective, last month I bought an '05 honda for my son. Excellent conditon, paid about 55% discount from original msrp.
And at the beginning of the year, I bought a '05 bimmer, 35k, under warranty, over 60% discount to original msrp. Your min is an '02!! So, your mini's are not doing too bad!!

 

one reason i bought new--used cars were too expensive/not enough price differance

 

I just bought my 2005 MCS last week with 20,500 miles for $15.4K. I may have gotten a really good deal but I know I would have never considered paying anywhere near 15K for an '04 or older with over 50K miles or more. My .02.

 

I KBB'd my 03 mcs (120k miles) = $9k +/-.

I suppose I could get somewhere near that if I were trading on a new MINI. I wonder if I could get that if I traded for a BMW?

I work in real estate and I constantly hear sellers talking about "asking price" and "list price" to justify values. It is absolute b*s*. You have to look at what similar assets actually sell for, and the conditions of the sale. If KBB goes on closed sales with some adjustments, then you have a useful estimate. Problem is, there is a readily available database of real estate transactions; not so with car sales.

I think MINI has some brand cache. They will likely retain value above average for a while.

dan

 

good deal...dealer or private party?

 

A dealer, but more of an auction/eBay/wholesale type of outfit - basically a couple of Polish guys in Queens. They have a ton of eBay feedback, but I found the car on Autotrader. They buy a lot of cars from auctions, apparently, such as mine: it was one owner before that. Did the deal in his apartment, and he took my beat-to-hell 99 Camry (115000 miles) and even gave me $2500 bucks for it. At first I was a little weirded out, but, it all worked out because I have the car, right outside...

Still waiting for the title with my name on it to arrive.... then I'll relax another notch.

 

I noticed the prices are still dropping.

Going to check out a blue 05 MCS-6 speed, 80,000 miles, sunroof, sport package, leather seats, xenon lights for $12,500

I'm keeping my fingers crossed

 

I just happily paid $21k for my 2006 MCS premium/sport with 20K miles in near mint condition. I was wanting the 1st gen, not 2nd, so new was not an option. I found this one and have no problem paying that price to get what I want… and now love! As always in business, pricing is always whatever the market will bear!
;p

 

Well I checked out the 05 MCS and decided to pass.

Clutch was on the way out-slipping
Engine grimy
Does not look like it was well taken care of.