What's the resale value of my car?
 

Reality has finally struck and I've realized a 4-seat convertible with a tiny back seat just isn't cutting it for a family of 5. It's time for me to move on (*sniff*) and get something a little larger. I have a coworker who may be interested in buying my car, but I have no idea what the realistic resale value is. The MINI is, of course, unique in many ways when it comes to resale, and mine is even more unique as it's an '05 with only 17,000 miles. Blue Book may be useless here.

I think I got every option except leather, nav, and auto climate control. Cooper S cabrio, Chili Red, black stripes, Bullet wheels, Space Gray cloth, cold weather package, DSC, limited slip, garage opener, chrome + red interior, fogs, H/K audio. Babied. Extremely low miles (obviously). I also have a set of Konig Rewinds with Goodyear sport winter tires. What kind of price can I hope to get from this car? Any advice appreciated.

Both Edmunds and kbb adjust the value for mileage and options.

To my knowledge, "uniqueness" doesn't add to the value of a car. I'm not saying that to be rude... just to tell you that value is almost always assigned to option packages, model of car, dealer installed options (to some extent)... having a rarer car MIGHT make it more collectible but... last time I looked at a used JCW GP it wasn't going for any more than a regular JCW or even some comparable MCS' with high specs and low km's.

I would check the classifieds and market place and see what others are selling for. Find one that is comparable to yours, then go from there. Also... see what the dealership would offer you on a trade in, then go UP from there. :)

By "unique" I wasn't talking about my car in particular, but about MINI in general. With often-long waits for cars (at least in the past), the typical Blue Book value approach could in many cases be thrown out the window. You had people selling two-year-old cars for full sticker price because of supply and demand. Of course those wild days are gone, but I didn't want to shortchange myself based on a Blue Book value that is not representative of true market conditions. Unfortunately, there aren't a lot of used MINI's in my local area upon which to base my pricing research.

Agreed. I wish I knew more about pricing in the USA... I think your best bet is to go online and check the blue book value (as previously mentioned) and also... if your dealership is close, go there and inquire about trade in value (a bit of a PITA but... the more you know about the value the better).

At that point, I think you will have enough info to go on and create a flexible asking price. My advice is to also invest a few hundred dollars in detailing the car inside and out, and then add another grand onto the price you are asking. Hey-- I've seen this done many times and it REALLY does help if your used car looks A LOT LESS USED. :thumbsup:

I really hope this helped...:nod:

Good advice - but no one touches my car but me. :lol:

I'll definitely be doing a thorough detailing.

The KBB and Edmunds sites do take demand into account. There's no longer long waiting lists, so that ship has sailed. I would guess your car should be in the 20 to 22K range, but check comparables locally.

Cheers!

The only real answer is it's only worth whatever someone will stroke a check for it.....

Markets vary considerably all over the US, so what's true in Fla or SoCal on a Cabrio is not necessarily true in Kansas City.

If you want top money, you may have to wait and really look for the right buyer - they're out there, if you can find them and they can find you. I found the buyer for my '03 JCW right here on NAM, and he wasn't even in the market yet. I emailed him, told him about my car, we met - he loved it - and a deal was done.

Good luck!

And I agree that a thorough detail will not only speed up any car sale, but also help you get the most money for the market.

$17,050 as an excellent condition trade-in
$22,270 purchased from a dealer

Split the difference on a third-part sale.

I bought my 07 Chili Red R52 MCS at a Pontiac Dealership for $19K and they had it on the lot for 4 months...so pricing a five year old car soon to be six...05 for $22K in this market will be hard...especially when I can get into an R57 for around $26-28K.

I would look around the surrounding area...few states, few dealerships...you probably will be pricing in the $18-20K range...IMO. You do have an advantage with the low mileage.

Autotrader search on 05 MCS Cabrio with less than 30,000 miles:

34 listed

Range of prices within this search:
Highest Price: $25,800
Lowest Price: $15,994
Average Price: $19,605

New 2009's
 

I bought a new 2009 R57 and got $4,500 off MSRP. At first the dealer said the 'best' they could do was $2,000 off. It took just an eyeblink to double the discount. I think now the discounts are even up to $6,000 at South Bay Mini in CA. The good old days are gone I think of the crazy demand and supply cycle.

A good source for pricing your car is your bank. Ask them what the loan value would be with your options and mileage. They have a real interest in getting it right, more so than Edmunds or KBB.

And what source would one's bank be using to establish the value of a used car?

Since there are thousands of banks, it would be better for one to ask one's own bank for the source of their information.

It was a rhetorical question. They use kbb.

I would use KBB as reference to sell because they're always too high. It's the auto industry's bible because high valuation is good for the banks (loans). When buying (used cars), I look at edmunds.com, the Penny Saver, eBay and various online sources. These are more indicative of the market condition.

Hello Everyone,
This is stelin lindsey and according to my opinion is that If you only plan to keep your car a few years, then it's in your best interest to keep its resale value as high as possible -- after all, that's more money to put down on your next new car. These five tips will put your car well ahead of the pack and help to maximize its resale value.

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