Upon searching for my first MINI, I am browsing for a 2007+ used MCSa. Stumbling upon my local MINI dealers inventory, they do not list the prices for their newer models. With one phone call, I discovered such high prices for a used car, that I can nearly buy a similarly equipped new 2009 for the price of this particular 2007 model.

My question is this: For http://www.autotrader.com/fyc/vdp.jsp?ct=u&car_id=257606729&dealer_id=1376060&mo del=COOPER&style_flag=1&start_year=2007&search_typ e=used&distance=25&end_year=2007&default_sort=pric eDESC&address=21014&sort_type=priceDESC&seller_typ e=b&make=MINI this car, is $25300 too much money? What do you think my chances are of talking them down to $22k?

 

Depends on the dealer and how much they want to make on each car. Profits are limited on new cars. The only thing that determines profit margin on used cars is how much they own them for and how much they can get for them. When I used to sell cars I could make more money on a used car sale then on a fully loaded top of the line car.

Here is a rough estimate of how much they own the car for. Find the Blue Book trade in value of the car you are interested in.(www.kbb.com/) That is the starting point. Add for extras and deduct for "problems" high mileage, lack of options, etc., just follow the deductions listed in the Kelly Blue Book. That final number will probably reflect the MOST that they own the car for but it should get you a ball park figure. From there you can start negotiating and see what they might sell it for. Things like how long it has been on the lot, how many sales they have had that month, day, etc. will help determine the willingness of the dealer to lower the price. Dont be afraid to walk out, unless you want to risk not being able to buy the car. I have been out of the sales game for so long I have no idea what acceptable profit amounts are on new or used cars these days. Besides, car dealerships make their money from PARTS mostly, then from service and from sales and financing lastly.

 

I know it is kind of off topic but i am considering trading in my lease for a new 2009, if you want my car you can take over the lease and buy it out at the end. ($352/month until march 2010 with 16,700 buyout or buy out now for $20,298.57)

 

all that can be really said about this, is that right now, I think the only car that's holding it's value more then a mini is a jeep wrangler.

used car prices will NOT be what you'd expect for any other brand.

 

WTF?!?!
According to MSN Autos, the top 5 models in value retention are:

1. MINI Cooper (67%)
2. Toyota Camry (62%)
3. Toyota RAV4 (62%)
4. Scion xB (61%)
5. Honda CR-V (60%)

(percentages are 3-year residual value as a portion of the original sticker price)

Further down in the article, they list the Jeep Wrangler as the best value-retention model among SUVs... but given how saturated the used car market has been with SUVs (and how steep their price drop has been) in the last year, I don't think that's saying much.

 

ever heard of different sources?

It was in Consumer Reports, for ALL vehicles, including SUV's...

and just because YOU "think" that the suv market is so saturated that it's not as good as the mini, doesn't mean its true. The wrangler is in a completely different class from ANY suv. It's a one of a kind vehicle with the same uniqueness of a mini.

I think i believe Consumer Reports more then your gut feeling.

either way, does number 2 or number 1 make much of a difference? it's not like they're competing cars or anything. I was simply stating that they hold their value more then any other car.....


seriously, think before you jump down somoene's throat.

 

consumer reports, you say?
http://money.cnn.com/galleries/2008/...cr_worst_cars/

As for other sources, here's the Automotive Lease Guide's rankings:
http://www.cars.com/go/advice/Story....ct=best_resale
(they bill themselves as "the industry leader in consulting and residual value reporting... but I'm not sure how authoritative that is, as I'm not in the industry)

And here's Forbes Autos... they give the Jeep Wrangler the #4 slot (with 59.0% residual value), and the MINI Cooper the #1 slot (with 62.7% residual value).

I'm not saying the Jeep Wrangler doesn't hold its value well for an SUV... just that it's a rather extraordinary claim that it holds it better than a MINI Cooper, when the MINI consistently tops a number of different lists for value retention. And an extraordinary claim requires extraordinary evidence.

 

yup...

can't find the actual consumer reports that had the info, but it was in there. I'll look for it later.

i was surprised too, but wow dude, you're obsessive.

oh and "worst car" does not equal resale value.

as you are finding, results vary depending on who does the research... either way, all I was saying is that the damn things sell for a lot of money.

internet<life.

 

No, I'm just trying really really hard to procrastinate on other work.

Worst car does not equate to poor resale... but it is pretty funny.

And to clarify, I wasn't saying that you need to provide extraordinary evidence, but that CR needs to if they are making claims that contradict with pretty much everyone else.

 

Just some good reading on the subject matter.

http://www.freep.com/article/2009032...han+a+used+one

 

You know, I've noticed a similar situation with used MINI prices, but I figured that's mainly due to configuration options. It's pretty weird to see this spelled out so clearly with another car where the "standard" configuration is really more of a standard across the line.

BTW, here is what looks like the Consumer Reports stuff dwf had mentioned. They talk about residual values after 5 years, rather than the 3 year time period most other such lists seem to use. It's still weird that MINI would have such a drop-off to be overtaken in those two extra years. I'd like to know more about the methodologies used in their value surveying (as well as what they say the 3-year ranking is -- to better check against everyone else).
http://aol1.bankrate.com/selaol/news...d_value_a1.asp

 

yes, that's very similar to what I was looking at... I thought the R32 was just below the mini in the article I read, could be wrong though.

It is all about the surveys done and whatnot... you can never trust statistics, they can always be twisted to show what you want.

 

@OP: Looking at the used MINI I don't think Towson will go down to $22k, only because that car is loaded, it has pretty much everything but Nav, including lounge leather and a factory aero kit. I think if you built a similar '09 you're looking at $28-30K. Mileage on is fairly low, too.

The packages haven't changed too drastically from 07 to 09, so try building a similar 09 model and see what you come up with.

 

Mini dealers do sell used Minis at very high prices... The bad part is they will take your Mini in as a trade and give you peanuts for it...

 

I think this is way too high!!!
I bought my 07 MCS with 14K miles on it last week of january for $19,500
I have the sports package, and the cold weather package (heated seats, jet wash of headlamps).

Don't know if it's part of the package or not but I have the climate control and not the regular heater controls.

I used to own a fully loaded 05MCS and it had way more options.
The two I miss the most are the self dimming mirror with garage opener (its the garage opener I miss) and the automatic wipers.

The two other features I wish my cooper had are the folding mirrors and the convenience feature so that I don't have to take the key out of the pocket, but hey even without it I love the car.

Just to give you some idea, I'm in Chicago and I just ran a quick check on craig's list and on cars.com and you can get an 07 or 08 MCS with decent number of features for around $19-$21K easy. I saw a couple with under $19K. All of them are under 15K miles.

good luck

 

Minis have always kept a high resale value, and with the current economy prices of used cars as a whole are going up.

 

Just remember the only real value a used car (or any item) has can only be determined when a willing buyer purchases the car in question.

Everything else is pure speculation.

Pulling up the free car fax report shows the car was a corporate lease vehicle. It's a little odd because it shows the vehicle imported on 06/14/07 but then shows "Title issued or updated; First owner reported" on 04/24/2008 -- so was it a dealer demo / loaner car until 2008? Then you have the car bought at auction on 1/19/09 "listed as a manufacture vehicle" -- again looking like the vehicle was a loaner / demo or maybe a vehicle driven by someone in BMW. It's been for sale at Towson since 1/24/09.

So, it hasn't flown out the dealership -- i.e. sales are soft.

Factor in its a 2007, the free maintenance is almost 2/3 used up, almost half the warranty is gone, it's likely been driven hard and possibly abused, I'd be offering 20K with a goal of paying no more than 21K. The only way I can see 22K is with maintenance and extended for three years from purchase.

Remember, everything is negotiable and the vehicle is costing them interest every month it sits there.

 

Wait I thought Jeep Wranglers traditionally have horrible resale values. I know to lease one you have to pay through the nose, because the residual is so poor, because of their expected use. I remember my friend was shopping for one (it was like 10 years ago) and couldn't believe the lease payment was like $100 more a month than a slightly higher price Cherokee sport, the salesman said it was because the wranglers drop so much because of their expect use is much harsher than your average vehicle.

 

Man, I'm not sure I'd even bother with it, given a history like that.

 

one like that just sold for 20800. at a used car dealer in scranton pa. was stick though but had every package including navigation. was same colour silver on silver too had 12K miles i believe. is towson giving you a mini next certification though. that usually adds around 2K to 1500.

 

A couple I'm friends with just bought two used 2007 MINI's in the last month from non-MINI dealers. His is a MCSa pretty loaded with 39K miles for $17K I think. Hers was a mid-optioned MC with only 10K miles for $18K. Both cars were extremely clean and well maintained.

 

We have some older Jeep Wranglers at my work, and some brand new Jeep Four Door Rubicon Wranglers (haven't driven the new ones), but those 2004s, despite their horrifically nasty interior and disgusting tipsy-turvy high-speed handling, there is just something about them. Fantastic fun those Wranglers are, and they aren't much longer than the MINI, just taller.... the throttle response is just out the roof too! They're just a little slow, but you barely touch the gas and it responds! I could see how you would fall in love with the Wrangler.

Anyway, you gotta watch out for used MINI prices. It is probably better to buy private than from a dealer. They will screw you.

 

Reason Jeep Wranglers have such high resale values (they're considered trucks, not cars) is the same as MINI: Jeep, like MINI, is a highly regarded moniker with historical significance, at least in the automotive world.

Also of course used car prices are inflated-- used car sales are a delaership's numero uno money-maker. When I sold cars I always made a goal of one used car sale a week--BIG bucks compared to selling new.

 

Non-MINI dealerships have stepped in. Before all the high gas prices last year, MINI dealerships could go to auction, pick up a MINI, slap their profit in, and sell it at a decent price.

Now used car dealers have jumped in the game, bid over what the MINI dealer does because they don't know the resale values, then the car goes and sits on a lot where the folks don't know the first thing about it and some poor schmuck buys it (I looked at a local used car lot with a liquid yellow MCSa, they didn't know how to operate the paddle shifters, or that the MINI had an iPod adapter in the glove box...). Meanwhile the dealer has to go over the top of the used car guy, and by the time they put their profit in, you're a few grand away from a new MINI. It's just hardly worth it to buy used, even from a MINI dealer, unless they're tossing in extra free maintenance and warranty.