i really don't need to buy a new mini, my '08 mcs has about 22,000 miles. but, i was intrigued by the $4-5000 discounts on "jcw" coopers. well, after the dealer initially offered me 15,000 for a "loaded" mcs, i think that i will just continue to enjoy my current car. you know, sometimes a little bad news is actually good for the long run.

 

ALL used car values have plummeted in the last few months, including the vaunted MINI. Great time to be a buyer, bad time to be a seller. Keep your car.

 

you are absolutely right. washed my car and it feels like new again.

 

You're surprised that you can get $5k off a new one yet your car has also depreciated by a similar anount?

 

Why would you trade it in, I mean you will get way more if you privately sell it, check the KBB value of your car, I don't think it has depreciated that much, more likely it just the dealer trying to bend you over. As a rule I try not to trade cars in to dealerships, you almost always get taken. With that said I happened to trade in my Honda CRV for my MCS, I got offered $3k more for it from the dealer I purchased from, compared to the one I went to first.

 

i got a really insulting response from "mini dave". the "jcw's" are a nightmare for mini dealers. i saw that dealers were offering up to $5000 off sticker for "jcw's". in normal circumstances, i would expect a low trade-in on my '08 mcs.
but, its clear that "jcw's" have a lot of competition in that price range and really aren't worth more than a loaded "mcs". i thought that, maybe i could make a decent deal, considering the dire condition of the market for "jcw". and ,in addition to the current market, you still can't get any kind of discount on normally priced mini's and mcs's in my neighborhood.

 

After reading this I was curious to see what the KBB of my '09 MCS is; they don't have '09 yet so I used '08 and it gave me a trade in value of about $2k less than what I paid for it, a private party value of $200 less than what I paid and a suggested retail of $2,500 MORE than I paid for it new. So, take that information for what you will.

dpcompt:
I think that the reason they offered you so little for the car is because for a car that is only about a year old it has a lot of miles. Buyers could be put off by that and the dealer could have a hard time getting rid of it.

 

I've posted it here several times.

All the KBB or any other used car guide values are not worth a hill of beans.

The only way a value gets set on your car is when a willing seller has a willing buyer.

That my friends is the only real and true value of a used car.

Now, enjoy your car. Drive it, be happy.

 

Thats not true, its a great reference, every dealership will use some form of used car guide to ascertain the value, you also need to use one to set a price to ask when putting a car up for sale. Now of course that doesn't mean your are going to get exactly that value but its a base. To say its "not worth a hill of beans" is very ignorant, and really devaluing a very important guide (not specifically KBB, everyone has their particular bible)

 

IMHO, I have to agree with aafflyer on this in the current environment. While in more normal times, I would agree with you. Almost all, if not all, manufacturers and dealers are overstocked with inventory and they are offering auction value for trades (their current bible) to protect themselves. Offers above that are typically due to 1) having a buyer that is looking for that car (model, color, options, etc.) or 2) taking some off of the new car and allocating to the trade. I think KBB is behind the curve on their prices. I am curious to see if anyone here has been quoted a trade-in value near KBB trade-in by any dealer recently on any vehicle.

 

I agree with you with regards to dealer trade-ins but not KBB (or whatever book one uses). New car dealers are always trying to make money on a trade and almost never use KBB or ever offer you fair trade value, especially considering the hit they have to take on the new car sale. At the point your are asking about a trade in they know they have you for the sale, and will want to get rid of the trade as fast as possible.
But as far as actual KBB value, its a great reference point for how much you will get in a private sale, and contrary to what's being said here the used car market is actually very strong compared to the new car market.

 

You are 100000% correct!! Hit it right on the nose!

You should do two things....
1. Go to at least three dealers and see what they would give you trade-in (I just have)
2. Check Craigslist.com and Ebay, they will tell you what things are really selling for.

You will find that dealers are taking cars in for under low KBB trade-in, and private parties are selling around the low KBB private party mark.

 

I have a 2008 Mini Base with 28,000 miles on it. I looked at a 2007 "S" with 13,000 miles on it . It was retailed at only $19,999.00. The dealer used Kbb to apparaise my car. The result: minus transportation I paid $18,600.00 for my car, new, with options. I also ordered it. The dealer quoted me $18,000.00 on trade in. Only $600.00 less than what I feel I paid for it - 14 months later and 28,000 miles into it. I thought this was exceptional. I also see where Kbb values my car approximately $1,500 more than what I paid for it. In my area thats about right even in todays market. Oh, and I kept my base. I think it is a better value than the "S". No need to spend extra money regardless of how good the offer or deal is.

 

I don't care what you are selling. New car, used car, apples, oranges, biscuits, dogs, cats, eggs, anything.

The only time a monetary value can be placed on a transaction is when that transaction takes place.

Period.

It doesn't matter what something was worth yesterday. Prices go up, prices go down. Some pay less, some pay more.

It's always been this way. Even when the economy wasn't sucking lemons.

Now I grant you that before you could count on KBB or any other pricing guide to give you some point of reference about what a product is worth. But in the end, a buyer and seller agree on a price and a transaction takes place. That sets the value of that transaction at that moment.

Basic principles at work here. There has to be a willing buyer and a willing seller. Only they can set the price, and the value only holds for that transaction at that point in time. The rational buyer always wants to pay less, the rational seller always wants to get more. Unless they can find a common point (i.e. the value) no transaction will occur.

Argue all you want. But unless you play this "game" your "whatever" will not be sold or purchased.

 

Mannheim auction prices are the new "bible" for used car prices. No dealer is going to offer you more than auction value on a trade-in unless they've already got a buyer, or can make up their potential loss by making more on the new car sale, financing, add-ons, etc.

 

I don't know who is willing to pay more for a used car when they can get the exact same thing new for less. I know that the used car market is stronger than the new car market right now, but that does not make a used MINI more than a new one. MINIs are known for good resale value, but they are not known for appreciating in value. You can believe what KBB says but I think if you put your car on the market for more than what you paid for it new you would have a hard time getting rid of it.

GolfNut said this too and I completely agree, no dealer is going to give you anything over the auction price because it is basically a guarantee for them to loose money. They will only offer you more to hide a discount on a new car in the trade or if they know they can get rid of it immediately for a certain price.