Sections: Uncategorized Aug 26th, 2004 28 Comments For the (counts fingers…) 3rd year in a row the MINI has achieved top ten status by the Kelly Blue Book and came in first in the hatchback segment. Here's the breakdown by catagory:
You can check out the entire list and read more here. Interestingly BMW (parent company to MINI) was named the brand that Kelly Blue Book forcasts will hold it's value over the next five years best.
GW Aug 26th, 2004 Link
I know it wouldn't keep me from buying my MCS if it wasn't on this list, but it sure makes me feel good seeing that it holds it's value so well. I don't ever imagine selling it, but if I did, I can take comfort in knowing it will have been about as good an “investment” as any car can be.
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Frank Aug 26th, 2004 Link
That list hasn't changed in the past 2 years, but it is nice to see that MINI continues to be the champ in resale value among cars in its immediate price range and cars that cost 2-3 times as much.
This pretty much should silence the “Skiptics” citing the success of the MINI in the USA as being fueled by a passing “Fad”. The MINI is so much more than looks and it is a car that has proven to offer lots of substance something copycats from Scion, VW, Chrysler, etc can't offer with their “Youth and trendy” car offerings.
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Damon Aug 26th, 2004 Link
I'd like to see what others have sold thiers for. Those values are based on what the cars are selling for at auctions mostly to dealers. The problem is that until this year there have been very few used MINIs on the auction market. Dealers are buying them at auction for inflated prices and putting them on thier lots for over new sticker price then they don't sell. There are many MCSs on lots that have been there for months but the price is too high, over sticker. The auction price is what is determinig resale value so far.
On a personal note I tried for three weeks to sell my 02 Copper with 35K miles for the Kelly Blue Book value. I bought an 2004 MCS. I didn't get a single call on it. It is mint with many upgrades but I think private party buyers want a new one. The used car market is also very sluggish due to low interest rates. I' ve also noticed that ebay sales finish way below blue book values.
All in all it is a little too early and misleading to see how well they hold thier value. It's only worth what someone gives you for it.
Any one had a better experience?
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rossii Aug 26th, 2004 Link
it also depends on what part of the country you're in. NorCal is hot.
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GW Aug 26th, 2004 Link
Check out what they are going for on eBay. I work for eBay and wanted to purchase mine through that venue, but they were selling so close to the new vehicle prices, that I chose to order mine new instead.
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Frank Aug 26th, 2004 Link
I agree on that having a car with such high resale value may actually hurt your ability to sell it because why pay top dollar for a 1 or 2 year old car when you can get a new one ordered from the factory from not so much more?
Remember that only about 60K-70K MINIs have been imported into the US (Out of the 500K worldwide production to date) so there will be very few MINIs in used dealer lots.
However, here in Miami I have seen lots of MINIs (Mostly Coopers) in used car lots for TOP used retail prices. Maybe those cars would be a hard sell in Miami where you see 100 MINIs every single day, but in places where there are no MINI dealers or dealers are in remote locations, buyers not wanting to wait (Californians for example) may consider jumping onto an used MINI.
It all depends on where you live, etc but the truth is that after 2 years the resale prices have remained strong and it will be so as long as BMW/MINI resists the temptation to put a new MINI on every driveway in America (Just like they did with the outgoing E46 3 Series).
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elmor fudwel Aug 26th, 2004 Link
My '02 DS/Lapis MCS is up for sale. Though I have not advertised it other than making a sticker, and slapping it (so to speak) to the window. I have not gotten any calls, but have talked with people and from a distance see others look over the car.
Ebaying is one consideration as I consider my options of another purchase.
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Dillon Aug 26th, 2004 Link
…Gabe,I figured you would include the above story on the website when I read the same story in the(8-26-04)edition of USA Today in Atlanta. Anyway,it does my heart good that if I decide to sell my '03 MINI,I would get a great resale/trade-in value than;gasp,a Ford Focus.
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Gabe Aug 26th, 2004 Link
I would have posted it yesterday but I wanted to give Lawrence his due :)
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elmor fudwel Aug 26th, 2004 Link
Any word on what the dealers are giving on trade ins? Are they doing stricly blue book or ??
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Gavin Aug 26th, 2004 Link
I agree with Frank and elmor about the problem selling high value cars used. We have our '02 Cooper advertised online in the Boston Globe and stickers in the windows. The only interest we had was from someone who was really keen until they realised that for not much more and a bit of a wait they could have a new one. Our car is mint with very low miles too. The local dealer offered us 3K less than what we're asking and said they'd sell it on their lot for the same as us. Somehow we didn't jump at the chance of giving the dealer 3K after the trade in price they gave us on the Miata 2.5 yrs ago..!! :) I'm sure it would sell in a heartbeat from their lot though. Maybe we'll come to a better deal with them.
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Jim Aug 26th, 2004 Link
Well I was surprised this past week, looking for a 2nd vehicle I thought I'd see what I'd get as a trade in and most of the dealer offers were HALF what I paid for it less than a year ago :-/
I know you expect to take a hit trading compared to private sale but half the price is crazy…
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elmor fudwel Aug 26th, 2004 Link
Something else that I thought of would be the different model years and the various amounts that garner.
For example, would an '02 get more or less because of it being a first year model run car. It also would have certain nuances not associated with the '03 and '04, for example.
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Irmiger Aug 26th, 2004 Link
I, for one, don't plan on selling my '05 Cooper for quite some time. When I do though, it'll be great to know that it's value will stil be there when I need it…to buy another Cooper!
Side note: San Francisco Mini won't even touch used Minis because of the high sticker price. Kind of supports all your thoughts on the “hard to sell” subject.
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dan Aug 27th, 2004 Link
When I traded my '02 Cooper in back in late April – a few dealers were willing to give me close to book. One of the lowest offers I got came from a MINI dealer, had they been closer to the others – I might have gotten an MCS. Most people were impressed by how much the car held it's value though.
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Deborah Aug 27th, 2004 Link
Just as an aside, my friend Casey send me a link to this article… aren't we glad we don't have Nissans? http://money.cnn.com/2004/08/26/pf/autos/bc.autos.freecar.reut/index.htm?cnn=yes
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Damon Aug 27th, 2004 Link
More about my comment above about not being able to sell my 02 Cooper. MINI of Concorde (Bay Area) is where I bought the car and where I bought the 04 MCS. The Kelly Blue Book value as a trade-in was $16,500 and they offered me $15,100 with 17″ S-LITES running lights and stripes added. I thought I'd sell it for the $18,900 private party value but as I mentioned not a single call after three weeks.
The Cooper will eventually drop a lot in value. The Cooper S will probably hold it's value better. Owning both cars and the Cooper for almost three years now, I'd highly recommend the Cooper S new or used.
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ukpylot Aug 27th, 2004 Link
One thought I have is that most of us who keep our MINIs for a few years will have very high mileage – is there really going to be anyone who wants a 3 year old MINI with 100,000+ miles on it? I hope so!
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John Aug 27th, 2004 Link
I was looking to trade my 03 MCS in for a Volvo V70R. With only 7800 miles on it, the dealer was willing to give me $22,000 trade-in (Oregon). Not too bad, but decided to trade in my other car for a Subaru and keep my MINI.
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Dillon Aug 28th, 2004 Link
…Gabe,good looking out for Lawrance. Elmor,get,”friendly” with some car mgr. at any dealership and see if they will let you look at their Kelly Black-not Blue-Book. That's how dealers come up with THEIR trade-in price(Trust me,I know). Damon,I respectfully say that it depends on what dealership you go to and what kind of reputation they have. I let one of the salepeople at the SCION of Union City(Atlanta)give me a trade-in price for my Pepper White '03 MC(with 26K). They offer me a little over 15K for it.
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elmor fudwel Aug 28th, 2004 Link
Dillon, thanks for the suggestion. Have you by chance visited the website for Kelley Blue Book? (www.kbb.com)
They have a quoting system on there and I am wondering how it might differ from what you've suggested. I've used it a couple of times to figure pricing for my '02 MCS. Not to mention, I've read reviews on possible other cars that I was not familiar with.
For consumption by everyone: I'm wondering how the high resale values may affect sales. Many posters have mentioned their excitement on selecting such a highly valued car, however, if newbies are willing to wait and order & purchase their cars rather than buy used, does that not affect the resale value if an owner can't sale the car? Seems like a Catch 22…great resale value but no buyers??
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Doug Aug 29th, 2004 Link
hey guys, this seems to hold true pretty much. But in reality, it's inflated. Try to sell your Coops. Report findings and the offers you recieve.
Anyhow, I traded my Mini in for a Scion believe it or not! Yes, it's true. The fine folks at MINIUSA and BMWNA had frustrated and angered me BEYOND Belief over the past 18 months… so much that I got rid of the MINI.
I now own a Scion tC, it's a great car and I do not want to hear any of you talk KeeRap.
I am still a MINI enthusiast, will always be.
I despise the Managment, Legal, Service, Sales and all that is corporate in regards to MINI. BUT I love the Vehicle itself, the people, the fun. I'll be around.
Gabe… We should talk sometime… The Scion Community has already made a big thing out of my switch….
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Gabe Aug 29th, 2004 Link
Cool Doug – best of the luck with the tC! Shoot me an email sometime.
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Alvan Lichtenstein Sep 1st, 2004 Link
I ORDERED A 05 MINI S CONV. WITH THE JOHNN COOPER WORKS.IS THERE ANY ONE OUT THERE THAT HAS DRIVEN ONE.
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Ailish Sep 23rd, 2004 Link
Yes! There is someone who wants a 3 year old mini with 100,000+ miles on it! If anyone has one id love to hear from you because I think my budget wont otheriwise stretch.
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John Oct 1st, 2004 Link
I also have an '03 MCS in mint condition with very low KM (Canadian). I'm noticing the same thing zero response with a price lower than comparable used mini's even at the dealer. I just don't get it, the dealer tells me that the market to buy used minis's is very low and people are only looking to by used. Still no intrest, what can I do ???
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seng Aug 27th, 2005 Link
Is there anyone who knows a place where i can get a decent mini for under 15 with gg mileage. My brother bought a 05 mini with only 6k mileage from a old lady for a good 12k.(San Jose) I was surprise to hear it from him and saw the receipt because i remember the whole fuss about the high resale value of mini. I think i am just going to give up and get myself a old school restored mini at LA mini dealership or Nevada dealership. I live in the bayarea over here in california.
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