Interested in Certified Pre-Owned MINIs?

Kurt Mar 8th, 2005 Link

Who exactly is the company looking for info?

Reply

Gabe Mar 8th, 2005 Link

Unfortunately I can’t say. But know that it is a noble cause. They are not trying to take advantage of anyone or sell anything.

Reply

TJKonarski Mar 8th, 2005 Link

I would find it very interesting to know how much of a market there is for a pre-owned MINI since they hold such high resale values. While it’s great for current owners (it’s a seller’s market) those in the market for a pre-owned MINI have to pay top dollar. (When compared to the residuals of other used cars.) Also, when buying a brand new MINI the new owner gets to customize their MINI to their exact wants and desires — And with the myriad of options and features available the choice combinations are practically endless and make the creation of an owner’s MINI very personal. Since the distance in dollars between a used MINI and a new one is minimal because of high resale values, personally, I’d spend the few extra dollars and go for the new one. I’m very interested in seeing the results of this study.

Reply

Brian Robertson Mar 8th, 2005 Link

I bought a used Mini from the UK’s Mini Cherished scheme. The reason? Well I found the Mini I wanted with all the spec I needed for about 2500 pounds less than I could have specced it for. Also, as it was a MCS, the waiting time was around 4 months. With the TLC pack(5 years free servicing) it’s worry free motoring. Dont believe all the hype about Mini residuals as with any new car, it will lose money in the 1st year. I would definately buy a used car Mini again to save some money and those waiting lists.

Reply

Paul Mar 8th, 2005 Link

I bought my 2002 MCS pre-owned, one year old with 10k on the clock, from the MINI sales manager at the dealer in Scottsdale. I didn’t want to wait 9 months or pay the market-value premium to get a new one and it happened to be spec’d exactly as I would have ordered it, even down to the Union Jack flag on top.

But I probably wouldn’t buy a pre-owned that was high mileage, I know how most owners like to drive their MINIs!

This puzzles me though: most people say they wouldn’t buy a used MINI. So how can resale prices be high if no one is buying them? Are people really selling their old MINIs at these prices or are they just blue book values? And if there’s no demand, wouldn’t used prices be low?? Argh, guess I should have taken economics instead of home economics at school!

Reply

Brian Mar 8th, 2005 Link

good question. Is anybody buying used minis? Is there a market?

Reply

TJKonarski Mar 8th, 2005 Link

Paul: My guess is supply and demand. If MINI owners are as staunchly loyal and personally attached to their MINI’s (as we all currently know) most aren’t selling their cars in the first place, they’re keeping them. If there isn’t a glut of pre-owned MINI’s for sale, it will increase the demand and the prices for the one’s out there that ARE for sale — Which may be few and far between. (This is my guess — I have no fact to base this on.)

Reply

BigBrownDog Mar 8th, 2005 Link

I just sold my 2002 MCS (all 3 paks + leather) with 49K miles – via Ebay, not an issue. The price I got was somewhere in the middle of the {KBB, Edmunds, NADA} claimed values for dealer trade-in / private sale. It was WAY higher than the local dealer offered me for a trade on a new 05 MCS. I feel good, but I think people that claim that the MINI resale values are unusually high are smoking something.

Reply

Bud Mar 8th, 2005 Link

My MINI dealer has sold a number of used MINIs, most are trade-ins for newer models. While I have purchased both of mine new, the biggest factor is that you can negotiate with a dealer over the used price. Try to do that with a new model. There is a ready market (at least in CA) for used (and previous demo) models. After 18 months of driving, I sold my first MINI to a private party for $1800 less than I paid for it new. Can’t argue with that.

Reply

Alan Mar 8th, 2005 Link

Most of us here already own MINI’s so this may not be an accurate measure of interest in the used MINI market.

Reply

Frank Mar 8th, 2005 Link

Due to the high resale values of used MINIs, the market is still pretty tight between new and used ones. Depending on what area of the country you are, selling used MINIs (Privately or dealerships) is becoming increasingly difficult. For a few hundred dollars more, people can customize and order a brand new spankin’ MINI to suit their tastes and wallet.

Having said this, however, 1 month ago I was able to sell my pristine condition 2004 MCS with 17K miles and no option packages (It had the H/K stereo, front fogs, OBC, MFSW, rain sensing wipers and self dimming review mirror for $700 ABOVE original MSRP sticker price. Yes you read that right… I made money on the car, enjoyed it for 16 months and put nearly 18K miles on it.

I sold the car in just 6 short days after putting an online ad. The buyer called me and begged me not to sell the car to anyone. No mention of haggling or any price discounts whatsoever.

Buyer paid me in cold hard cash. Easiest sale ever. No even a test drive was necessary!. They bought a great MCS, ultra-reliable (zero problems in 16 months) plus they took it with 2.5 years left on the factory warranty. For most people knowing that they are buying an used MINI with FULL factory warranty backing, makes the purchase a no brainer.

Reply

JAG Mar 8th, 2005 Link

I do not own a MINi but I consider myself a regular ofthis site since it began years ago. I am contemplating in buying a used MINI S, fix it nice (JCW, areopackage, etc) and use it as a fun weekend car. Let me tell that at this time it has been very difficult to find one at a good price, the demand is very high, especially in the last 4 months. So I will wait, not in a hurry. I am looking for a 2004 chilli red & black roof, just in case…

Reply

Frank Mar 8th, 2005 Link

The people that bought my ‘04 MCS from me are the PERFECT customer profile for the MINI certified pre-owned program:

• They did not care about buying new or used.

• They seem to be accustomed to buy used cars.

• They are willing to pay top dollar for an used MINI.

• They do not want to wait to order from factory.

• They prefer to buy from a private owner, thus they dread purchasing directly from an authorized dealer.

• They want a MINI NOW!!

Reply

Frank Mar 8th, 2005 Link

JAG, my ‘04 MCS was Chili Red but with a white roof and the Union Jack flag decal.

Perfect car for anyone considering modding or adding the JCW kit as it was 100% factory spec with no engine or suspension mods.

By the way, speaking of mods, People in the used car market looking for used MINIs show the most interest about cars that remain 100% stock or have the JCW kit installed. Cars with aftermarket mods seem to be the most difficult to sell and don’t command the highest resale values.

Reply

Rick Mar 8th, 2005 Link

I would consider a certified pre-owned to add another MCS to the family, one that I could completely tweak out.

Reply

RB Mar 8th, 2005 Link

I tried the contact page but it came up error.

………………………………………………………………

I bought my MINI used on Ebay it was in FLA. It had 3,000 miles on it so I got all the use of the warranties. It now has 40,000+ on it. The exact car here in CA was $34,000+, I got it for $21,500 Tx & Lic.

Had many of the usual ‘02 problems but my dealer here in CA fixed them all, but, not without me having to call the factory rep, all in all I’m Happy.

The car has been trouble free the last 20,000 miles. Oh yeah, they never could totally fix the “Stumble”, but if I run the car without the DSC it is “OK”.

And that’s my experience with a used MINI.

Reply

Gabe Mar 8th, 2005 Link

Frank – I wish I could find such a perfect buyer for my equally pristine 2002 loaded Cooper. Not that it’s technically for sale. But still if the price is right I’d seriously consider selling it tomorrow and ordering a new MCS.

Reply

David Bunting Mar 8th, 2005 Link

Interesting comment Gabe. If the price were right, I’d sell my MCS and get an ‘05 Cooper.

Reply

KevinR Mar 8th, 2005 Link

Interestingly enough, I had a friend (who is a sales manager at a Honda store) call me today to see if I knew of any MCS cars for sale. He has a customer who isn’t too particular about the specs but doesn’t want to wait the 60 days or so to order one.

And I agree with the poster above: stock or JCW cars seem to sell quicker than cars with aftermarket mods.

Reply

Gabe Mar 8th, 2005 Link

Dave – really? I imagine you’re in a good market for a used MCS.

Honestly with all the in town driving I do, an MCS wouldn’t really be needed. I had originally planned to sell it in the fall of ‘02 but have just grown so attached to the thing. That said, it would be nice to try something different ;)

Reply

Evan Mar 8th, 2005 Link

The contact page is down too…

I would buy a pre-owned MINI, especially b/c they’d extend the warranty. I think it’ll be nice to have the option in a couple years of getting a moderately loved MCS to complement my MC. I think the main thing between a private buy and the certified buy is the extened warranty…a nice bonus in case the previous owner was not as considerate of MINI care as I am…

Every MINI I’ve seen for sale as used has been very close to the value new, a lot to do with not enough supply for the demand. I imagine a used MINI on the West Coast, especially in the Northwest would fetch close to new values…

The second hand sales will also be augmented by the newest reliability ratings….

In the end, yes I’d buy a certified MINI but only for the extra warranty.

Reply

Nicholas P Mar 8th, 2005 Link

i’m not too happy about the certifieds for selfish reasons…they are going to price the certifieds at what our used go for now (that is, a few thou under msrp)…which will then force our values down lower, as someone will choose a certified over a private if they are same price…

so prices for bone-stock S:

new: 20.5k certified: 19k what we can get: 17k

Reply

allan MICHAEL Mar 8th, 2005 Link

Gabe

The contact page is giving an error?!

I would get a certified MC for my wife who now likes Mini’s….. this way i dont have to worry about anyone driving my modded MCS.

Reply

Ryan Kime Mar 8th, 2005 Link

To preface my comments, I currently do not own a MINI, but have looked at both new and used options. Unfortunately, the closest dealer is 1.5 hours away and when a local car dealer gets a used MINI they usually price it a little under the sticker. So looking at used is silly when I can pay 2K more and get exactly what I want.

BUT, I could see a certified program work if they did something unique. Like…take advantage of the custom factor when you order new. You could do that by making an online order system where you select the year and model and then select the options that are year-appropriate. At the end it would search the certified network for the closest matches and display the results. The cool thing would be them putting it on a transport and delivering to the closest dealer. That would allow people to pick the car which matches their wants the best, dealer prep of vehicle, and then dealer gets the opportunity to start a new relationship with a 2nd owner.

Reply

TJKonarski Mar 8th, 2005 Link

Since the common theme seems to be supply versus demand I think it would be cool if there were a website dedicated only to the sale of MINI’s. (Okay, and Mini’s, too.) Since there seems to be so few for sale and since some people are willing to travel to get their pre-owned MINI it would probably make it so much easier for both buyers and sellers if there were one site dedicated solely to the buying and selling of pre-owned MINI’s.

(Gabe, Matt… Any interest? You could link that site right from here.) ;-)

Reply

Frank Mar 8th, 2005 Link

TJKonarski, not a bad idea but the reality of it is that your odds are much better when placing an online ad for your used MINI, in the main “outlets” such as Cars.com and Autotrader.com. A dedicated MINI website for this purpose could not always be a successful thing because buyers out there interested in MINIs (mainly, classics are a more confined market)are also shopping for other vehicles as well.

I sold my ‘04 MCS in Cars.com, just 6 days after placing the ad with 12 photos. The buyer of the car is a local resident, so you never know who may show interest in your car.

http://www.minimania.com, already runs a dedicated and totally free classified page for used MINI/Minis. They allow 1 free photo upload and runs until it sells. The problem with them is that you get a lot of bogus hits from less than reputable individuals, claiming to have the cash on hand for your car (Nigerian scams, etc).

Reply

TJKonarski Mar 8th, 2005 Link

Oh! I had no idea about http://www.minimania.com. Thanks for the insight.

Reply

Doug Mar 8th, 2005 Link

it’s the MINI NEXT program isn’t it?

Reply

Kurt Mar 9th, 2005 Link

I am a 2005 MCS owner and I already have thought about selling the car when the 2006 model is first released so that I can get a JCW Mini S with more options and I think a better established program with the dealers for trading in older models would be a great thing…

Reply

Kurt Mar 9th, 2005 Link

I might even get out of my 2005 MCS for a 2005 JCW used if the price was resonable enough…

Reply

Holly Mar 9th, 2005 Link

I love your site, and have been lusting after MINIs for a few years now. As a recent college graduate, I would be really interested in a certified used program, but only if I could get a reasonably lower price than if I bought one new.

I’ve visited a few local MINI dealerships and have perused classified ads(in Los Angeles), and have been surprised at the price of the used cars, even the first generation MINIs, which are about the same price as a standard MINI without accessories. I know it’s a seller’s market, but I’d rather order a shiny new MINI and wait a couple of months than buy a used MINI for about the same price.

I know for a lot of people MINIs are inexpensive, but as a young person just starting out in the world, I’ve been saving my dollars for one. I could see myself buying a used certified MINI, then uprading to a new one after I get a bit further along with my job. But if a used one, even certified, is just about the same price as a new one, then I will hold off buying and continue to save until I can afford a new one. Getting it sooner, even with a great warrantee, just doesn’t trump having a new MINI that hasn’t been driven and exposed to the elements, possible bad maintenance and aggressive driving, etc.

If I were to buy used, though, I would prefer to buy certified from a MINI dealer than from a private party. I like the idea of vehicle inspections and certifications as well as a warrantee and would be willing to pay more.

Reply