Used Cars Coming Back
With more and more people trying to get into more fuel efficient cars, resale values of used cars is going up. From Forbes.com.
>It’s not just used hybrids seeing a price increase, however. This year’s Mini Cooper buyers expecting to find a lower-priced used 2007 Mini were in for a big surprise. They paid, on average, $2,300 more for a used Mini in mid-June, a 12% increase over the average transaction price on Jan. 1 of this year. The car has proved its value during the past six months; it gets an average EPA estimated 29 mpg.
And MINI is on top of the used car resale value list, with price _increases_ from 7.4% to 11%! But that’s nothing we didn’t already know.
[ Used Cars Make a Comeback ] Forbes.com
I wonder if the value of used R53’s has gone up. I have a 2006 MCSa that’s been sitting in a garage for a year while I’ve been living abroad. I am seriously considering upgrading to an R56 MCS when I return stateside in two months and would be more tempted to do so if the value on my R53 has gone up considerably in the current market. However, I imagine that the average gas mileage of the R53’s means that they’re not seeing the increased value on the used car market that R56’s are seeing.
The article cites a 10% increase in value for 2006 R53’s ($1,600). Are people really seeing that in the marketplace?
When I KBB my car it comes up as $14,600 for excellent and $13,700 for good condition. My ’04 MC is probably somewhere in there and has 54k miles. I paid $18k, so it’s really lost barely less than $1k a year.
Incredible. However, I will be keeping mine. Great mileage and fun!
I know that in Western New York, a non-MINI dealer was advertising a 3-4 year old MCS for just over $17,000.
Why buy used at that price?
I’m sure that one reason for the increase in prices is MINI’s CPO program. The “MINI NEXT” cars generally demand a price premium since they have a 6 year 100,000 mile warranty. Before that program started they already sold for close to new car prices. Also, there are none or next to none available for immediate pickup. So people are willing to pay more for instant gratification.
I was at my dealer Saturday and they were calling customers asking if they wanted to sell their Minis. They’re selling everything so fast they can’t keep used ones or order new ones! Those are going to be selling for top dollar. As if Minis didn’t already have amazing resale value…
A dealer just gave me $16,000 trade-in for my 2003 MCS with 53k miles, which was in “good” condition and had a busted windshield.
My pristine condition 2005 R53 S hardtop with 43K miles is currently fetching a $16,600 Trade-In value, $17,100 Private sale and a whooping $19,200 certified used dealer car (No wonder dealers are begging existing owners to trade their current rides in).
I have no intention to sell my car at this time but I can certainly see prices on used MINIs (all years and regardless of generation) to be fetching top dollar at this time, in light of high gas prices (Barrel of oil is trading today at $143).
On Friday June 27th, a report stated that $7/gallon gas is just 18 months away.
Aaron: The R53 S is capable of delivering over 22MPG even if driven hard. I think raise in used values are making the MINI a very appealing choice, whether it is used or new.
I have a slightly off-topic question prompted by the picture. Why is the Cooper often pictured in red, with a white roof and mirrors, and with the chrome line exterior – when that is not a configuration you can order from MINI NA (although you could do it yourself). I wonder if it’s a configuration that is easily available in Europe…
Ron Michael,
Coopers <em>always</em> come with a chrome front grill. You can spec a MINIUSA Cooper to look exactly like the one pictured. Perhaps you were getting confused with the available configurations on the Cooper S?
Edge, you missed Ron Michael’s question…
He is saying how come the photo shows a R56 Cooper with the exterior chrome pack and white wing mirror caps?
All R56 Coopers come with a chrome grille. Look closely at the photo..In there you see the lower bumper cover grille with a strip chrome piece and the housing for both front fog lights also have chrome surroundings.
If you order a standard R56 Cooper/Clubman you get the front chrome grille only. But if you do order the “Exterior chrome package” you do get the front lower grille chrome strip, front fog light chrome surrounds and rear bumper cover chrome strip (R56 Coupe) and chrome “blocks” on the R55 Clubman rear bumper.
The exterior chrome pack includes the chrome wing mirror caps. You can not order the chrome package without getting the chrome mirror caps (See R56/R55 configurator).
Perhaps in Europe and other markets you can order the chrome pack without being forced to get the chrome mirror caps. Or perhaps the photo has the exterior chrome bits added as after the fact.
Sorry for the brief hijack.
According to the photo caption, the car shown is a R56 Cooper D or “Dooper”. Since the diesel model is not sold in the US, this may explain why this car has the exterior chrome bits and still have the white wing mirror caps.
. . . whew – glad we cleared THAT up! 😉
i bought a r56 a year and a month ago and checked the msrp on kelleybluebook.com and i paid 24K and some change. a year later my mini is worth more than i bought it for at 27K… looking into trading up for a r56 jcw!