I have this great desire to get a cooper S, so I went to a couple dealers that had them.
I was in the 16,718.09 GBP proce rage and found 3 with mileage ranging from 7000km to 34000km. So not to bad I do not mind paying for a car with 20000km.
My car has 32000km and has a chilli pack. (check gallery) So I assume i will get at least 13,975.95 GBP for mine. Well was I wrong and shocked the highest offer i got for mine was 12,005.18 GBP (for the worst S) and the lowest i got was 9,431.62 GBP. I cannot even get a VW Golf 4 for that amount. I am so upset because my Vauxhal (OPEL) had a much better resale value. What to do and will it get better over time. Opinions please!
That's in South Africa right? I'm a bit shocked by the poor resale as it seems a very expensive car to begin with over there, you'd expect it to hold value quite well. I cant see it getting better with time, although the percentage of drop over time should improve (the largest drop is always in the first few months/years).
resale value will always vary by geographic regions and demand in those regions. Areas where dealers have stock will generally have lower resale values then areas that have long wait lists. Higher wealth areas will also tend not to have a need for used cars while poorer areas they will be in more demand thus driving prices lower and higher repectively
I've got a friend who works at the BMW plant in Rosslyn SA, it seems that used MINI's in general don't command the USA or Euro resale values in dealers, he suggests a private sale will make you a better return.
My experience with resale value, has been pretty good. I bought a 2002 Nov. CB/W Cooper with no extra's with only 8000km on the clock in Feb. last year for R150,000 (just a note, all local MINI's come equiped with alarm, radio and aircon as standard). The vehicle belonged to BMW S.A., and was in a superb condition. On trading it in end of last year on my new Cooper, I was offered R5,000 more than trade-in value. I ordered the car in Sept. - I gave an estimate of what my mileage would be, and the trade-in value was giving to me almost 3 months in advance... and this is what they did give me.
What I've heard, that a MINI's trade-in value is determined directly by 2 factors, mileage and extras.
Sorry to say this, but is the colour a factor here? I've looked at your gallery, and it looks like the car is in great condition, nice detailing too. But isn't that the least popular colour the MINI came in, and the first to be discontnued? I know it's personal taste and all that, but pick the wrong colour, and you'll always have a problem at resale time.....unless you are VERY lucky.
Now is a bad time to sell a car in South Africa. Because car prices haven't really increased in the last two years, new cars have become more affordable, hence a more attractive offer. As a result, second hand car prices have dropped.
Second hand car dealers in South Africa don't really bring the colour of a car in mind - unless it's some whacked out neon colour or something. They generally just work off a little handbook they receive yearly. That's normally very frustrating when your car is in an immaculate condition with lots of extras..
In May 2002 - the listed price for a Cooper was R157 500 - your profile says your's would be a November 2002 - remember, the dealers don't really take in optional extras into account for trade-ins here in South Africa, hence generally that's an instant loss.
Which makes your offer of R135000 a very good offer - especially after two years.
Last edited by BruceJW; Jan 23rd, 2005 at 09:10 AM.
Hey BruceJW. Browsed the MINI SA site this weekend, and I noticed the prices went up! The Cooper now retails for R4,000.00 more as from Jan. 2005. So this should have in impact on the resale values of our cars... for the better I hope
I know of a Cooper that's at the local BMW dealership, with 400k's on the clock... it has the Pepper package with the normal 7 hole alloys, and their asking price is R2,500.00 more than what I paid for my Cooper with additional silver interior trim and chrono gauge package.
Aug. last year, a local 2nd hand dealer made a big mistake. He traded in a 2002 MINI Cooper for the value of a 2nd hand Cooper S. I walked in, and told the salesman that the car is priced way to high - he looked at me like I didn't know what I was talking about. They wanted more than what a brand spanking new Cooper cost. They soon realized their mistake and cut the price.... that car stood there for ages!
Yeah, we're now getting the 2005 spec, so prices have been adjusted accordingly. I'm afraid it might actually effect the resale price of my car etc negatively - although I'm sure it won't be by too much. We're now paying for a stock standard Cooper S almost the same as I paid for mine with the extras that I got.
I was at a MINI Convertible launch at my dealership on Friday night, and I must say the some of the interior mods which were part of the new spec, don't look as nice as what I have. I also do not like the new 3 spoke steering wheel, my two spoke is much nicer. So I'm actually still very happy with my car as a result.
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