Just under twelve months ago a colleague bought a Cooper S with leather and sat-nav for £18000 (used). He got it on the basis of its 'rock solid' residuals. A change of circumstances has led to him havig to change it.
He got £11000 from the dealer.He was absolutely shocked and feels like he's been sold a pup by the motoring press. The car has, of course, been put back on the forecourt with a significant mark up. I'm not surprised, but I bet a lot of current mini owners will be.
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Minis had very strong residuals two and three years ago, mostly due to carefully controlled demand - they were kept in short very supply to create demand and exclusivity. 5 years on the hype is pretty much over. Another thing is that a year old Cooper S wasn't worth 18k even last year unless sold by dealers in south east...
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[Nissan 2.2 dCi are NOT Renault engines. Grrr...]
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Not liking what I am reading. just bought a Cooper on a 53 plate for 9K on the back of it retaining more value than a new corsa/clio etc of similar value after 3 years. Hope it turns out to be the right decision.
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Overpriced models always lose more money that the more basic models.
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18 grand for a used Mini......................I don't know what to say
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Not liking what I am reading. just bought a Cooper on a 53 plate for 9K on the back of it retaining more value than a new corsa/clio etc of similar value after 3 years. Hope it turns out to be the right decision.
I think the problem is those depreciation curves and figures quoted in magazines.
They seem to be based on past experience. But as we know, past performance
is not necessarily a guide to future performance. In addition for 'novelty' and
fashion products the market may be even more fickle.
Secondly, never sell to a trader. They have to pay tax, overheads and make a profit.
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£7k? That would buy a very nice Mini Cooper....
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12 months is also a very short time. I did this with a Mondeo Ghia X a few years ago. Ended up loosing 50% of its value & it was bought as a 6 month old Ford Direct car with 9K on it! Ended up costing me £1.23 per mile Ouch!
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Ones, Coopers and Convertibles hold their money better than any other small cars. Cooper S's, especially 'Works' and very high spec cars don't.
HJ
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The shock is not the depreciation, the shock is someone paying 18k for a used mini.
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TourVanMan TM < Ex RF >
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Nothing wrong with paying 18k for a Mini, it's paying 18k for a MINI that I object to. BMW don't even sell it with an R1 engine in the boot. Pah!
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Im still laughing at this, anybody who takes too much notice of the motoring press is clearly an idiot, and gets what they deserve.
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It amazes me that a new MINI can cost that much, and even more that anyone would pay it.
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........ anybody who takes too much notice of the motoring press is clearly an idiot ..........
Careful ! .......... HJ is a member of the motoring press.
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L\'escargot.
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It would be interesting to publish depriciation curves for various cars, perhaps new to 10 years, some will drop like a stone in the first 12 months so can make a great second hand buy at one year old, others hold their value through the warranty period and then start to drop off very quickly, others will hold value well for perhaps five years and then drop off sharply once they are percieved to be obsolete.
Buying a new Vauxhall at anything more than a substantial discount is likely to loose you a lot of money, on the other hand a three year old BMW retains a good proportion of it's purchase price so it makes sense buying new and keeping for two or three years however you can loose as much buying a two or three year old BMW and running it for three or four years as you can buying a new Vauxhall.
Other than real exotica they pretty much all end up in the same place after eight or so years.
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My wife has just bought a 5,000-mile, 14-month old Suzuki Jimny showing 50% depreciation on the invoiced new price. Not everybody's choice of wheels but still undesirable depreciation for the original buyers. However, a used MINI for £18000 ...!
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Secondhand Mini £18k, selling to trader, depreciation..surprise.
I'm sure it's a windup..
madf
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No, it's not a wind-up. I thought I'd pass it on because of the price extremes. I've got better things to do than make up silly stories!
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Even "premium" cars will take a bashing in the "run-out " year.
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I PAID £12500 IN March 2003 (new) and part exed it in november 2005 for £10500. i guess i did well and got rid of it at the right time :)
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www.storme.co.uk
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I spoke to SWMBO (when the BR was down yesterday) about her views, as she said, the MINI has done ot for her, simple to own, reasonably fun to drive, cheap to insure etc. She'll be looking to change in March next year and will be going for an Audi A3 but she wouldn't have any qualms in buying another MINI but she "likes" the A3's shape ! Be interesting to see what she gets for it....
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I bought one of the then new Saab 93 sports saloons on the basis of the motoring press saying that early indications showed similar residuals to Audi/BMW etc. This was clearly a load of carp, but I managed to get shot without too much of a hit. I will never trust those glossy magazines again. Clearly the journalist that said this had just been trreated to a lavish meal & drinks by a Saab PR person !
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The trouble with Saabs is that even if they design a totally new car from the ground up it still manages to look like another facelift of the original saab 99 of the 1970's!
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