I bought a Mini Cooper S last June and I want to sell it. It only has 3,000 miles on it. It’s not my daily driver and just sits in the garage. It was a stupid impulse buy. It has a lot of options. Will I lose a lot of money or do I need to hold on to it longer.
I beleive you will have to hold on it longer.
Why not make the Mini Cooper your daily driver? A car like this should be enjoyed. With today’s gasoline prices, I’m not so certain that your Mini was a stupid impulse buy. If you sell it, you will lose money, so why not enjoy it?
I’m not sure. Why don’t you go to cars.com and research used vehicles? You should easily be able to figure out how much yours is worth from there.
My guess is you’ll find you’ve lost about $5,000, but that’s just a guess. The good news is I think you’ll find willing buyers, even in the midst of the mortgage crisis.
What is your daily driver?
why? it certainly won’t go up in value!
Its a great purchase to sell quickly. Mini Cooper’s hold their value very well relative to other cars. Sell it if it does not meet your needs or desires.
You don’t always lose a lot with such low mileage. There are a lot of people who can’t stand going to a car dealer and will do anything to avoid one. We got a good deal on a Corolla in 05 and we sold it for what we paid for it in 06 and the buyer got a good deal too.
If you bought it with little or no down and long term financing you’re probably going to be in the hole due to depreciation and pretty much everything you’ve paid up to this point is interest.
It may be worse if the car is a leftover 2007 model because in 6 months it will be 2 model years old when the '09s arrive.
NADA guides do not give a value on the car but you might follow the eBay ads. It could give you a feel as to what they bring in real world pricing and help determine the amount of indentured servitude you’re in.
Edmunds says that a 2007 Mini S with lots of options would sell to a private party for $23,000. A new one would be about $28,000. If you split the difference, yours might be worth as much as $25,500. I’d guess that there is more depreciation in the first year, so it’s probably closer to $24,000 to $25,000.
If you have a loan, figure how much you owe and see how it compares to your estimated selling price. What is your other car, and why don’t you want to sell it instead?
Thanks for all the replies. I might keep it and drive it this summer. My Xterra isn’t that good on gas.
if this is a 5 speed . you may heard about the the problems with clutchs and so did other people. so be prepared to deal with a hard sell.
an automatic will sell . if you have a clutch you might have drop below book price. I make a bg mistake selling my my 1959 mini back in 1980
Shoot, I’d park the Xterra and drive the Mini. It gets better fuel mileage and is probably more fun on the streets. Assuming it’s paid for. If you have a loan, then time to do some math. I don’t know where you live else, you could sell the Xterra and stick with the Mini. Unless you need to haul stuff or go camping a lot. But if both are paid for and you are not in desperate need of the cash, the Mini could be a fun way to save gas.
How are they classified for insurance purposes? If you declare the Mini your commuter and the Xterra your occasional driver, that would save money vs. declaring both commuter cars. You may have only one listed as your commuter already, but it is worth mentioning.
I had lots of good advice but when I realized your post said “lose your shirt” and not “lose your skirt” I realized it was the wrong mini to be chasing.
Mini Cooper S version is for enthusiasts and will sell. Its like a Subaru WRX automatic are hard to sell(85% sold are manual tranny)
A regular Mini Cooper I agree, auto better.