Mini Cooper Forum banner
1 - 15 of 15 Posts

·
Registered
Joined
·
81 Posts
Discussion Starter · #1 ·
Just wondered if anyone had either traded or thought about trading their F56 yet? for unforeseen reasons, our one year old is a bit surplus to requirements now and I am wondering whether I am going to get a shock if I start looking at part exing it (and my own car) for something else. To be honest, if the values are poor I will keep it and have it as a runaround although its a little bit too nice for leaving at the station every day!

Any views on trade in values welcomed... Its a Cooper petrol 3 door with chilli, media, pan roof, and LEDs and a few other bits and bobs (chrome line inside and out, rear parking sensors, anthracite roof lining and prob some stuff I have forgotten!)

Ian
 

·
Registered
Joined
·
506 Posts
Hi Ian,

I had F56 One D (white, pepper pack) which I part ex'd for F56 Cooper. One D was 6 months old with 7K mikes on and I got £13.5k for it,I had paid £15.5k for it.

I was really happy with my F56 Cooper manual untill I test drove JCW. I have similar options on my Cooper as your car and I was offered £15k for it (2 months old with £3K miles on). I had paid £19.5K (after discount). This Time I decided not to swap it.


Hope this helps.

Saurabh
 

·
Registered
Joined
·
81 Posts
Discussion Starter · #3 ·
Hi Ian,

I had F56 One D (white, pepper pack) which I part ex'd for F56 Cooper. One D was 6 months old with 7K mikes on and I got £13.5k for it,I had paid £15.5k for it.

I was really happy with my F56 Cooper manual untill I test drove JCW. I have similar options on my Cooper as your car and I was offered £15k for it (2 months old with £3K miles on). I had paid £19.5K (after discount). This Time I decided not to swap it.


Hope this helps.

Saurabh
Thanks. As ours is a year old (but still only 3k miles!!) I suspect a price to sell would be nearer £14k or less - at that I will keep it. Looks like my son is going to find himself insured to drive it then...

KR
Ian
 

·
Registered
Joined
·
81 Posts
Discussion Starter · #6 ·
You have to right off the cost of the options they do not add to resale value they just make it more desirable your looking at a loss of 2-3k in the first year

A dealer will be looking at a 2k markup in theory
Thanks - bought and sold enough cars to know how dealers work, just looking for some specifics on the Mini if anyone had any....

Dealer mark up at main franchise will be over £2k on a straight purchase. And my loss in 12 months is alot more than £3k - even after a hefty discount when we bought. Ran a Golf GTi for 16 months and twice the mileage for no more depreciation - but that had a better standard spec and fewer options.

Looks like my son is going to have a nice car to borrow when he wants one and I am going to have a better station car than I wanted..... In truth I am quite happy with that but at least now it is justified on numbers!
 

·
Registered
Joined
·
83 Posts
After a lot of initial problems with my wifes f55, we looked at trading in against an Audi.

Never pushed the dealer, but were quoted in the region of £14k. It actually booked at £12800!!!!!!!That was for a 2 month old 1000 mile Cooper 65 plate 1.5 petrol with Chili, bigger alloys, TLC pack and various other options.

Considering it had cost a discounted £18k 2 months earlier, Id say its pretty horrific on depreciation.

Keep it and dont line the dealers pockets!

Luckily, my wifes car seems to be playing nicely now so we are keeping it!

See here for my seemingly lone stand on the savage depreciation!!

http://www.minif56.com/forum/289-mini-f56-general-discussion/42801-depreciation.html
 

·
Registered
Joined
·
539 Posts
Options are margin for dealers and mini, and add nowt to resale values, perhaps 15% at most
Buying new only makes any sense if keeping for 5 years or longer, then you know the car you own and the initial hit is divided by 5
 

·
Registered
Joined
·
81 Posts
Discussion Starter · #9 ·
After a lot of initial problems with my wifes f55, we looked at trading in against an Audi.

Never pushed the dealer, but were quoted in the region of £14k. It actually booked at £12800!!!!!!!That was for a 2 month old 1000 mile Cooper 65 plate 1.5 petrol with Chili, bigger alloys, TLC pack and various other options.

Considering it had cost a discounted £18k 2 months earlier, Id say its pretty horrific on depreciation.

Keep it and dont line the dealers pockets!

Luckily, my wifes car seems to be playing nicely now so we are keeping it!

See here for my seemingly lone stand on the savage depreciation!!

http://www.minif56.com/forum/289-mini-f56-general-discussion/42801-depreciation.html
Thanks for the feedback. I knew when we specced the car that it wasnt going to be great for depreciation but worked on the view that I knew what I was going to lose over 4 years and was happy with that. Now thinking I will keep it, pay off the finance and keep it longer than 4 years and the who cares how much it is worth.....

I dont think the Mini is worse than most of its peers - I just think they have stopped being better than average and that is a consequence of the volumes they now sell. A 3 series does no better than a Mondeo these days either!!

Ian
 

·
Registered
Joined
·
646 Posts
You lose 20% in VAT as soon as you drive away so £18k - 20% = £14,400 so in reality you lost £400.

You paid £3,600 to the government as soon as you bought the car.

£400 depreciation in the time you owned it sounds pretty good to me, and I wouldn't really complain at the £12,800 figure as that's only £1,600 depreciation in that time - still not horrendous.

If depreciation is a worry for you, don't buy brand new. Plenty of low mileage cars about which can be great deals and hold 'value' closer to the price you pay for longer.

Value for me is not just pounds and pence. It's peace of mind of a warranty, no MOT for 3 years and the TLC service package. It's the knowing where my car has been and how it's been driven and treated inside and out.

Value and price are very different words but few seem to realise it!
 

·
Registered
Joined
·
1,837 Posts
Traded in... well sort of! They took my car back under Section 75 of the Consumer Credit Act because of the fact it fell apart.

My '64 plate (late 2014) F56 Cooper D with: Midnight Black, Black Roof & Mirrors, 17" Cosmos Spoke Alloys in Black, Cloth/Leatherette Black Pearl Carbon Seats, Piano Black Trim, Glowing Red Colour Line, Chili Pack, Enhanced Bluetooth with USB Audio, Centre Armrest, Chrome Line Interior, Anthracite Headlining, Chrome Line Exterior, Visual Boost was valued at £12,300 after a total of 7000 miles and 10 months old. Original price of the car was £21,000, however I purchased it pre-registered for £17,790 - so Halliwell Jones and MINI UK made a COLOSSAL LOSS on my Cooper D - I'd love to know what they're going to sell it for.

They also offered a £1500 contribution, plus MINI UK offer a £750 loyalty contribution towards my Cooper SD - so a total of £2250 deposit from them. I recon their overall losses on this ordeal is pushing £10K.

*Don't agree with Ben's logic! But do agree piece of mind is something you get with a NEW car. For example...

Total deposit on my current F56 Cooper SD at RRP of: £25,910 was £5250. I would wager they would only offer me circa £16,000 if that, if I were to trade it in now. The substantial financial loss only starts to even out at around 39 months in to a 48 month finance agreement.
 

·
Registered
Joined
·
81 Posts
Discussion Starter · #12 ·
You lose 20% in VAT as soon as you drive away so £18k - 20% = £14,400 so in reality you lost £400.

You paid £3,600 to the government as soon as you bought the car.

£400 depreciation in the time you owned it sounds pretty good to me, and I wouldn't really complain at the £12,800 figure as that's only £1,600 depreciation in that time - still not horrendous.

If depreciation is a worry for you, don't buy brand new. Plenty of low mileage cars about which can be great deals and hold 'value' closer to the price you pay for longer.

Value for me is not just pounds and pence. It's peace of mind of a warranty, no MOT for 3 years and the TLC service package. It's the knowing where my car has been and how it's been driven and treated inside and out.

Value and price are very different words but few seem to realise it!
VAT treatment on cars is a bit more complex than that - there is VAT on secondhand cars as well but the calculations is based on the profit margin rather than sales price when it is accounted for to HMRC. And second hand prices are based on what the car can be sold for and a dealer can sell a secondhand one at a price that reflects the VAT inclusive price of a new one - so it is not true to say that you lose 20% as soon as you drive off......

We bought new because the model was only 6 months old and there were not any second hand or pre reg cars around - only demos and I try to avoid them.... It was bought to keep 4 years and I was comfortable with the annual loss over the 4 years on average. Unfortunately, we have had a family tragedy and now have a car too many....

Decision taken - keeping it. Anyone want a 12 year old Pug 206 1.1.... my son is getting a bit of an upgrade!!

Ian
 

·
Registered
Joined
·
81 Posts
Discussion Starter · #15 ·
Cooper S 3 door mega spec list 29k bought for 22k at 6 months old and 6000 miles, now 18 months old 12800 miles, been offered 15.5k by stealer to buy back.
ouch - £6.5k for just over 6500 miles makes the cost per mile a tad steep!!

Also over £500 a month in depreciation - much closer to the true cost of ownership than artificially reduced PCP payments...

Ian
 
1 - 15 of 15 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top