Wednesday, June 25, 2008

Used Cars Make A Comeback, MINI Dominates

Today discusses the increase in used car values for older, fuel-efficient vehicles. I about lost it when I read:

"...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, $2300 more for a used Mini in mid-June, a 12% increase over the average transaction price on Jan. 1 of this year..."
Twelve percent? Twelve percent?! Since January?! Well, you know how I am-- I immediately got distracted from the article and had to get an update on the ol' "Kelly Blue Book vs. Payoff" challenge for my own MINI. The results? Wait for it...

Kelly Blue Book, Private Party, Excellent Condition: $21,945*
Current payoff (after 3 years of payments): $15,662.73*

That's right folks by these numbers, not only have I only lost about $6,000 in value after three years of ownership- if I sold it today, I'd make it all back! Yeah, I know I probably missed something in the math there somewhere. Feel free to correct me. Meanwhile, excuse me while I laugh my a** off for a second and do a little dance...

Forbes continues:
"Dominating the list of 15 fuel-efficient used cars making a comeback is the Mini Cooper with four model years, including 2005 ($1,900 average transaction price increase, or 11%); 2006 ($1,600 average transaction price increase, or 10%); and 2004 ($1,050 average transaction price increase, or 7.4%)..."

Yeah, I had to include that part in there too. But in all fairness, its not all about the MINI. Check out the entire article for some jaw-dropping, cork-popping numbers! Well, I guess that depends on what you drive.

*(Figures are for comparison and commentary purposes only.)

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