Used Cars Make A Comeback, MINI Dominates

Today Forbes.com 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.)

Related Links:

• Forbes.com
• KBB.com
• MINIUSA.COM

Side-by-side Comparison: 2006 MINI, Honda, Scion, VW

Somehow I ended up on the Kelly Blue Book site again!! I don't know why- I'm not buying or selling anything... While there I ended up clicking the "compare" button. The results are as expected, MINI COOPERS KICK ASS in almost every area!

I'm not saying each of these cars are equally equipped, because frankly, I wouldn't know. But, with equal mileage:

cricka por photo mas grande

Used Car Blue Book, Private Party:

• '06 MINI COOPER S: $21,895.00 (mpg:25/32)
  
• '06 HONDA CIVIC DX: $13,510.00 (mpg:30/40)
  
• '06 SCION TC: $15,880.00 (mpg:22/29)
  
• '06 VW: GTI: $16,620.00 (mpg: 22/29)
  

Again, don't bash me for comparing cars that aren't in the same "league"- KBB.com seems to think they are!

For Funsies: Payoff vs. Kelly Blue Book (KBB)

There was once a time where the Kelly Blue Book was a super secret resource only available to car dealers and used car salesmen. With the coming of the internets, finally consumers have access to the "industry standard" information used (or abused) for so many years.

I don't know if I ever mentioned that when I sold my 2003 Cooper, I MADE MONEY on that deal. Around $3,800. I was doing similar research for a friend this morning and on a whim decided to check how my current investment is doing (lol). You know, for funsies!





As you can plainly see, based on KBB estimates (and we all know KBB estimates are on the high-end compared to others) if I sold my MINI today, I would make about $3,499. Which is about how much I put down on it. Eeeenteresting!