MINI Cooper Soap BoxThe Forensics of Buying a Used Mini Cooper:
, 10 Tips to Help you Research a Used Mini Cooper
1. Discovery & Information Gathering:
It is important to get key information about the car such as:
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Online pricing from different states
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Editor reviews of the car
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Consumer reviews of the driving experience
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If buying from a dealer, look for reviews of the dealership-try Yelp!
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Get the Kelly Blue Book Value
When looking at reviews, try the following:
Tip #1: Dig beyond the reviews and check out 1 or 2 forums. Forums like Edmunds.com can give you invaluable insight and a balanced perspective
on the pros & cons of owning a MINI overtime.
Tip #2: Post a question to a forum asking advice on the car and if users would buy the car again? You'll find user on many of the car enthusiast & review forums are eager to talk
Tip#3: Research the models to see what may have been improved from one year to the next.
2. Finding Value in a Used Mini Cooper:
Look at the car's:
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rate of depreciation
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the true cost of ownership
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resale value
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true market value
Try one of the tools below to see the current cost, value, and understand how much the car will cost to repair.
Tip #1: Take the used car to a third party mechanic for inspection even if it is Certified
Tip #2: Use free online tools to help you learn about the car's value and hidden costs.
Here are a couple of great tools:
Edmunds.com "True Cost of Ownership" calculator*
Edmunds.com "True Market Value" Pricing
Keep in mind: The true cost to own a Mini Cooper is considerable. An '08 Turbo Mini located in Los Angeles may cost the purchase price plus an additional $39,326 to maintain over the life of the car*.
3. Know your Mini Buyer ID:
Are you a buying or a leasing?
The information from the value and ownership calculators should give you a good understanding of the cost of the Mini including the sticker price. Depending on whether you are buying or leasing the car consider the following.
Tip #1: If you buy a Mini Cooper, consider getting a warranty. Also, find out how long you have to wait before the option to get a warranty runs out
Tip #2: Car Lease Calculator
If I had to do it all again, I might lease a Mini, or not buy the car at all. The repair & maintenance are costly and some Mini parts, like the clutch/transmission are prone to accelerated wear & tear.
4. Organize your Findings:
Review and organize your information including take aways from reviews, finances, research data like true cost of ownership, resell value, dealer promises, third party inspections and other essential details.
Tip #1 Consider making a quick list of the car's pros and cons
5. Get a Second Opinion and Review
Ask someone to come with you for a second test drive.
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It is also important to look over every warranty, certified pre-owned claim, and/or offer thoroughly.
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Ask for a printo out of the caluculations so that you see not only the monthly payments but, also the total cost, money down, warranty cost, etc. Ask for a couple of financing models.
- If you choose the balloon payment be sure to contrast it with the straight monthly payments too.
When you are done checking everything, check one more time. Buying a Mini Cooper can be exciting. Trying to repair & sell a lemon can be agonzing.
Tip #1: Check out Yahoo Autos Research, 10 Most Common Buying Mistakes.
The Yahoo list is a comprehensive "must have" especially if you are buying a Mini Cooper.
A Cautionary Tale: My MINI Cooper story and the stories found in the online forum.
Good Luck & Happy Motoring!
*The cost of ownership, as defined by both Edmunds.com and Consumer Reports, doesn't include what you actually pay for a vehicle. It measures all the additional direct and indirect costs -- such as depreciation, fuel costs, insurance and repairs -- paid by a new-car buyer over a given period of time. (Edmunds.com vs. Consumer Reports
March 6, 2009 | 1:32 pm LA Times article)
MINI Cooper Buyer #011-1112 or at least that is how I feel. Do what you can to avoid a similar experience...