I'm planning to go to an auction tomorrow to view a Mini Cooper. It's an ex-lease car, three years old.
Here's where I'm confused...
Parker's guide reckon it's worth £11k, but there are a few advertised privately on Autotrader for £8k.
To be honest I saw the Autotrader first and thought I might be able to buy it for £6k if I was lucky.
Could anyone give me a rough estimate of what:
1) The 'reserve' price might be set at?
2) The price it might sell for?
Obviously, I'm just after rough estimates so I know if I'm wasting my time. I understand no-one can know exactly how much it will sell for.
Cheers.
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MINIs are hard to value because there are so many spec combinations, some of which are more desirable than others. I would say you'd be lucky to pick it up for £6k though.
Someone more knowledgeable than me will be along shortly.
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I've not seen it, but I don't think it's got a salt/pepper/vinegar(!?) pack on it as it isn't mentioned.
It's a 1.6 Cooper, Hatchback, Petrol, Manual, Red with no stripes and it's 30k mileage is warranted.
(It also says VAT Qualifying but I don't know what that means.)
If £6k is definitely unrealistic I don't want to take a day off work etc.
I wonder if the reserve would even be that low..?
Edited by 2520years on 10/09/2009 at 13:02
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Where is it being auctioned? If it's Manheim or BCA I'll look up the CAP price they have for it on their catalogue.
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It depends on the exact spec, but assuming an 06/06 Cooper with 30k then I reckon the reserve will be somwhere around £7700.
There is a real shortage of decent used cars around at the moment so if it is a nice spec/colour expect plenty of strong bidding from dealers.
Don't forget the buyers premium on top as well.
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Use an auction buyer. Not so much fun, but on a £8k car the fee will be little more than the fee you would pay as a private buyer. Other benefits are that you won't pay over the odds and you don't waste a day off work to find the car you interested in has a dent in the door and vomit stains on the seats.
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Cheers for the replies.
It's at BCA in Belle Vue.
If it's £7.7k I'll have to look somewhere else...
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Telephone and ask what the reserve is.
I don't know hat the commission might be, but don't forget you'll have to have to pay that on top of the price.
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They said they didn't know the reserve. I fancy doing the auction myself, I just don't want a wasted journey.
pd - please would you check the price for me?
Cheers.
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They said they didn't know the reserve.
Cripes, they can't be very good auctioneers if they don't even know the reserve! How can they handle the bidding? Can't be done.
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There are two Mini coopers at Belle vue tomorrow in red;
56 plate with 29885 - manual expect to pay around £8k and 55 plate with 29154 - Auto expect to pay £7.5k
These are only glasses and Cap guide prices, the market is bad at the moment with a shortage of cars, you may well see these go for £500 over...
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Im sure if you look in a glossy periodical the car you aspire to will be there somewhere for the six grand,probably including a salt and pepper pot too (man will meet you in the drive and have all de correct paperwok and ederything)
or you could always look for a car in your price budget and leave enough over for small problems like faulty gearboxes,failed wiper motors or even failed power steering pumps
good luck.......
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Thanks for your help.
I think you've answered my question...auctions can be cheap, but not as cheap as I'd hoped. I'll keep looking though.
Cheers.
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To echo the post further up:
MA56FTN (looks as if it has some options - Union Jack roof, larger white wheels), 29885 miles, CAP 7725, Glass's 8070. (Those are BCA's prices I have not double checked them).
MK55DNF (Auto, large wheels by the looks of it), CAP 7450
The auto looks like it has quite a few options so unless it is horrible it will probably go over book. The other one I can't see going much under £8k.
I wouldn't worry about the reserve - virtually all cars are selling first time at the moment. Very few provisionals.
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Cheers pd.
We're not in a rush, so maybe we should wait a few weeks and look again.
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by the sound of it you should attend a few auctions first to suss them out with no intention of buying. Then if you feel confident take the plunge.
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With my better half, we've successfully bought houses at auctions before. We did a lot of research first and found out what we could expect to pay. This is just part of that regarding cars.
Now I know what the situation is I'm less likely to buy a car at an auction because, overall, it doesn't seem any cheaper than from a dealer.
Once you consider there is no warranty, the auction fee etc. it doesn't seem worth it.
Edited by 2520years on 10/09/2009 at 15:07
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