What should I bid...confused! - 2520years
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.

What should I bid...confused! - Dave_TD
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.
What should I bid...confused! - 2520years
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

What should I bid...confused! - pd
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.
What should I bid...confused! - pd
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.
What should I bid...confused! - Chris M
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.
What should I bid...confused! - 2520years
Cheers for the replies.

It's at BCA in Belle Vue.

If it's £7.7k I'll have to look somewhere else...
What should I bid...confused! - FotheringtonThomas
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.
What should I bid...confused! - 2520years
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?

What should I bid...confused! - FotheringtonThomas
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.
What should I bid...confused! - Downesi1
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...
What should I bid...confused! - bell boy
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.......

What should I bid...confused! - 2520years
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.

What should I bid...confused! - pd
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.

What should I bid...confused! - 2520years
Cheers pd.

We're not in a rush, so maybe we should wait a few weeks and look again.
What should I bid...confused! - loskie
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.
What should I bid...confused! - 2520years
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