The credit crunch has claimed many casualties and threatens to continue for even longer than the government had initially believed. Many industries have been affected, not least the retail industry as people curb their shopping habits and tug on the purse strings. Another industry that has been badly affected has been the car industry.
You only have to click on Google news each morning to read about another car manufacturer having to close their production plants for the next couple of months or having to let go 'x' amount of staff. People just haven't got the confidence to buy brand new cars - there just isn't the demand for them at the moment.
Another factor that puts prospective buyers off purchasing brand new cars is depreciation. The rate that cars, especially brand new cars, depreciate has never been so fast. Brand new cars, in full working order with average yearly mileage can depreciate anything up to 25 per cent after just one year of ownership.
So where do you find value in the purchase of a car? The bottom line is... You very rarely do, unless you look after a car properly, keep it for years, and it becomes a classic. So, if you're looking for a car that is comfortable, practical, stylish, efficient, reliable and holds its value better than most, you couldn't go far wrong than a MINI.
Since BMW purchased Rover and completely revamped the Mini, demand for these loveable hatchbacks has never waned. Also, because of their build quality and timeless style, Mini dealerships continue to perform well, thanks to the popularity of this old British classic, which has been fused with German motoring efficiency and engineering quality, although the newer MINI One has a British built engine.
When the MINI was first released, some fans of the original Mini were disappointed with BMW's end product, mainly due to the increase in size of the MINI (22 inches longer and 12 inches wider than the classic Mini), but also as many purists felt the MINI is just a BMW with a Mini badge on it. And essentially they are correct, but this is by no means a bad thing, unless you're xenophobic.
Since production of the MINI began in 2001, more than one million have been produced and sold in the UK alone - Mini dealerships were inundated with orders for the new MINI, emphasising the fact that whether you love it or loathe it, BMW's decision to design and produce the new MINI has been a success.
A brand new MINI Clubman Cooper S - the latest MINI model - from Mini dealerships costs 17,525 on the road, compared to a one year old MINI Clubman Cooper S with 3,000 miles on the clock available at a Mini dealerships for 16,495 pounds. This is an example of how slowly the MINI depreciates.
In the current used car market, the MINI performs stronger than any other car in the same price bracket in terms of depreciation, just adding to its appeal. At a time where possible car buyers may be hesitant to make a purchase because of the economic downturn, buying a MINI is just about the best car to purchase when taking into account the price tag and recoupable return on that investment when the time comes to sell the car.
About the Author
Shaun Parker is a car expert with many years of experience in the car sales industry. Find out more about Mini dealerships at http://www.coopermini.co.uk
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