The current economic climate has affected the car industry as much as any other, mainly because even those who can still afford to buy a brand new car are refraining from doing so at the moment simply as they don't want to take the financial hit in terms of depreciation.
But for those that are in the position to be able to afford to purchase a brand new car but still wanting to be prudent in terms of their expenditure, the Mini remains the least depreciating car available.
OK, those that are looking for a small hatchback may point out that the Mini is at the top end of the price scale for this type of car, yet when you weigh up its residual value compared to other cheaper cars in this sector, it remains the most prudent purchase.
For example, you can buy a Fiat Panda for just 7,000 pounds on the road compared to the most basic Mini, the One, which starts at 12,345 pounds on the road, but in three years time the Panda with around 50,000 miles on the clock will be worth little more than 2,500 pounds whereas a three year old Mini One with the same mileage will be worth close to 9,500. pounds
It makes financial sense if you can afford it and of course you will be driving round in a fantastic little car that catches admiring glances and is fun to drive instead of just an uninspiring run-around car.
Mini are actively taking part in the Government scrappage scheme whereby a car that is at least 10 yeasr old, taxed and MOT's and has been in the driver's name for at least 12 months can be scrapped for a 2,000 pounds discount on a brand new car. Incentives such as five years servicing for just 185 pounds are also being offered as well as free extras so yours can be customised exactly as you want it to be.
BMW want to capitalise on this further and have recently announced that they will be bringing out a new version of the Mini One that will be more affordable and attractive to the lower end of the market. A release date has not yet been set but expect Mini to continue to outsell its competitors and continue to be the most desired hot hatch around. And of course to remain the market leader in terms of slow depreciation!
Author Resource:-
Thomas Pretty is a car journalist with many years of experience writing about the car industry. Find out more about Mini at http://www.coopermini.co.uk/
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