1st Gen GP Value of a GP today?

Discussion in '1st Generation: 2002–06 R50, R53 & 2004–08 R52' started by PGT, Oct 26, 2010.

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  1. PGT

    PGT Wheel Whore

    May 4, 2009
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    I've been toying with the idea of buying one for a 'fun' car. There are a few for sale but owners appear to think their worth more than the guide books say. Those with low miles or no miles are asking close to $30k. Yes, its like no....no, there's no warranty left so it shouldn't be priced like new (not to mention four years of sitting isn't what a car was designed to do).

    So, what's a low mile GP worth (as in less than 1k miles)? $25k? That's what Edmunds puts dealer retail at.

    Thoughts??
     
  2. minimark

    minimark Well-Known Member

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    When your talking a very low mileage limited production car like a 1000 mile GP, the value of what the owner is willing to sell for and the what a buyer is willing to pay would apply.

    Not one cent more. LOL
     
  3. rigidjunkie

    rigidjunkie New Member

    Dec 23, 2009
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    30K sounds about right, if I remember correctly they were around 36K new before dealers added to the cost. You are also looking at something that you will either be able to enjoy and lose all the value or that you will sit and look at and retain the value. While I like the look of the GP's I have never understood why someone would buy one over a well moded S. You can get better performance and retain the utility very easily.
     
  4. PGT

    PGT Wheel Whore

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    GP was not $36k. It was $31,115 MSRP. And, some dealers sold for less when they languished on lots. I seem to recall one locally being sold for less than $30k actually.

    And, the GP turned out NOT to be a collectible except for the MINI faithful. I'm not willing to pay MSRP for a car that's four years old with no warranty (and isn't appreciating in value, at least at this point)
     
  5. Dr Obnxs

    Dr Obnxs New Member

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    Remember...

    all those muscle cars that are getting top dollar at auction couldn't be given away in 1975!

    I don't think Edmunds is a good guide for what a limited production car goes for. They don't turn over nearly as much as other cars. Buying one that is very low mileage sounds like the seller is re-thinking thier "this will be worth holding onto" thoughts when they bought it... Maybe go for one with more miles on it. That owner won't have been thinking that they own collectable gold!

    Good luck looking! Take your time and you'll find one for less.

    Matt
     
  6. minimark

    minimark Well-Known Member

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    Then buy a well cared for R53 and go have some fun!!
     
  7. TGS91

    TGS91 New Member

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    On a related note I saw a guy list a MC40 special edition on MiniMania for something like $40K. Guessing he is going to be sitting on that for a spell..........

    Fairly low miles but get real
     
  8. BThayer23

    BThayer23 Well-Known Member

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    For perspective, the E30 M3 took about 20 years to start increasing in value. The GP's not 5 years old.
     
  9. quikmni

    quikmni Moderator

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    Some higher mileage GPs have been for sale in the $21,000 - $25,000 range.
    The very low mileage GPs have been for sale in the $28,000 - $31,000 range.
    The GPs were $31,500 new which was not a bad deal compared to the price of a 2006 MCS with all the JCW options (engine, suspension, and brakes).
     
  10. PGT

    PGT Wheel Whore

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    ehh, BTDT and don't care to throw money away like that again. A GP will be a step down from my last MCS but my goal would be different this time :D
     
  11. minimark

    minimark Well-Known Member

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    Are you saying you can resist the urge to mod with a GP? Lol
     
  12. PGT

    PGT Wheel Whore

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    :lol: hardly, but the second time around, I wouldn't go deep. Strategic things like suspension and rubber (I am a wheel whore after all...).
     
  13. minimark

    minimark Well-Known Member

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    Slut from what I've seen...LOL

    GPs are sweet! ;)
     
  14. BThayer23

    BThayer23 Well-Known Member

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  15. rigidjunkie

    rigidjunkie New Member

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    I thought you were looking for a fun car? Judging from your profile and signature pictures you have a WRX and a Benz, looks like you need a convertable maybe an Anniversary Miata?
     
  16. PGT

    PGT Wheel Whore

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    the STI is gone.....traded on the Benz. As for a convertible, I almost bought an Audi S5 Cabrio. That said, a Wrangler is more my idea of a 'fun convertible'. For sporty cars, roofs are needed for proper handling. Our R53 Cabrio suffered from chassis flex in a way that made it not fun to drive fast.
     
  17. howsoonisnow1985

    howsoonisnow1985 New Member

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    Why not STi or Evo?

    I think GP's won't be collectible for another 20 years sorta like the E30 M3, I remember almost buying one for $5,999, but thought I will wait till they are $1,999. So much for that, now they are $19,999 and more for "low mileage". You can find Sti and Evos for less than a GP, I would consider that. (I am considering it) Many sweet Evos for $16-20k and some real sweet Sti for $13-19k. An 04 2 door STi is what I would like.
     
  18. PGT

    PGT Wheel Whore

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    no such thing as a 2 dr STI from the GDB series (04-07). And, I just sold my '08 STI...not looking to go older.
     
  19. howsoonisnow1985

    howsoonisnow1985 New Member

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    Sorry first gen coupe STi conversion.
    Why did ya sell the STi, seems like a fun car. no?
     
  20. PGT

    PGT Wheel Whore

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    Subaru had a bad stint with motors from '07 to early '09. Blown ringlands, spun rod bearings, etc. Hell they had a "STOP SALE" on all turbo models for an OEM tune that was too lean. I decided I didn't feel comfortable keeping the car long-term, despite the 5/60k drivetrain warranty.

    Besides, the realization that I could buy a fast car from the factory by cashing in all the mods I did and buy a "grown up" car. My Merc is faster bone stock than the modded STI was. It handles very well too but isn't as 'sharp', even with summer tires. There are options for coilovers like KW V3's, but not sure I want to go down that road (yet).
     

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