Help car value ?

[7milesout]

I think I have Comprehensive on a couple of the nicer ones. Like blue truck and LS 460L. I'm surprised deer aren't required to carry minimal liability insurance ... at least in California.

[Top_Fuel]

My Mirage has gone up in value 200% in the last month...according to Carvana...





At this rate it will be worth more than a Demon 170 by the end of the year.

[defensivetackle99]

My Mirage has gone up in value 200% in the last month...according to Carvana...





At this rate it will be worth more than a Demon 170 by the end of the year.

What even more odd, while on a slightly off topic note, is that there are folks buying USED mirage for few $k less than brand new one at MSRP. CarMax and Carvana seems to be doing fine with their small mirage inventory. $20k new Mirage (scream 76 hp in 2024) imo is hurting Mitsu brand. They need to be offering cash incentives or rebate to get these car popular again. Will they? I’m afraid not.

[Mark]

What even more odd, while on a slightly off topic note, is that there are folks buying USED mirage for few $k less than brand new one at MSRP. CarMax and Carvana seems to be doing fine with their small mirage inventory. $20k new Mirage (scream 76 hp in 2024) imo is hurting Mitsu brand. They need to be offering cash incentives or rebate to get these car popular again. Will they? IÂ’m afraid not.

U.S. Mirage sales below -

2013 2,935
2014 16,708
2015 21,515
2016 22,226
2017 22,386
2018 24,316
2019 26,966
2020 19,135
2021 22,743
2022 15,814
2023 13,220

My hypothesis on all this - Although 2023 Mirage car sales were less than 1/2 of the best year (2019), Mitsubishi may be making about the same amount of money or even more!

I became interested in the Mirage when I discovered White Bear was selling a Mirage ES manual for $7,500-$9,500 brand new. The price range was determined by how many $500 rebates (loyalty, VIP, or military) you qualified for & how you financed it. If you didn't qualify for anything & paid cash, they were letting brand new cars go for $9,500. If you qualified for all the rebates & financed with Ally, they were willing to let it go for as low as $7,500. Closing costs (tax, registration, document fees, new plates, & whatever) was under $1,000. I paid 65.4% window sticker for my 2017 Mirage despite not qualifying for any of the rebates at the time.

In simple terms, the top trim level would have added about $3,200 to the above deals. Top trim was about $2,000 more than the base trim and a CVT added another $1,200 back then. It would be fair to say the price range was approximately $7,500 (ES manual with all rebates applied & financed with Ally) to $12,700 (GT CVT with no qualifying rebates & paying with cash) back in 2017. I felt their good deals existed until about May of 2021, but it always went up some each year because they added something to new to the ES model that already existed on the other trim levels to bump up the price of all trim levels. If cruise control control became standard for all trim levels, all trim levels went up in price even though most of them already had it. That's how it worked.

"The average net profit margin for a car dealership is 1–2%. This means that for every $10,000 in sales, the dealership makes $100–$200 in profit." Jul 26, 2023

2% profit
$7,500 = $150
$12,700 = $254
$17,500 = $350
$20,000 = $400

This might explain why dealerships try to add more junk to their new vehicle sales to raise their overall profit.

I'm not sure where I am headed with this, but I think dealerships started embracing vehicles being sold at full price during the pandemic, and they realized they could make as much money selling fewer vehicles.

A 2024 Mirage also competes with the 2014-2023 Mirages (used models). Higher new car prices in 2024 justified higher used car prices, too.

If brand new 2024 Mirages were selling for $12,000 today, the value of my 2017 Mirage would drop drastically.

I'm just throwing speculation out there. I'm the type of person that wouldn't buy a new Mirage in 2024. I would rather own something else. I like my Mirage, because it was under $10,000 brand new. If I paid twice that today, I wouldn't like it all that much. I would be happier with something else, but that's me.

[Top_Fuel]

...there are folks buying USED ... for few $k less than brand new one

CarMax and Carvana are both in trouble right now for that exact reason. Buyers are finally wising up. Places like CarMax spent way too much money loading up on inventory when prices were high. Now the used market has shifted and they won't lower their prices (yet), so they are sitting on a ton of cars that won't sell.

This video pretty much tells the story...

[7milesout]

"The average net profit margin for a car dealership is 1–2%. This means that for every $10,000 in sales, the dealership makes $100–$200 in profit." Jul 26, 2023

At this time, I'm going to have to say, "I DON'T BELIEVE THAT AT ALL!"

I would speculate that quote was conceived by some automotive conglomeration in order to make consumers more willing to shell out more for new cars "today."

The US side automobile sales industry (across all OEMs) is really great at TELLING LIES. Their whole work day is just 1 big lie after another.

That's just my opinion.

[Mark]

At this time, I'm going to have to say, "I DON'T BELIEVE THAT AT ALL!"

I would speculate that quote was conceived by some automotive conglomeration in order to make consumers more willing to shell out more for new cars "today."

The US side automobile sales industry (across all OEMs) is really great at TELLING LIES. Their whole work day is just 1 big lie after another.

That's just my opinion.

I don't really believe the 1-2% myself. I just quoted what I was finding. Luxury cars were a much higher percentage, too.

Having said that, what would have been the profit on a Mirage selling for $11,000 in 2020 versus one selling for $19,000 in 2024?

[7milesout]

Having said that, what would have been the profit on a Mirage selling for $11,000 in 2020 versus one selling for $19,000 in 2024?

Ed Zachary. That crushes that 1%-2% figure into dust.

[sunbeam]

I think its roughly a fair price given the current postings on facebook marketplace in ontario.
Remember people think the mirage is a "bad" or "cheap" car so the resale value is currently not good.

In future I hope it rises like the old toyotas (tercel, camry, corrolla) where over time people realize the reliability (old is gold).

[defensivetackle99]

I think its roughly a fair price given the current postings on facebook marketplace in ontario.
Remember people think the mirage is a "bad" or "cheap" car so the resale value is currently not good.

In future I hope it rises like the old toyotas (tercel, camry, corrolla) where over time people realize the reliability (old is gold).

I believe resale value don’t mean much if one incline to keep it indefinitely, and it goes for any car.