What's the deal with used Miatas?

[DougK62]

So it's starting to get warm out and thought I might pick up a cheap Miata to cruise around in and work on since I've never owned a convertible and these things get rave reviews. I figured I should be able to pick up a higher-mileage driver from the early 90's for $2k or so. Why are these priced so high?! They made tons of them, but the cheapest one in my area on AutoTrader is $3000 with 212k miles and mechanical problems. Is what I'm looking for impossible? Edmunds TMV dealer retail is less than $2k, and NADA guides is around the same. So what's up, and how do I shop these? All I want is something 91-93ish in respectable condition with, say, less than 150,000ish miles.

 

[mwmorph]

Good cars keep their value.
If it fulfills the 3 requirements,
1. keeps it's style well over time
2. is reliable
3. is something people want to drive
People will pay more for it.

It's the same with other sporty niche products like the MR2, Supra, 240SX, Corvette, etc.

 

[ElFenix]

prices are usually higher when the weather gets nice out

 

[DougK62]

Originally posted by: mwmorph
Good cars keep their value.
If it fulfills the 3 requirements,
1. keeps it's style well over time
2. is reliable
3. is something people want to drive
People will pay more for it.

It's the same with other sporty niche products like the MR2, Supra, 240SX, Corvette, etc.

Yeah, that makes sense. But the MR2, Supra, and 240SX weren't high-production vehicles. And an early 90's Corvette is relatively dirt cheap compared to what they would cost new then. It just seems like the Miata should be cheaper when you look at their production numbers and low initial cost when new.

 

[Riverhound777]

Try craigslist. there are a few in my area in that range.
http://santabarbara.craigslist.org/car/648835087.html
http://santabarbara.craigslist.org/car/632840254.html

 

[mwmorph]

Originally posted by: DougK62

Originally posted by: mwmorph
Good cars keep their value.
If it fulfills the 3 requirements,
1. keeps it's style well over time
2. is reliable
3. is something people want to drive
People will pay more for it.

It's the same with other sporty niche products like the MR2, Supra, 240SX, Corvette, etc.

Yeah, that makes sense. But the MR2, Supra, and 240SX weren't high-production vehicles. And an early 90's Corvette is relatively dirt cheap compared to what they would cost new then. It just seems like the Miata should be cheaper when you look at their production numbers and low initial cost when new.

Economies of weather as stated above, convertibles get expensive as summer comes along and then falls off again during the winter.

Also, it's carved out a legendary niche. Corvettes cost about $33k new but 1992 corvettes still go for 6-12k depending on mileage.

Lastly, it's practically the only car in the niche, it sort of shares it with the MR2 Spyder from 2000-2005 but those were lower production cars and much more performance oriented/hard to live with. Even then, the MR2 Spyder retains its value similarly well so it's not just the Miata.

 

[theeedude]

Don't confuse asking price to what they'll actually sell it for. Go do some lowballing.

 

[Demon-Xanth]

Originally posted by: mwmorph
Economies of weather as stated above, convertibles get expensive as summer comes along and then falls off again during the winter.

Also, it's carved out a legendary niche. Corvettes cost about $33k new but 1992 corvettes still go for 6-12k depending on mileage.

Lastly, it's practically the only car in the niche, it sort of shares it with the MR2 Spyder from 2000-2005 but those were lower production cars and much more performance oriented/hard to live with. Even then, the MR2 Spyder retains its value similarly well so it's not just the Miata.

One major strike against the 1992 Corvette is that there have been some major revisions that made the Corvette MUCH better in many ways, while the original Miata still has a little something that the newer ones don't.

 

[iamwiz82]

Miatas hold their value very well. I'll sell you my 99

 

[MiataNC]

I will sell you my 2007 for 20K...

Then I will run right out and get another with a power retracting hard top

 

[AdamK47]

Originally posted by: Demon-Xanth

Originally posted by: mwmorph
Economies of weather as stated above, convertibles get expensive as summer comes along and then falls off again during the winter.

Also, it's carved out a legendary niche. Corvettes cost about $33k new but 1992 corvettes still go for 6-12k depending on mileage.

Lastly, it's practically the only car in the niche, it sort of shares it with the MR2 Spyder from 2000-2005 but those were lower production cars and much more performance oriented/hard to live with. Even then, the MR2 Spyder retains its value similarly well so it's not just the Miata.

One major strike against the 1992 Corvette is that there have been some major revisions that made the Corvette MUCH better in many ways, while the original Miata still has a little something that the newer ones don't.

92 was the first year for the LT1. It's a great engine with huge modding potential.

 

[thomsbrain]

Last time I checked, there were lots in the $2000 range in the Bay Area Craigslist page. You're getting a beater at that price, of course.

 

[thedarkwolf]

You just have to keep looking. I noticed the samething when I was looking for mine. You almost couldn't find any for less then $4k and most where $7k. It was weird. I could almost find as many 99+ miatas for $7k - $8k as I could 94-95. Taking my time I ended up finding a 94 turbo with a hardtop for $4300 and couldn't be happier. Read around on miata.net if you haven't already.

 

[Scouzer]

lol... the CHEAPEST Miata in my area is a 1993 with with 120k miles... $7000

 

[iamwiz82]

Originally posted by: Scouzer
lol... the CHEAPEST Miata in my area is a 1993 with with 120k miles... $7000

The further north the higher the price. It makes sense, since we go stircrazy in the winter; we need to get out in the summer.

 

[overst33r]

Originally posted by: Scouzer
lol... the CHEAPEST Miata in my area is a 1993 with with 120k miles... $7000

lmfao...

OP, just shop around... Being in florida, I had a larger selection. I went to see 3 cars before I found mine. I paid $4600 with 81k on the clock. The M edition has some fancy bits and a limited production which bring the price up a bit, but the seller didn't really know what he had...

 

[jagec]

Originally posted by: mwmorph
Good cars keep their value.
If it fulfills the 3 requirements,
1. keeps it's style well over time
2. is reliable
3. is something people want to drive
People will pay more for it.

It's the same with other sporty niche products like the MR2, Supra, 240SX, Corvette, etc.

Actually, the mk1 MR2s are SHOCKINGLY cheap for what they are. You can pick up a running beater for $500, and a pretty decent condition one for $1500-2k. Tack on another few thou for the supercharged version (which are rare as hen's teeth).

The mk2s are pricey.

 

[Black88GTA]

What is your area?

I found this 1990 on Craigslist for $1900 with 130k on it in Long Island. It's actually only a couple miles away from me. Looks like a bit of a beater in the pics, but the interior looks nice, and I think the exterior would clean up really well with a good buffing / polishing and a suction cup on that dent. Owner claims the A/C works, and he even apparently has all maintenance records! If I didn't already have too many cars, I'd think about taking a look at it myself, actually...

Or you could always do a fly-and-drive...dedicate a weekend to it, fly out Thursday / Friday, and spend the rest of the weekend driving back...

 

[daveymark]

yep if you want one that functions mechanically that doesn't look like garbage, plan on spending a MINIMUM of $4k unless you're willing to wait (I waited and finally found mine for $2.5k, beautiful red with leather tan interior)

 

[randomlinh]

I'm dead set on getting a 99. Unfortunately, my budget for a 2nd/autocross/fun car is about 5 grand. I'm not going to find that for at least another few years.. haha

 

[daveymark]

Originally posted by: randomlinh
I'm dead set on getting a 99. Unfortunately, my budget for a 2nd/autocross/fun car is about 5 grand. I'm not going to find that for at least another few years.. haha

not necessarily. I've seen 99's for $6k, so $5k shouldn't be too far off, especially in the winter in the north.

example

that said, why are you dead set on a 99?

 

[JulesMaximus]

A small, fun-to-drive, fuel efficient car? Yeah, it's not surprising that they are in demand actually.

 

[thedarkwolf]

They aren't exactly fuel efficient. Mines never gotten more then 27mpg and that was a full tank all highway although I do see lots of people saying they get 30-31ish out of them. Still not exactly impressive. Mines rated 22/27 which is exactly what I get out of it.

 

[overst33r]

Originally posted by: thedarkwolf
They aren't exactly fuel efficient. Mines never gotten more then 27mpg and that was a full tank all highway although I do see lots of people saying they get 30-31ish out of them. Still not exactly impressive. Mines rated 22/27 which is exactly what I get out of it.

If it wasn't for the super short top gear, it'd be great. ~4k at 75 ftl. Still, my lifetime average is about 30. With a high of 34 and low of 25.

 

[Demon-Xanth]

Originally posted by: mariok2006

Originally posted by: thedarkwolf
They aren't exactly fuel efficient. Mines never gotten more then 27mpg and that was a full tank all highway although I do see lots of people saying they get 30-31ish out of them. Still not exactly impressive. Mines rated 22/27 which is exactly what I get out of it.

If it wasn't for the super short top gear, it'd be great. ~4k at 75 ftl. Still, my lifetime average is about 30. With a high of 34 and low of 25.

Given those MPGs, and L76+T56 swap...


mmmmmmmm