I am currently in the market for a M5, but am not in a hurry. It seems as though prices are coming down and more and more cars are coming off leases.
That being said, my local BMW dealer (I am in NorCal) has a clean 2002 M5 with 31,000 miles for sale. It is titanium silver (my favorite color) and has all options. It is a CPO car which extends the warranty until August of 2008.
They are asking $55,000, but they seem flexible. They have invited me to make a reasonable offer on the car. They just took it in on trade and are looking to move it quickly.
What do you think shoud be my price goal to purchase this car for?
They also said that they would sell me an addiitional 2 year extended warranty that would take it out to 2010 or 100,000 miles. What is this type of extended warranty worth?
I just bought a CPO car with 33K on it for drive out 51200. Yours should be around there. Mine is an 02. Sterling Grey with Lux Int. Only thing I dont have is the power rear shade.
I bought my 2002 with 45k miles on it. I did not buy it from a BMW dealership. It had been traded in to a VW dealership. It did not come with a certified pre owned warranty, just the balance of the original warranty which was up to 50k miles. I paid low 40s. You can always buy an extended warranty on the car if it still has any portion of the factory warranty on it. Granted mine had slightly higher mileage than those sold at the dealer but I was happy to save the 10k.
Last edited by black02m5; 12th October 2005 at 22:50.
I purchased my 02 with 46,000 miles, fully loaded LeMans Blue/Silverstone interior for $49k taxes,tags included. I have a CPO until 3-22-2008 and 2 very reliable SA have said don't purchase an extra warranty. The reason most won't cover clutch or other major wear and tear items. However, the CPO will cover the big things anyway. Hard decision, I would rather spend the money on M5 driving school or mods, but that is a personel decision. I would assume based on what I have seen recently that $50k is reasonable. I was willing to pay whatever because I knew that this was the car for me, after long time looking.
$55,000 IMO is high even with CPO and 31,000 miles. In June of this year I purchased a 2002 Silver with all options with 46,000 and CPO for $47,000. I had to travel 300 miles to pick it up, but ever other M5 on the east coast was $48-$53K. Good luck!
I paid 50k for a 2002 CPO with 36k in great shape several months ago. I would think you shouldn't have to go over 50k. And the dealer spent at least 1k sprucing up (repainted wheels - bumpers - replaced mats etc.)
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