Advice needed [Purchasing 2002 M5 (UK)]

[Wane Ramsay]

Hi all, i think i've found the beast i've been for. It's an 02 plate (july 2002)with 55k miles.It's sterling grey and great condition outside/fantastic in, has all the toys including the through load system i require.Needs 2 rear tyres and has just had an oil service.
Is 23.5k too much for this car from an independant dealer and how much for 2 rears? Any advice would be greately appreciated.
Wane.

[Habu]

Wane Ramsay,

I think that's a really good price provided it is in good condition. The rear tires will set you back between $500 - $1K depending on the brand, taxes, disposal fee, etc. I'd look out for the usual stuff like MAF, clutch, brakes, hoses.

Bob

[wiggis]

Originally Posted by Wane Ramsay

Hi all, i think i've found the beast i've been for. It's an 02 plate (july 2002)with 55k miles.It's sterling grey and great condition outside/fantastic in, has all the toys including the through load system i require.Needs 2 rear tyres and has just had an oil service.
Is 23.5k too much for this car from an independant dealer and how much for 2 rears? Any advice would be greately appreciated.
Wane.

Does it have a BMW warranty? Does it have Comms Pack (i.e. Satellite Navigation and Phone)? Is the interior leather a nice colour?

If it does have the warranty and comms pack, and the leather isn't a puke colour, then it's just a shade (perhaps £1k) higher than I expect from an indy, but not unreasonable, but if it doesn't have these things, then it's quite a bit higher than it should be, and I wouldn't go more than £18k to £19k for a car without comms pack, warranty and with puke leather.

The two rear tyres will set you back approx. £450 for the pair.

Supposing it has comms pack, nice leather, but no BMW warranty (most likely scenario), then I would say that if you were to offer £21.5k on condition that the indy also buys the rear tyres, that he would probably tear your arms off .... with fuel at £1 a litre, 5L V8's aren't as popular as they once were.

http://www.whatcar.co.uk/used-car-va...99929&ML=55000

Hope this helps.

[Wane Ramsay]

[Q
Supposing it has comms pack, nice leather, but no BMW warranty (most likely scenario), then I would say that if you were to offer £21.5k on condition that the indy also buys the rear tyres, that he would probably tear your arms off .... with fuel at £1 a litre, 5L V8's aren't as popular as they once were.

http://www.whatcar.co.uk/used-car-va...99929&ML=55000

Hope this helps.[/quote]
Thanks guys,£23.5k is the lowest i could him down to from £25k.
It does not have bmw warranty, which is a shame but everything else is perfect- spec wise.
Will try to get the price lowered tommorrow.

[wiggis]

Originally Posted by Wane Ramsay

Thanks guys,£23.5k is the lowest i could him down to from £25k.
It does not have bmw warranty, which is a shame but everything else is perfect- spec wise.
Will try to get the price lowered tommorrow.

If you can get it for between £21.5k and £22.5k, then that wouldn't be a bad deal ........ similar cars sell at BMW dealers for about £25k to £26k, but they would include £1,800 worth of warranty and they wouldn't need £450 worth of tyres.

But you just know that all he paid was between £16k and £18k maximum for that car. He's got more than enough margin in the deal to sell it to you for £21.5k and still be making a healthy profit. Just mutter words like VANOS, BMW warranty, and Tyres while you're kicking the tyres and look concerned.

If you really want it badly, I would go along with an opening bid of £21.5k, and then when he refuses, offer to meet him half way, and say £22.5k cash - that's my final answer after asking the audience and taking the 50:50 - take it or leave it.

Be prepared to walk away if he won't sell for £22.5k cash. But I bet you he goes for it. If he doesn't go for it, then there are plenty of 2002 £26k M5's on www.bmw.co.uk used approved car search, and believe me, if I had a choice in the matter, I would still have that warranty.

And if you get really stuck, you can buy my year 2000 M5 in Le Mans Blue with 106,000 miles on the clock, silverstone leather, comms pack, full BMW history, and in perfect condition for only £14,000 and then spend the £8.5k you saved on extensive modifications

[Wane Ramsay]

[quote=

And if you get really stuck, you can buy my year 2000 M5 in Le Mans Blue with 106,000 miles on the clock, silverstone leather, comms pack, full BMW history, and in perfect condition for only £14,000 and then spend the £8.5k you saved on extensive modifications [/QUOTE]

Would love to buy yours but needs to have the through load system for work.
Thanks for your advice on getting the price down.

[wiggis]

Originally Posted by Wane Ramsay

Would love to buy yours but needs to have the through load system for work.
Thanks for your advice on getting the price down.

No sweat ... !

I was only 50% serious and needed a nice way to end my message - I love my beast

Good luck - let us know how it goes.

[wiggis]

So how did it go? Did you buy?

[Wane Ramsay]

Originally Posted by wiggis

So how did it go? Did you buy?

No, did'nt buy that one. Still looking, i've come to the conclusion that a warranty is a must so will try to find one from bmw.
As i understand it if i buy a car from them i will get their used car warranty which is different from the extended warranty.
Is this right?

[wiggis]

Originally Posted by Wane Ramsay

No, did'nt buy that one. Still looking, i've come to the conclusion that a warranty is a must so will try to find one from bmw.
As i understand it if i buy a car from them i will get their used car warranty which is different from the extended warranty.
Is this right?

The AUC warranty is more comprehensive than the warranty you will get when you renew it after the first year. Both are very good though. Be aware that the renewal cost will be > £1,800 for a car with > 60,000 miles on it, and you will not be allowed to renew once > 100,000 miles.

I wouldn't say that the warranty is 'a must', but certainly it gives you great peace of mind should anything big break.

Over the 3 years I've owned my car, there was only 1 year when the cost of repairs exceeded the cost of the warranty. Totalled over the 3 years, I estimate that I had about £2,100 worth of repairs under warranty on 3 separate claims, and the warranty cost about £2,340 (£650+£720+£970). As you can see, I would have been slightly better off if I had just paid for the repairs, but not much in it.

Using the current warranty rules and pricing and for the purposes of the thought experiment, assuming my car stayed below 100,000 miles, the next 3 years would cost me £5,400 (£1,800 x 3) in warranty charges, and assuming I follow the same claims pattern of around £2,100 and 3 claims (with a £250 excess each time), then I would have paid BMW £5,400 + £750 = £6,150 for £2,100 worth of repairs over the next 3 years. Not good, and a major tilt in BMW's favour compared to previous years.

That said, I would still have the warranty had BMW not changed the rules to exclude cars with > 100,000 miles and not got silly with the price. Why? Because spun crank bearings would mean a new engine at > £15,000 fitted, which is more than my car is worth - i.e. totalled. I would have happily continued to pay BMW £1,000 a year to avoid that potential catastrophe, but not only did they take the option away, they priced it way beyond what most people would consider 'fair'.