I've searched the boards but since every situation is a little different, please indulge me with some advice.
I'm in the market for an E39. In a nutshell the question is do I pay a premium price for low miles?
My situation: Aside from weekends, car will be used for an easy 5 mile commute to/from public transportation, but that doesn't mean it needs to be a beater. The Beast has been my dream car since it came out, so the opportunity to buy one for well below a new 3 series is kind of a no-brainer for me. At the same time, I've got an eye toward resale, so I don't want to pay up and lose a ton if I move on in a year or two.
I'm in the northeast and originally was targeting an '03 with under 40K for under $40K. In decent color combos these cars seem to be out there but not in abundance -- plenty advertised for mid-$40s that I think would go for low $40s. Is this reasonable, unlikely, or what? All feedback welcome.
Specific example: found an '02 in my area with miles in low 20Ks. Year older but great miles. Original owner and sounds to be very well taken care of, nice color combo, extended warranty for another few years. Asking price of $43K sounds rich but is that the right zip code for the car I want? Just looking for a sanity check.
Thanks in advance. Really excited about owning a beast; just don't want to overpay or buy too much car for my needs.
I suggest you find the best car you can and then negotiate with an eye towards how long you plan to keep the car. A one-owner pristine car with low miles is definitely a good start. Only you can define the value of the car. Will you walk for 2-4K or not?
Those of us who purchased prior may see the car mentioned as a bargain, biased by our purchase prices. The market may be a different story. But, don't discount a well-maintained, one-owner car - even for a premium. Talking to the original owner is priceless (assuming honesty) - obtain information on break-in, oil usage, driving style, etc.
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For me personally, I'm willing to pay a premium for low miles. I also pay a premium for a one-owner, especially if I'm buying it from the owner and not a dealer (because I can talk to him/her and get a lot of questions answered).
In my case, I bought a 2003 with 17K miles this past July. I paid a premium for this one-owner garage queen from the original owner with all records, but to me it's like getting a new car (albeit with no warranty). It also came with several thousand dollars of aftermarket options, which meant nothing to me.
When shopping, I came across another 2003 with 18K miles, a 2002 with 8K miles and I think I just saw a 2003 in my neck of the woods (NC) with 4K miles, although I think he's asking a bit too much for it (50?). I think there's such a thing as too low miles, because cars need to be driven.
On that note, a high performance car like the M5 is not going to be happy with a 5 mile commute. After you get it, please drive the car at least every weekend somewhere far enough away so that the car reaches its normal operating temperature and the oil gets hot enough to vaporize the water that has condensed in it from those short trips.
HTH. Best of luck,
Michael
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Just a thought....why not buy a 2001 or 2002 with average miles for a good price, take the money you save and buy a beater to drive back and forth to public transportation. That way you dont worry about leaving a "nice car" baking in the sun in a lot all day. I would think you could pick up a nice car for the low 30's.
To me, mileage is less important than condition ... Have someone who is really knowledgeable on M5s go over the car very carefully ... topside, bottomside. Drive it. It ought to be "dead" quiet, track true, with NO hickups on acceleration. The clutch should engage smoothly and brakes should not pull to either side.
However, I wouldn't recommend an M5 (no matter how much you have dreamt of owning one) for a 5 mile commute ... It's a waste.
Just my $ 0.03 (inflation).
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Thanks all for the feedback. Don't worry about the short commute. The car will get plenty of exercise. I think I might try to stay patient and get into something for a little cheaper but with higher (not much) miles. What I'm really drawn to isn't the super low miles as the low miles with an original owner.
Or I'll just offer what I'm prepared to pay. I hope to be back frequenting the board as an owner.
To me, mileage is less important than condition ... Have someone who is really knowledgeable on M5s go over the car very carefully ... topside, bottomside. Drive it. It ought to be "dead" quiet, track true, with NO hickups on acceleration. The clutch should engage smoothly and brakes should not pull to either side.
However, I wouldn't recommend an M5 (no matter how much you have dreamt of owning one) for a 5 mile commute ... It's a waste.
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