After years of hard labor, I have finally achieved a savings balance that will support the purchase of my dream car, a 2000-2003 BMW M5. I have been surfing the E39 message boards and trying to learn more about the vehicle. I think I've found most of the information I need, but there are a couple of items that I was hoping to get some additional feedback on:
1. First off, I live in an older part of town. My building does not have a garage, and there are no buildings nearby where I can rent covered space. This means I will be parking the car outside. Not ideal. That said, I have a 9yr old Lexus that I've never had any "security" problems with, even once when I invited theft by leaving my windows down (double-clicking the unlock button instead of the lock button has this effect). The main concern I have is more with weather's effect on the car -- paint, seals, general appearance type things. Would anyone care comment on whether it is sane to leave a car this nice outside?
2. Is there any board consensus on warranty providers? From the boards, I hear EasyCare is a popular choice for the M cars. The gist of the advice is to buy something with exclusive contract language from a financially stable, established company. I would guess it is still possible to get a warranty on a 2002 or 2003...? It seems prudent to at least have a drivetrain warranty on a car with such high transmission and engine replacement costs. Any recommendation on warranty / service contract companies?
Thank you very much for taking the time to read this newb's questions. Any other comments or advice you might have above and beyond what I have asked above would be greatly appreciated.
If you'll park the car outside... maintenance is the key and it will be a challenge as you have to atleast wash the car once a week, wax the car at least once a month if you do it yourself you'll save money but ultimately you will save more time and $ if you find a garage space for your beast to sleep in...
Aftermarket warranty? forget it JMHO and experience...if you can hold on the mods for the life span of the warranty and what not I would still not get an aftermarket warranty...do a search for aftermarket warranty...
Lastly goodluck on your quest
__________________ Mods: 91 octane with occasional 100 octane
"Illegitimus non carborundum"
" Despite its supercar attributes, the M5 still doubles as a soberly practical, spacious saloon - only with the ability to scare four passengers in comfort all the way to the local coronary unit". Top Gear
Last edited by Laidback; 6th November 2007 at 07:48.
I bought my 2001MY (46,000 mi) in March 2005 and bought an after market warranty from http://aaautowarranty.com/WAContract.asp and had very good luck. My SA from Bell BMW in NW NJ said they were very easy to work with.
My original was 3 years or 75,000 miles for just under $2000. It was a platinum, bumper to bumper with a $100 deductible. In the 2 1/2 years that I was covered (I'm beyond 75,000 mi) I about broke even.
I was going to extend it with a little less coverage and they quoted around $1900 that would cover me for 4 more years and 40,000 more miles. I think that would have covered me til 117,000 miles.
I elected not to as I'm going to probably sell the car in the spring. Moving to Durango, CO and the car is just not practical to have in a fairly isolated part of Colorado as far as semi exotic cars are concerned.
Good luck with the purchase!
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That's my opinion, although I might not agree with it.
II elected not to as I'm going to probably sell the car in the spring. Moving to Durango, CO and the car is just not practical to have in a fairly isolated part of Colorado as far as semi exotic cars are concerned.
Heck, sounds like the prefect place for an M5! I'll take isolation over traffic, any day ...
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"The greatest obstacle to discovery is not ignorance; it is the illusion of knowledge."
Thank you, gentlemen. I really appreciate the advice. Perhaps I am crazy to buy a 7 yr old car for $33K and then park it on the street, but it's nice that none of you call me on it outright. Will look into the Warranty America contract...
My M5 has slept outside year-round for the past 3 years and it looks just as good as when I bought it (maybe better). When you park it outside, you just have to be more proactive on keeping it clean and checking everything over when you wash it.
i dont know ... but the paint on most euro's are definitely top notch, just gotta keep it washed and waxed regularly
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