I agree. I just purchased an 01' for 11k (higher mileage than what you are looking at). I also had a PPI done by a tech I have known for 7 years and I trust implicitly.
He signed on it and that was enough for me. So far the vehicle has been great, needs tires (will arrive this afternoon) clutch is a little soft (it is original and that will be done next month) and valve cover gaskets are starting to seep (very slightly but still). Just know you will spend some $ on it and accept it.
That said if you cannot afford (right now) to put $ into the car, don't buy right now. There WILL be another M5 that will come along when you are ready. I looked for about 2 months for mine.
Do not buy it if it will be your daily driver and you can't fix what is wrong (the ABS is an issue for me as I carry my family in it sometimes)
Do a search on "hoping for the best". I'm reminded of a guy who bought a car with "minor issues" and after the motor launched itself, sold it at a huge loss. Some moron in CA who thinks of himself as a "dealer" and "flipper". Heh. Live and learn.
OK, seriously, here's an idea: buy the wheel sensor. Tell the seller that you want to try and fix the ABS issue, and he can watch you do it as it is a simple job. If it fixes the problem, buy the car. If it doesn't, then maybe more negotiations are in order.
You get all of this great advice, but then I'm reminded of my car which I bought from a very anal-retentive engineer BMW fanatic who did all of the maintenance and then some, but never bothered to have the pixels fixed or the leaking rear view mirror or the bad PDC sensor or the lousy tires replaced. Stuff like that drives me batty, but he didn't care. So I got a great car that needed zero maintenance, but still had a few (albeit inexpensive) repairs that needed to be done.
So yeah, maybe buying something as cheap as possible might work out well for you. Keep us posted on the adventure!
Well said - unfortunately, people usually have their mind made up already by the time they ask about a specific car. I do not think there is much we can say to change their minds.
There are no guarantees in life, but given that PPI, I wouldn't buy it even for $10,000, because no amount of "deal" is worth the headache and constant visits to the shop.
When buying a car like the M, you are looking for trouble free driving time and not "most frequent customer" award at the local Indy
Gosh, lots of harsh and lots of nice feedback. Well, I am mechanically inclined as to do the timing chain, bushings, ABS sensor or other "major" things myself so I can at least cut out the labor fees. It is true, any used car will require little things here and there and I intend to pamper this thing. It will be my daily driver but I also have my current daily driver which will come in handy the days i decide to put the M under the knife. I'm flying out to pick it up tomorrow, I'll post some pictures and info once I get home.
Thanks for the feedback guys, it feels good to join a community of people who have such thoughtful responses. M3=Racer Boy M5=Executive Express. Glad to be on board.
Good luck buddy. This is the most useful community I have been apart of since I got heavily into cars over a decade ago. There are plenty of DIY's to help you with most projects and more than enough technical knowledge among the members here to take the car apart down to nuts and bolts and build it back up again. Post pics when you can. Have a safe trip.
Personally I probably would have too. I'm not a fan of dealing with the previous owners headaches...especially when unknown issues on an "unmaintained" car are almost always inevitable. However, it's not our money, time, nor problem. All we can do at this point is help the guy sort out his issues as he goes.
There's something to be said for rescuing a vehicle from previous neglect and sorting it with your own two hands. People who pay others to do the work don't understand and that's ok.
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I don't disagree, however I do do my own work and would still rather buy one that was a little better maintained. But I think a lot of that has to do with the fact that I don't have the luxury of having the time to dedicate to constantly working on a car these days. Not like I used to anyway.