Sold the M5....Took a Bath!! - The Unofficial BMW M5 Messageboard (m5board.com)

JunFan · 11th July 2003, 19:33

Well, I have closed the M5 chapter of my life.

I bought the car (2001 Titanium/Black)in October of 2002, it was for $61k and it had 12k miles on it. Actually I leased it, on a 4-year deal at $999/mo.

Due to several factors, I decided to get rid of the car. I have been seeing similar '01's advertised for sale anywhere from $55k-62k. So, I tried to run an ad in the Dallas paper @ $57k, but didn't get even a single call. I kinda felt like I was out of my league selling a high end car like this, so I decided to use Lineback Enterprises to sell it on a consignment basis (3%commission). They encouraged me to put it out there at $54.9k. Not even a single nibble. I was very disappointed with the way they were handling things, in terms of their lack of service and focus.

Meanwhile, I was watching the EBAY auctions, and it seemed the cars were attracting little interest, and those that traded were in the low 50's, and even a couple in the high 40s.

I started to have visions of the value of this thing deteriorating at an accelerated pace given the upcoming rollout of the new 5 series body style. I know most people prefer the "old" style, but cars always get hit hard when there is this kind of transition going on. I decided to take my lumps and get it out the door.

So I sold it to a BMW dealer here in town for $50,500 and went my merry way. I know I could have probably held out for more, but I wanted to get rid of this thing before the new 5'r came out, plus the cost of me owning it was $1200/mo (lease + insurance). I cut a pretty good size check for the negative equity

I'm not trying to be a downer, just telling you what my experience was. As far as the car goes, it was truly awesome!

But I don't think I want to be selling another M5 in the next few mos....the market for them is tough right now I think.

JunFan out.

2001 M5 Titanium/Black (SOLD!!)

M5_in_MD · 11th July 2003, 19:52

Unfortunately, the model change will likely continue to drive prices down, and it's up for grabs to see if used M5 prices stabalize in the troposphere the way used 911 Porche prices do. Doubtful, since the essence of an M5 is stealthy performance, which is lost on the majority of the motoring public.

But most of us put resale residual on a secondary level. Otherwise, we'd have bought MB or Lexus!

I predict you'll miss your beast in about two weeks. It will come when you're putzing along in your replacement mount, and you punch the throttle......and the engine sez "Let me get back to you on that."

M'nd · 11th July 2003, 19:58

Man that was an expensive lease........My new 2002 lease costs me $1100 a month for three years with nothing down but the first payment.

Tom C · 11th July 2003, 21:10

I would be crying more about the original lease than the resale!!! My 48 month lease is less on a brand new M5 (delivered 4/02). You paid more because it was a used car and the depreciation rates are terrible...and that gets passed off to you in your monthly lease payments. Ouch!!!

Good Luck,

Tom

JunFan · 11th July 2003, 21:17

I'm not crying about anything, Tom...I took my lumps like a man and am moving on. I'm a big boy, and can take it

It's obvious that I didn't have the best lease, but that has nothing to do with the deteriorating resale market of the M5.

AJ · 11th July 2003, 22:53

you did not take a bath. 50k for your car on a tradein is a _very_ good price in the current situation.

trust me.

alex
02 gts
few other cars

JunFan · 12th July 2003, 02:06

I guess it felt like it because I guess I must have had an inflated view of what these things were trading for.

I mean, there are '01s being offered for over $60k out there...that seems unbelievable. I guess it's the greater fool theory at work. I know for a fact the Manheim values of these things are in the anywhere from $48-52sh.

I just want to say that I really enjoyed being on this board, and learned alot...you guys are great.

And the M5 rules!

I'm now the proud owner of a Ram 1500 w/ a 3" Lift & Flow-Masters

Fits more of my hunting/fishing lifestyle. And my black lab is happy now too. I don't think I could have gone to another car, after owning an M5.

JunFan

greer · 12th July 2003, 08:19

JunFan,

Just because you sold your beast don't be a stranger to the board.

WhiteHorse · 12th July 2003, 19:21

People like me get to drive our dream car and are getting them at a great price (for now

). I bought my'01 for way less than 50k. Mileage is a little high (47k) but the records show decent treatment. Obviously the previous owner had it on lease and went way over on miles. The car was garaged for some time as the only problem I've had to repair is some wiring that was chewed through by the rodents that nested in the right airbox. I love this car and the price paid will allow me to add some of the fun stuff. It is now a great hobby car and I get to drive it daily. I'm loving it!

JunFan · 14th July 2003, 02:43

What did you pay for yours, if you don't mind me asking??

JunFan

2001 M5 Titanium/Black ~ SOLD