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Discussion Starter #1 (Edited)
At a M-B dealer in SW Houston,

'01 M5 Gray/Black (full luxury) 20K asking $48,900.

Assuming this car is still within factory warranty how much have any of you that have purchased recently in the US been paying for an extended warranty (since obviously this one won't be CPO'd).

Edit: Sorry I guess I could have done a search on the warranty deal...

I'm going to go have a look on Monday afternoon :noSMG:
 

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TXE39 --

I think that I was looking at the same car is it listed on ebay?

I did a car fax on the vehicle and carfax stated that the vehicle was out of warranty. however, on another car that I carfaxed, carfax had the wrong in service date. when I spoke with the dealer about the car they told me the in service date for warranty purposes was much later (December instead of January). I know you are supposed to take everything said by a dealer with a grain of salt.

Good luck with it I thought it looked really nice.

Michael.
 

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Discussion Starter #3 (Edited)
I guess I'll find out about the warranty on Monday when I go in to take a looksee. That is the only answer I haven't gotten back from the sales guide. I guess if nothing else I only need the VIN to call into my service writer at the BMW dealer to find out whether or not it is or not for sure.

I trust this guy a little farther than I can throw him. I've worked with him in the past.

Edit: Yeah I think it is on ebay. Also on autotrader.com. He knows I'm looking for an M5.
 

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That sounds a little high to me. I bought an '01 with 29k in September for 46k. Carbon Black with Carmel interior, no M-Audio, sunshades or park-distance but still... Seems like the lower mileage might make up for 6 months later but I can't see paying more now...

Ben
 

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It depends on how much of a rush you're in and how picky you are on the color combo and features. It's not a terrible price given the low miles, but you could definitely do better if (a) you don't mind taking a couple months or more to find the right car at the right price, and (b) there isn't something uniquely compelling about this particular car. A couple things to bear in mind though - first, the "selling" price is usually significantly lower than the "asking" price, so a better question might be what a fair price would be for that car. Second, the price can vary by a couple thousand or much more depending on the condition of the car, and it's difficult, if not impossible, to tell if a given price is fair without seeing the car in person. I can't tell you how many cars I looked at for which the prices sounded good only until I actually saw the car. The car I ended up buying, on the other hand, was in better condition than I could ever have hoped for, and I felt completely justified paying a little more than the perceived "market" price for it.

TXE39 said:
At a M-B dealer in SW Houston,

'01 M5 Gray/Black (full luxury) 20K asking $48,900.

Assuming this car is still within factory warranty how much have any of you that have purchased recently in the US been paying for an extended warranty (since obviously this one won't be CPO'd).

Edit: Sorry I guess I could have done a search on the warranty deal...

I'm going to go have a look on Monday afternoon :noSMG:
 

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Discussion Starter #6
Thanks for the replies so far fellas!

I'm not incredibly particular about color combos (although I have a few I'm not interested in and others I'd be very excited about). This one however is one that I'm indifferent about. I'm much more interested in it's condition. This will be only the second M5 that I've looked at. First was a higher mileage '00. I wasn't really impressed with it at all.
Unless it really impresses me in all areas I doubt I'll make an offer on it. I've fully expected to look for at least 6 months (and accept that I may end up traveling in the end).

I've been thinking about what will happen to the market when the E60 finally starts being delivered here. Do you all think that prices will fall a little/a lot? compared to what they are now? I hate to buy a car just to find that in 1 years time I bought just a little too early.

Thanks again for the replies. I'll post a report here after I see it Monday.
 

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TXE39 said:
This will be only the second M5 that I've looked at.
My personal experience was that my ability to judge the condition of a car improved significantly as I saw more cars, and from time to time I would realize in retrospect that cars I had seen earlier and thought were in good condition really weren't. With that in mind, my advice would be to go see as many as you can so that you get a sense of what's out there, even if they're asking way above or below your price range.

TXE39 said:
I've been thinking about what will happen to the market when the E60 finally starts being delivered here. Do you all think that prices will fall a little/a lot? compared to what they are now? I hate to buy a car just to find that in 1 years time I bought just a little too early.
There's been a bunch of commentary on this issue on this board, but my personal opinion is that prices will fall, but only by a small (and perhaps immaterial) amount, just based on the basic supply and demand model. The supply of used e39's will go up slightly as some current owners move on to the e60, and the demand will go down slightly as people who would otherwise been looking at e39's look at e60's instead.
 

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Discussion Starter #8 (Edited)
Sound advice. There are quite a few available right now here in Houston. So I guess I should go take a look at as many as I can. Very true about the more you look the more you realize things about ones you saw earlier.

That makes sense about what will happen with the new model. I guess at least there may be more available in the color combinations I like best. Right now locally there are none that are (exactly what I want). Thanks again!
 

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Another thing to do would be to run the VIN with your local BMW dealer and get service history. It also may be worthwhile to have an inspection done as well.

To answer your question with yet another opinion, if the car is in excellent visual/mechanical condition, I believe a fair price for the car is circa $46 with no warranty and no ownership history.

good luck

al
 

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TXE39 said:
Thanks for the replies so far fellas!

I'm not incredibly particular about color combos (although I have a few I'm not interested in and others I'd be very excited about). This one however is one that I'm indifferent about. I'm much more interested in it's condition. This will be only the second M5 that I've looked at. First was a higher mileage '00. I wasn't really impressed with it at all.
Unless it really impresses me in all areas I doubt I'll make an offer on it. I've fully expected to look for at least 6 months (and accept that I may end up traveling in the end).

I've been thinking about what will happen to the market when the E60 finally starts being delivered here. Do you all think that prices will fall a little/a lot? compared to what they are now? I hate to buy a car just to find that in 1 years time I bought just a little too early.

Thanks again for the replies. I'll post a report here after I see it Monday.
Like others who have posted, I believe that (within a certain range), a car's worth is based on its condition and personal preference. There is NO question, the longer you wait, the lower prices will fall. When the E60 M5 is released, they will fall further, but probably only slightly more than due to time alone. This is because the E60 M5 buyer is, by and large, not the used E39 M5 buyer. The best approach is to know the the perfect (or near) M5 is out there for you and take your time. You WILL eventually find it and the longer you can wait, the lower the price will be. There is no need to settle for color combinations that do not excite you or cars in less than excellent condition.

Personally, I would try to get a CPO. Although there are problems (as documented), having an official BMW warranty around if things go sour provides me with some peace of mind.

Good luck!
 

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Discussion Starter #11
KevinM said:
Personally, I would try to get a CPO. Although there are problems (as documented), having an official BMW warranty around if things so sour provides me with some peace of mind.

Good luck!
I purchased my current E39 CPO and have been very happy with it. Not only has it been the most reliable used car I've ever purchased...but the CPO has been no hassle so far.

So I guess where I'm at is -

Look at lots.........don't settle........take my time and be patient

I think I can handle that. Would be nice to have a beast to take to the Houston M5 meet at the drag races in April though :)
 

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Discussion Starter #12
Took a few hours today to run down to Sugarland to take a look at the car. Outside of some serious curb rash to the wheels and a small scuff on the rear bumper it was in great shape outside - Sterling Gray looks killer on this car. Interior was flawless. I don't anyone had ever sat in the backseat. 20,700 miles and it drove like new (compared to the '00 w/ 60K I drove a few weeks ago). Unfortunately it has gone out of warranty and $2500 for an aftermarket extended one...so $51,500 plus they'll kill me on the 528 trade so this one's not gunna happen.

It's on ebay and autotrader so anyone looking it's worth taking a look at. The previous owner is contactable so that's a +.

To confuse myself further on the way home I decided to stop at BMW of Houston North (1960 store) and see my sales guide there (this is where the '00 I drove was) to let him know I wasn't interested anymore in it and I wanted him to keep his eyes open for an '01 or '02 for me. My mother rode with me to look at the gray M5 and convinced me to test drive an '04 Imola Red M3 SMG w/ 9000 miles. I haven't driven an SMG yet. It was really fun. I don't think I'll be able to talk myself into an M3 since I really do need 4 doors but it was a great car. If I liked to drive my Range Rover more than I do I would think about it...but for today at least...it's still the M5. The positive is that I'm no longer upset about the SMG in the E60 M5 so maybe when I turn the E39 in I'll could handle an E60 now.

Thanks again for the help guys. If I hadn't heard a few times "drive lots of cars, be patient" I probably would have just left in that one today (good deal or not - I'm rather emotional with car purchases). I'm going to try to buy a little more with my head and/or gut rather than my heart this time.
 
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