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Discussion Starter #1
I find out tonight if I am buying a 2000 M5 with 71K miles. Went last weekend and liked the car. Had a few small issues but overall in very good shape with good service records and an owner that took very good care of the car. He was in need of money and did not accept my offer as he is taking the car to Carmax today to see what they buy it price will be. I have no doubt my offer will be more than he will get but my offer was much less than his asking price.
 

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Discussion Starter #3
It is a black on black. I found it on cars.com and initially was not interested as the asking price was a bit high. As a few weeks went by I called and decided to take a look. If I get it I will be paying $6000 less than what he originally wanted. As far as options goes it is 100% stock no performance parts at all. I don't think there where any options on the M5 for that year but I may be wrong?
 

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My experience with Carmax is that they offer roughly whatever KBB wholesale is. On a nice older car in good shape with good miles (like the one that you describe) they may give him a few extra bucks. Keep us posted. Good luck to you. A fine car like that deserves better than Carmax. Hell, any car other than a Camry deserves better than Carmax...

It's tough selling cars these days. I called about an E34 M5 that I found on Craigslist and the seller said that he had a verbal commitment for it but would call me if it fell through. He was going to give the guy until Monday to come up with the cash. Well, the seller called me last night (10 days after his "deadline") and said that the buyer still couldn't come up with the money, so he's offering it to the other interested people. Of course I've since found another car. Too bad, because it's a sweet looking Euro E34.

Why can't people get their finances straight before making offers? That happened to me once; a prospective buyer jerked me around for weeks before the deal finally fell apart.
 

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Im guessing they will offer him about 13.5 to 14ish for the car maybe a bit more. As the car is over 10years old they generally wont put it on their lot so they will wholesale it out or put in their auction. Will he be calling you with their price and asking if you want to meet it or beat it? Im curious if he will fully disclose the price to you.
 

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Discussion Starter #7 (Edited)
I offered $12200 and feel confident that will be more than Carmax. I did some research and think Carmax will give him about $10K max. They use black book pricing and I was able to find out that number by some research.

On another note while doing research I read about a guy in 2006 that bought a new 325i in 2004 and put 27K miles on it as it was two years old. He said KBB retail price was $25500 and he took it to carmax to see what they would offer and they gave him a quote for $15,500.

He is calling tonight to let me know what is going on.

This might be one worth looking at:

http://washingtondc.craigslist.org/nva/cto/2159717147.html

It does need some work though.
 

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rrich49132, congrats on the finding and hopefully you will to own one of the best car ever built. also check this out Any M5 owners in Washington DC/ Nothern Va/ Maryland area? under regions, you too OptimusPrimeM5.
 

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Carmax is a joke on specialty cars in my experience. Five years ago we sold our 2nd V70R (a 2005 model) when it was 11months old with 16k miles. The sticker on the car was in the mid40s, and it was in pristine shape. Carmax offered $24,500 in December 2005. I called a friend in PA who deals in Volvos and immediately he found a wholesale bid for $29k. He told me he would run it through Manheim for me and expected it would sell for $31k or so there and charge me $200 plus auction fees. I put the car on Volvo boards with pics, etc, all details, and sold it in 1 hour to a wholesale dealer in Charlotte for $30,500. So it took me an hours worth of work to better Carmax's "best offer" by $6000. One would have to be really, really desperate to sell to them imo.
 

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Carmax is a joke on specialty cars in my experience. Five years ago we sold our 2nd V70R (a 2005 model) when it was 11months old with 16k miles. The sticker on the car was in the mid40s, and it was in pristine shape. Carmax offered $24,500 in December 2005. I called a friend in PA who deals in Volvos and immediately he found a wholesale bid for $29k. He told me he would run it through Manheim for me and expected it would sell for $31k or so there and charge me $200 plus auction fees. I put the car on Volvo boards with pics, etc, all details, and sold it in 1 hour to a wholesale dealer in Charlotte for $30,500. So it took me an hours worth of work to better Carmax's "best offer" by $6000. One would have to be really, really desperate to sell to them imo.
And sadly THAT is exactly what they prey on.
 

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Discussion Starter #12
Just got the call from the guy. He would not say what carmax offered him but it is less than $12200. After thinking about it he said he would sell to me for $13,500 and I decided to pass. This would come without a PPI.
 

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He'll call back.... methinks he needs to sell it more than you need to buy it.
 

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Discussion Starter #14
I said he is going to drop his asking price online to $15000 and will hope to get $13500. I just emailed him and asked him to reconsider as I can have a certified check to him tomorrow as he will sleep on it and re-consider. I won't go higher as at that price and no PPI I have money to play with to take care of anything that would come up. Also have another one in the area that could be a good deal.
 

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Ok so I am confused. He offered it to you at 13.5 and you decided to pass. Now your asking him to reconsider. What is he reconsidering or sleeping on?
 

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Discussion Starter #16
He will reconsider my $12,200. More than likely he will not take it but just wanted to make 100% sure which is why I went back to him. Like I said originally when I offered this he said that if it is higher than carmax price he would let it go to me. Just want to give him another chance to think about it as the estimate was just gotten today.
 

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Discussion Starter #19 (Edited)
If I was paying anything near market price I would. I know he wont drop the price any further but if he accepts do you think I should put it through a PPI just to make sure no major issues?

I am ok if I get it and have to do a few things even if it will run me $2000 or so.

After thinking about this maybe I say I will take it for $13,500 as long as a PPI does not find anything that needs to be fixed over $1000?
 

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If I was paying anything near market price I would. I know he wont drop the price any further but if he accepts do you think I should put it through a PPI just to make sure no major issues?

I am ok if I get it and have to do a few things even if it will run me $2000 or so.
I've read too many horror stories on this board about people who think they're getting a good deal to only find out otherwise. These cars can be very expensive to repair if you get the wrong one.

For me a $150 PPI on a $12k deal just makes a lot of sense as after the PPI you know the "real" purchase price.
 
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