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Discussion Starter #1 (Edited)
Hi,
I am currently working on a deal on a 2002 M5 with 11,500miles on it. The car is Silver and has the two-tone black and Gray interior it is CPO car and I am purchasing it from a BMW dealer. The price they want is $53,000, would you consider this a very good deal (can't pass it up) or just a fair deal? My dilemma is that I was not in the market just yet because my lease on my MB C32 does not run out until April 05, but if it is a very good deal I might jump on the opportunity and have someone assume what time is left on my lease. <O:p></O:p>

Please help me. <O:p></O:p>

Thanks<O:p></O:p>

Tarek:confused:<O:p></O:p>


<O:p></O:p>
 

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honestly that doesnt sound bad, it almost sounds suspicious though.
make sure the car has no paint work , and have them disclose the service history and cpo inspection sheet.
other than that you might have found a deal .
52 sounds better.

ray
 

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Sounds very, very good to me. If it's the color you want, I might grab a credit card and put a refundable deposit on the car, just to hold it while you check it out.
 

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Sounds like it's priced right! I agree with previous post that if you are seriously interested, put down a (refundable) deposit then do some investigation work. My '00 was listed at $49k with 26k mi back in Feb. of this yr. I talked 'em down to $44. So $53k for an '02 w/11k mi sounds about right!

A few questions to ask yourself:
1) Am I planning on keeping the car or am I going to want to re-sale after a couple yrs?

When I asked myself that question I determined that I was going to keep my M5 for the long-run, therefore I decided to save about $10k by getting the '00 model, as opposed to getting the '02 (hey, it's the SAME CAR, just different yr model). But, had I been looking to re-sale the car I would have opted to get the newer yr model (easier to resale)...you have to decide what your plans are, but If you are planning on keeping the car for the long-run you may want to save the $10k and get a '00 and use the $10k on mods?

2) After you have made a decision regarding #1 (above), if you have decided that you want an '02, then just make sure this car you are looking at has:
a) The colors you want (inside & outside)
b) The "package" you want (LUXURY or SPORT interior), as well as the add-
on's you want (parking sensors, rear-shade...etc).

3) If you can answer questions 1&2 above to your satisfaction and are still interested in that particular '02 model then...YIPEE! Put a deposit down and start investigating ALL THE HISTORY on the car. Personally I had the dealer "pull" ALL THE SERVICE HISTORY on my vehicle...from day 1. When I say "pull" all records, I mean I got them handed to me on paper! I then took the car home for the weekend (demo) and had 2 mechanics & 2 paint & body people look at the car (spent $200) having it checked FROM BUMPER TO BUMPER, inside and out, for ANY/EVERYTHING before I went back to the dealer and "pony'd-up", confident in my mind that I was spending my hard earned cash on a car I would not have "buyers remorse" after a month or two!

I realize I have been quite detailed with my response, but the way I look at is this; I'm spending alot of $$ for an automobile, and for that much money I better think the deal out and make darn sure I'm getting something I REALLY want and will be gald to have for yrs to come. There are way too many cars out there to not get the one I really want. And with the new E60 M5 (V10) hitting the streets now, the market is being flooded with E-39's...priced to sell!

Just my .02 cents worth...hope it helps!
Robert
 

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Sounds like a very good deal compared to dealer prices in SF Bay Area. Recent sales that I know of in SF Bay Area from dealers for CPO's - '01 with 27k miles $55,600. '02 with 16k miles from private party - $56,000. '02 with 20k miles from private party - $57,500

-SJ_M5
 

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I know the car you are talking about - Foreign Motors West, right? I recently spoke to Chrissy up there. The car has been sitting for months and they are ready to wholesale the car. I think this is their final price cut. It came down from $58K over the past month or so. I personally think it's a great deal....providing you check it out. They claim no re-paint or body work and a non-smoker car. I also think it was a lease. The North East market for M5's is not strong right now since it will be snowing in a few weeks.
 

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That's not too bad ... Texas is a soft market and there was one I looked at that had 28k miles on it and sold for $48k. $52k for a car with 11k miles isn't bad at all as long as the condition is excellent.
 

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Having been shopping for a few months, I can say this is an excellent deal for a low mile 2002 CPO M5. However (assuming this is the Foreign West car) the CARFAX registration data did not make sense to me. I can't remember exactly what the perceived problem was, but it made me think that the car may have been a demo for the M driving school in SC. I emailed the dealer my concerns but never heard back...then I saw it on ebay!

So, I moved on...

If legit, the price is certainly good.

Good luck,

Kevin
 

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As a price point - in January 2004 I got my Black 2002 M5 with 25,000 miles, absolutely pristine condition for $55,000. This was from a private owner - not CPO. My research back then showed this to be a decent deal as dealers were seeking into the low-mid $60's for them.

Almost 1 year later - less miles and CPO'd - for $53k - sounds like you have a good deal to me!:M5thumbs:
 

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KevinM said:
Having been shopping for a few months, I can say this is an excellent deal for a low mile 2002 CPO M5. However (assuming this is the Foreign West car) the CARFAX registration data did not make sense to me. I can't remember exactly what the perceived problem was, but it made me think that the car may have been a demo for the M driving school in SC. I emailed the dealer my concerns but never heard back...then I saw it on ebay!

So, I moved on...

If legit, the price is certainly good.

Good luck,

Kevin
Yeh, that didn't make sense to me either. One owner but it was used several hundred miles before title. I was thinking sales demo. If I remember correctly, they bought the car at auction and it was originally sold at a Mass. dealership so I'm not so sure about the M driving school:confused:


<TABLE cellSpacing=0 cellPadding=2 width="100%" border=0><TBODY><TR vAlign=top align=left bgColor=#f5f5f5><TD vAlign=top align=left width="15%">11/05/2002 </TD><TD vAlign=top align=left width="25%">469 </TD><TD vAlign=top align=left width="30%">Dealer Inventory
Saco, ME
</TD><TD vAlign=top align=left width="30%">Vehicle offered for sale
</TD></TR><TR bgColor=#f5f5f5><TD colSpan=4>
</TD></TR><TR vAlign=top align=left bgColor=#ffffff><TD vAlign=top align=left width="15%">11/06/2002 </TD><TD vAlign=top align=left width="25%"> </TD><TD vAlign=top align=left width="30%">Service Facility
</TD><TD vAlign=top align=left width="30%">Vehicle serviced
</TD></TR><TR bgColor=#f5f5f5><TD colSpan=4>
</TD></TR><TR vAlign=top align=left bgColor=#f5f5f5><TD vAlign=top align=left width="15%">02/09/2003 </TD><TD vAlign=top align=left width="25%"> </TD><TD vAlign=top align=left width="30%">Dealer Inventory
Massachusetts
</TD><TD vAlign=top align=left width="30%">Vehicle sold
</TD></TR><TR bgColor=#f5f5f5><TD colSpan=4>
</TD></TR><TR vAlign=top align=left bgColor=#ffffff><TD vAlign=top align=left width="15%">02/09/2003 </TD><TD vAlign=top align=left width="25%"> </TD><TD vAlign=top align=left width="30%">Massachusetts
Motor Vehicle Dept.
Dublin, OH
</TD><TD vAlign=top align=left width="30%">Registered as
lease vehicle
</TD></TR><TR bgColor=#f5f5f5><TD colSpan=4>
</TD></TR><TR vAlign=top align=left bgColor=#f5f5f5><TD vAlign=top align=left width="15%">02/12/2003 </TD><TD vAlign=top align=left width="25%">607 </TD><TD vAlign=top align=left width="30%">Service Facility
</TD><TD vAlign=top align=left width="30%">Vehicle serviced
Engine serviced
</TD></TR><TR bgColor=#f5f5f5><TD colSpan=4>
</TD></TR><TR vAlign=top align=left bgColor=#ffffff><TD vAlign=top align=left width="15%">02/28/2003 </TD><TD vAlign=top align=left width="25%">625 </TD><TD vAlign=top align=left width="30%">Massachusetts
Motor Vehicle Dept.
Dublin, OH
Title #AY512215
</TD><TD vAlign=top align=left width="30%">Title or registration issued
First owner reported
</TD></TR><TR bgColor=#f5f5f5><TD colSpan=4>
</TD></TR><TR vAlign=top align=left bgColor=#f5f5f5><TD vAlign=top align=left width="15%">04/01/2003 </TD><TD vAlign=top align=left width="25%">1,381 </TD><TD vAlign=top align=left width="30%">Service Facility
</TD><TD vAlign=top align=left width="30%">Vehicle serviced
</TD></TR><TR bgColor=#f5f5f5><TD colSpan=4>
</TD></TR><TR vAlign=top align=left bgColor=#ffffff><TD vAlign=top align=left width="15%">03/09/2004 </TD><TD vAlign=top align=left width="25%">7,613 </TD><TD vAlign=top align=left width="30%">Service Facility
</TD><TD vAlign=top align=left width="30%">Vehicle serviced
</TD></TR><TR bgColor=#f5f5f5><TD colSpan=4>
</TD></TR><TR vAlign=top align=left bgColor=#f5f5f5><TD vAlign=top align=left width="15%">08/28/2004 </TD><TD vAlign=top align=left width="25%">11,453 </TD><TD vAlign=top align=left width="30%">Dealer Inventory
Natick, MA
</TD><TD vAlign=top align=left width="30%">Vehicle offered for sale
</TD></TR></TBODY></TABLE>
 

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Tarek,

Good advice from all above and seems like the price is right. I was in the highline business and it's a shame when my inventory had to be wholesaled out. Didn't occur a whole lot but it did happen -- that's the nature of the business. Seems like you're catching them at the right time so do your homework based on fellow members' responses and insight and pull the trigger accordingly.

In case you're curious, here's the latest on the '02 M5 wholesale auction prices so your deal at ~$52K doesn't leave any room for the the dealer's profit. Too bad for them but good news for you. Let us know how it turns out, best of luck on acquiring your beast. I'm on the hunt as well!

***** 2002 M5 *****
11/04/04 MANHEIM Regular $40,250 25,795 Below BLUE 8G 6 Yes
11/04/04 MANHEIM Lease $50,250 19,815 Avg JETBLK 8G 6 Yes
11/04/04 MANHEIM Lease $40,500 35,539 Below 8G 6 No
10/27/04 BAY CITI Lease $39,500 50,789 Below TITNSLVR 8G 6 No
10/22/04 NEVADA Lease $44,000 43,181 Below GREY 8G 6 No
10/14/04 RIVRSIDE Lease $51,750 32,215 Avg IMOLARED 8G 6 Yes
10/13/04 MILWAUKE Lease $49,500 18,785 Avg SCHWARZ 8G 6 Yes
10/08/04 MANHEIM Regular $46,800 29,914 Avg GRAY 8G 6 Yes
 

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If the title is clear, I would jump on it! Hopefully, we will be adding another Boston area M5 member to the fold.
 

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Discussion Starter #16
Hi Guys,

Here is an update,

It is the car that is at FM West, I went today and checked it out, seems like a nice clean car. I had them run the service history and it has had all the necessary services done to it, nothing out of the ordinary. No paint work done to it, the inside is perfect, the outside needs a good detail. I am trying to get them to throw in new tires, the fronts seem OK but the rears won’t last as long. I asked them about the M driving school and was told that BMW keeps records of those cars and that they are not allowed to CPO those cars. The explanation I got behind the mileage on first title is that the car was a dealer demo driven by the owner of the dealership it was put in service in (not sure about the second part but I believe the first part).

Financing is all set and I should have the car in a week or so.

Thanks for all the great feedback.

Tarek
 

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Congratulations Tarek! I cannot wait to see some pictures of the car.
 
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