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Discussion Starter #1
Hey fellas,

Here is the deal.

Lately I've been thinking if my 2006 M5 suits me? The car has 70,000 miles. I owe about $25,000 on the car. Recently I got it appraised at CarMax and they are offering me $21,000.

Finance Situation - I'm 26, still have 2.5 years of college left. I earn about 44k/ year. And I have a boss who does not want to give me a considerable raise to move me past 50k/ year salary at the moment.

Maintenance - I've already spent about $4000 in repairs already. And projecting $7000 worth repairs/maintenance before end of this year: Power Steering pump, clutch, fly wheel, rod bearing and who knows the SMG pump.

What I think that suits me - 2011-2013 Subaru WRX, low maintenance costs, fast for its class, reliable (I don't under estimate the M5, I LOVE THE CAR), and daily drivable.

I know that if I'm asking these questions, I'm not deserving to own this machine. Let say I fix the car paying $7000, am I to expect anymore major repairs down the road?

I noticed that this forum is full of capable and successful people, I want all of yall opinions and advice.

Thank you
 

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I suspect that the e39 crowd will suggest that you get rid of the e60 and obtain an e39 ;)

I would sell it and keep driving your Corolla until you can get something that isn't going to bust your budget.






PLEASE NOTE THAT I DO NOT OWN AN M5 AND THIS POST IS NOT INTENDED TO BE ARROGANT. PLEASE READ THE IMPORTANT REVISED DISCLAIMER THAT APPLIES TO THIS POST
 

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Discussion Starter #3
Rao, I didn't notice that I posted it in E39 m5, sorry. No hard feelings at all.
 

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Forget the E60 vs. E39 forum post...looks like you have WAY MORE car than you have budget. Getting out from under your E60 and getting into a much lower cost car is the best advise you could take. Enjoy the high performance cars after you're finished with college and you have the means to enjoy it... Good luck!
 

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Forget the E60 vs. E39 forum post...looks like you have WAY MORE car than you have budget. Getting out from under your E60 and getting into a much lower cost car is the best advise you could take. Enjoy the high performance cars after you're finished with college and you have the means to enjoy it... Good luck!
Unfortunately, I completely agree. If you have $7k of projected repairs/maintenance on the vehicle, and you're already $4k under the water on the loan, it might be time to try to unload the vehicle. Private party sale will likely net you the most revenue, compared to trading it in.
 
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Unfortunately, I completely agree. If you have $7k of projected repairs/maintenance on the vehicle, and you're already $4k under the water on the loan, it might be time to try to unload the vehicle. Private party sale will likely net you the most revenue, compared to trading it in.
But who would want to give me more than $21,000. Also I don't want to lie about the car, it needs a new steering wheel pump at the moment. :crying2:
 

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FWIW, I've spent so much time and money dialing in my M5 that I think I'm going to let it sleep for most of the winter, pulling it out when we get the random dry day to keep things nice and fresh. That said, 2011-2013 wrx hatch is what I'll be picking up for an all weather daily. With a downpipe and a tune it'll give the m5 a run...and I'm not going anywhere quickly in the rain in a 400rhp bmw. You don't have the need for an awd vehicle down in the lbc, but its a very assuring platform on dry pavement as well. Say goodbye to the throttle response of the 5 and its itb's though, and hello to some turbo lag!
 

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But who would want to give me more than $21,000. Also I don't want to lie about the car, it needs a new steering wheel pump at the moment. :crying2:
Are you in a position to do some of the maintenance yourself? That can really cut down on the overall cost of owning the car from here on out.
 
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your probably not going to like my advice but here it is:

first and foremost all of your time and money should be focused on finishing college. Once you are finished with college and have saved up the money then buy another M5 but this time with cash.

I would put the car up for sale ASAP and get out of debt. $44k a year is a very respectable salary for a college student, there are families that get by with that. then drive your carolla till the wheels fall off and pay for the remainder of your college with your 44k salary. graduate debt free and save up for another M5.
 

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Discussion Starter #10
Are you in a position to do some of the maintenance yourself? That can really cut down on the overall cost of owning the car from here on out.
Not really, I can do the maintenance up to a certain point.





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Discussion Starter #11
your probably not going to like my advice but here it is:

first and foremost all of your time and money should be focused on finishing college. Once you are finished with college and have saved up the money then buy another M5 but this time with cash.

I would put the car up for sale ASAP and get out of debt. $44k a year is a very respectable salary for a college student, there are families that get by with that. then drive your carolla till the wheels fall off and pay for the remainder of your college with your 44k salary. graduate debt free and save up for another M5.

Thank you sir


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But who would want to give me more than $21,000. Also I don't want to lie about the car, it needs a new steering wheel pump at the moment. :crying2:

Go get at least 3 competing trade in offers. Then put the car on craigslist and be honest about it when talking to buyers. You will still likely get more than a trade in value. If you can't sell it in a reasonable amount of time, trade it in.

Carmax gives you a report from their mechanics. Since you are not a mechanic, show that report to potential buyers if it is favorable and say this is what Carmax's mechanics said in their 147,000 point inspection. Also, get the blue book values from KBB, Edmunds, and NADA Guides. Keep the most favorable one in your back pocket and show to potential buyers. Again, be honest, but use favorable, factual information to help sell your car.

If you want to do the most financially responsible thing, follow the advice above. If you simply cannot live without a fun car, get an old Miata or S2000 or something. Something very inexpensive. The best thing you could possibly due financially is get out of debt, stay out of debt, and start investing money, especially for retirement. Pay cash for things when you can truly afford them. Good luck!
 

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Hey fellas,

Here is the deal.

Lately I've been thinking if my 2006 M5 suits me? The car has 70,000 miles. I owe about $25,000 on the car. Recently I got it appraised at CarMax and they are offering me $21,000.

Finance Situation - I'm 26, still have 2.5 years of college left. I earn about 44k/ year. And I have a boss who does not want to give me a considerable raise to move me past 50k/ year salary at the moment. ouich

Maintenance - I've already spent about $4000 in repairs already. And projecting $7000 worth repairs/maintenance before end of this year: Power Steering pump, clutch, fly wheel, rod bearing and who knows the SMG pump.

What I think that suits me - 2011-2013 Subaru WRX, low maintenance costs, fast for its class, reliable (I don't under estimate the M5, I LOVE THE CAR), and daily drivable.

I know that if I'm asking these questions, I'm not deserving to own this machine. Let say I fix the car paying $7000, am I to expect anymore major repairs down the road?

I noticed that this forum is full of capable and successful people, I want all of yall opinions and advice.

Thank you
How long have you owned the car?

None of these are "Maintenance" items, though they are common faults with the E6x M cars. So, the projected $7000 in maintenance is well off the mark. $4000 in repairs already seams excessive and should have answered your question. Get out of this car. You may take a $4000 bath on selling but do it; as $4K out of pocket is better than $7K. Alternatively, buy a good set of wrenches and learn to fix it yourself. Don't drive the car as much and fix those things that need to be fixed and don't get caught up in the SMG/Big End paranoia. Do proper maintenance and due diligence (oil analysis, etc.) and save your money.

As others have said you have a very good salary and another car. Keep the Corolla and drive the doors off of it, save your money and finish college. Replacing the M5 with a WRX is a very silly idea. If you need a newer or more reliable car get a Toyota Corolla/Camry or Honda Civic/Accord. They are cheap as chips to fix (and not a common occurrence anyway) and run forever.
 

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This is how I acquired my M5... You may even want to look at an earlier WRX too. The newer/latest gen of WRX is gonna cost a good bit. I had an old 2002 bugeye WRX prior to my M3 and that little car was a hoot to drive. The 04+ are probably the sweet spot. The later generations of WRX started to put on weight. I had a Miata too and that was a lot of fun in it's own right...
 

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Agree with everything already said, except those that comment on how "good" your salary is without knowing where you live. How good a salary is is very dependent on living expenses IMHO. (Unless everyone else knows where "LBC" is except me).

Clearly a bad purchase, and probably the worst BMW possible for your current situation. But we've all made mistakes, and you're facing it and trying to figure out best course. Have you posted this in the E60 thread? Those owners (presumably) actually like the E60 M5 and might have some helpful suggestions.
 

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Discussion Starter #16
Thanks for the useful and inspirational comments. I live in LA btw, not married yet.

Fellas I have let go of the beast. Finally I was offered 22,000 for a trade in. Lost lot some moneys, but i think I made the right choice. I traded into a 12' civic si. The car is fun, but it is not a beast.

I hope to join the forums again when I can afford to enjoy a beast. I will be a M owner.

Some pics,






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Just because you don't have the beast does not mean you have to leave. There is no better place to learn about these awesome cars and gain very useful knowledge for when the time is right to once again add the beast to your stable.

Enjoy the Civic. The K20 with the 6spd is a excellent car and can be silly fun, especially if you keep it over 6k (there goes the fuel economy).
 

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Nice purchase.

I am currently a college student. My M5 is paid off on the spot. it does help to have a part time job that can have a full time hours during summer. I take online classes when I can to cut down fuel cost and lower maintenance cost in long term.
 
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You did the most sensible thing.

Now maybe you can take some of your earnings and turn that corolla into a racecar.

My advice would have been completely different from everyone elses. I made sacrifices during my undergrad to keep my M car. I learned to do my own maintenance and shopped around for the cheapest OE/OEM parts I could find new. It has brought a great amount of knowledge and satisfaction to my life overall.

Again, you did the most sensible thing. Enjoy the Si, it is a good car.
 

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So if we are talking about financial advice here, it begs the question why did you get a second car, and a newer one at that? Is there a reason you need the second vehicle? Of course a Civic is much more prudent than an M5, but there are always additional costs to owning another vehicle.

Sorry to hear that you had to sell your ///M, but use this situation as a springboard to set yourself up to paying cash for one in future. It will be so much less stressful and enjoyable this way.
 
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