[Caguci]

I am a new member and I have been checking in for a while. I have driven 2 M5's. One with the manual and the one I drove today had the SMG which I loved. Now I know I am on the SMG side of the fence.

So the car I drove today is an 08 Indy Red/Black with 12,000mi. It is immaculate right out of the wrapper. Not a scratch, ding or curb rash. But there is a story. The cars ran into deep enough water to suck up into the engine and ruin it. There was no other flood damage. The interior smells like new and no other repairs were needed. So it has a new engine with a couple hundred miles on it and a 1yr BMW warranty on the motor only. All other warranty is void with the salvage title. Apparently I can buy an aftermarket warranty according to the seller.

He wants $40,000 for the car, asking 42k. I offered him $35,000 and then he showed me his invoices that total roughly $40,000. So it would be a push for him to move the car in winter in Wis. The only thing that would make this work for me is that I usually keep my cars for quite a while and I am pretty sure I would with this beauty.

So what do you guys think? Buy the car and use the savings for some tasty mods or run like hell and pay retail for a car with no story?

 

[ccieurzo]

Run like hell. You will never be able to resell the car with that history and the salvage title. Where in WI are you?

 

[Feld1128]

A car with electronics like the E60 and water damage no way, if water was high enough to get into the engine lots of wiring got wet also.Whatever you would save now you will loose later when you sell it and I would question the warranty on the engine, I would bet any problem that comes up will be blamed on the flood damage. Salvage cars are rarely worth it.

 

[Michael_s]

You will NOT find a warranty. Seller is not accurate. No way I buy that car. There are a lot for sale. Keep looking.

 

[Caguci]

I am in Oconomowoc

 

[Michael_s]

I am in Oconomowoc

Are you saying that there are not a lot of M5's around? Search the internet, use this forum as a resource for local members to go look at a car for you and then fly to see the car and possibly drive it back. Do not limit yourself to just your local area. When I sold my E39, the gentleman flew in from WI, I picked him up from the airport and drive home. This was in FL. Do yourself a favor and be patient and let your fingers do the searching.

 

[ccieurzo]

I am in Oconomowoc

Given where you are, you should have plenty of choices between Madison, Milwaukee, and the Chicago metro area. You definitely want something under warranty. I had to replace a fuel pump at 17k miles because of the ethanol in the gas around here. Good luck.

 

[Dntlvet]

Run like hell. You will never be able to resell the car with that history and the salvage title. Where in WI are you?

Ccieurzo I would second that advice. He is in Oconomowoc, I'm in Oshkosh; so where are you?

 

[Dntlvet]

Are you saying that there are not a lot of M5's around? Search the internet, use this forum as a resource for local members to go look at a car for you and then fly to see the car and possibly drive it back. Do not limit yourself to just your local area. When I sold my E39, the gentleman flew in from WI, I picked him up from the airport and drive home. This was in FL. Do yourself a favor and be patient and let your fingers do the searching.

It sure is logical to discuss cars between members to find the right car.
Travel expense is far cheaper than the purchase of the wrong car.

 

[ccieurzo]

I'm in Beaver Dam. Still can't say that with a straight face.

 

[V10PWR]

DO NOT BUY THAT CAR!
Here is the rule of thumb; if a car is salvage due to ANY reason, it is worth 50% of the value in any book! Regardless of how you are going to pay for it (cash or finance), Check with a bank, and see how much would be the loan value on it! You will be surprised! You will be stuck with that car for good! E60 M5s are way more technologically advanced than one might think! Flood is the worst thing that could happen to a car! That's a No No! On top of that, that is no where close to a sweet deal! I think that's a rip-off! Save yourself LOTS of headaches!

 

[Dntlvet]

This is indeed a great forum.
The three of us could meet at the Badger Bimmer Party in Hartford (about equidistant for each of us):
January 8th 2011 - Holiday Party and General Membership Meeting, Wisconsin Auto Museum, Hartford, WI

 

[latinskllz]

Stay Away!!!!! Much better cars around that price range. Be patient as you will not regret it!

 

[lopealle]

Dude listen to them. I almost fell for the same thing from a dealer. Luckily the bank ran a autocheck. The carfax didn't pull it up. I have been looking for quite a while myself.

 

[Dntlvet]

Dude listen to them. I almost fell for the same thing from a dealer. Luckily the bank ran a autocheck. The carfax didn't pull it up. I have been looking for quite a while myself.

There is significant power in numbers and a number of us agree.
No aspect of a salvage title car will ever end up as a good deal on the front end and especially in trying to get rid of it.
You are likely to suffer all the way through.

 

[Caguci]

Close this down. Didn't buy it. What do you think I'm nuts?

 

[HighRevving]

Close this down. Didn't buy it. What do you think I'm nuts?

You mean these guys just saved you 400 crisp Franklins and plenty of grief..

 

[ccieurzo]

This is indeed a great forum.
The three of us could meet at the Badger Bimmer Party in Hartford (about equidistant for each of us):
January 8th 2011 - Holiday Party and General Membership Meeting, Wisconsin Auto Museum, Hartford, WI

I may be able to make it. It is a drill weekend for me in Milwaukee, so it would be a relatively easy drive.

 

[Dntlvet]

I may be able to make it. It is a drill weekend for me in Milwaukee, so it would be a relatively easy drive.

Sounds like a plan!
You are welcome regardless of membership in Bager Bimmers.