BMW M5 Forum and M6 Forums banner

1 - 15 of 15 Posts

·
Registered
Joined
·
3 Posts
Discussion Starter #1
It appears that I will pen a deal on an 03 M5 on monday. The vehicle of choice is silver and black interior. It is being sold as CPO, with 6,000 miles. The dealer is asking 66,500k which seems to be a "fair" number but I am wondering if I should be able to do better?

Any advise on what to look for prior to purchase would be greatly appreciated!

Seeing that I am in NJ, I am also going to pull the trigger on the Tirerack 18" combo, for the winter with the Dunlop M3s. For the two big storms that we get I am sure the 18"s will be enough to get me home and safely in the garage. It seems that the 17" are quite the sacrifice in a climate that does not really warrant full on snow support.
 

·
Registered
Joined
·
27 Posts
Just wondering how you went about your search. Was it local dealers via Cars.com, papers, other websites? I'm in Chicago (as my username indicates) and am in the market for an '01-'03 M5. The price seems a bit high based on what I've been seeing out here especially with regards to private party M5's. Yes, I know not CPO but a few over here have about 8K on the clock and I know I can get a warranty from the local BMW st/dealer for not too much above their cost. Maybe others can chime in if they've recenlty bought an '03 and if CPO, etc.

Don't know if this helps at all but I do have access to Manheim wholesale prices since I was previously in highline sales -

***** 2003 BMW M5 RWD Sedan 4-Door 6-Speed Manual
10/28/04 HOBBY Regular $53,500 19,073 Below SILVER 8G 6 No
09/29/04 W PALM Lease $56,800 18,576 Avg DK BLUE 8G 6 Yes
08/26/04 CHICAGO Lease $54,000 13,723 Below BLUE 8G M Yes
08/26/04 MANHEIM Regular $57,500 24,388 Avg SILVER 8G No
08/25/04 ATLANTA Factory $58,000 3,792 Avg CARBON 8G 6 Yes
08/25/04 KC Lease $58,000 10,598 Avg BLACK 8G 6 Yes
 

·
Registered
Joined
·
12,398 Posts
If you think it is fair, then it is!

I saw a sterling 03 sell at 62,900 with a cpo. 14k miles
I paid 59,7 for an 03 with a cpo and 16k miles, (M audio, PDC, shades) new tires
There is a sterling discussed here offered at 55k plus 2400 for cpo.

I would laugh at a dealer trying to tell me 66,5 is fair.

DO NOT USE KBB or EDMUNDS!!!! They are off by 5k. There are not enough Ms selling for valid data AND the market has dropped drastically in the last few months.

I shopped for 4 months and checked prices and sales every other day (or more)

There are MANY posts here that discuss fair market prices on 03s... spend your time OR your money.

Unofrtunately, you may be too far with this deal to salvage it- the only way to negotiate is being able to walk (or make them think so) if you are going to 'pen the deal' they may call your bluff.

I had a conversation with the GM of Delons in Oregon- they had the highest prices 03M5 on cars.co- asking over 70 (72 I think). He offered it to me as a cpo for 63,5- I passed.

60k cpo max. 6k miles MIGHT be worth 2k more.

IMHO

ard
 

·
Registered
Joined
·
12,398 Posts
MPowerChicago said:
I'm in Chicago (as my username indicates) and am in the market for an '01-'03 M5.

You may have seen the sterling perillo is selling- 3800 miles.

They paid 63,500 in July- damaged the door and repainted it- also repainted the wheels without cleaning them first(!) they look horrible. The car belonged to a smoker- you can tell.

They refused to face reality- trying to find a sucker. An internet deal where someone forgets to ask if "perfect interior condition" includes not smelling of smoke. They've been dropping the price from 69.995 to 67.995... the cpo added 1295 to their cost- salesperson had the gall to claim that their cost was actually higher since they had to repair damage caused on their lot....

just fyi

ard
 

·
Registered
Joined
·
27 Posts
Thanks again, I replied to your other post as well on For Sale or Wanted which was extremely insightful as well.

But with respect to this one, yes, I've seen this come up in my searches at Cars.com,
http://www.cars.com/go/search/detail.jsp?tracktype=usedcc&searchType=22&aff=national&paId=152660092
2003 BMW M5
$67,995
Mileage 3,822
Engine 5.0L V8
Body Style Sedan
Transmission MANUAL 6SPD
Wheelbase 111"
Drive Train RWD
Doors 4
Stock # P4966
Exterior Color Sterling Gray Metallic
VIN WBSDE93473CF93537
Interior Color Black
Features: REAR AIRBAGS FOLD DOWN REAR SEATS PARK DISTANCE CONTROL TIRE PRESSURE MONITOR SYSTEM M AUDIO BASS CERTIFIED GIVING YOU EXTENDED WARRANTY COVERAGE UNTIL 7/2009 OR 100K MILES
Seller's Notes: BE SURE TO ASK DIANE ABOUT HER SPECIAL EBAY PRICING ON THIS M5 SEDAN!
Call 877-405-1235
Joe Perillo BMW, Inc.
1035 N. Clark St.
Chicago IL

I haven't called on it yet since I'm looking for a blue one primarily. But what you mention above is great. How did you find out what they paid for it? I didn't see it in my Manheim wholesale archives. Maybe it was a trade-in they took in. Just like the other one you mentioned this paintwork is definitely a deal killer for me. Being a smoker car just adds insult to injury.

Well, suckers we aren't and I really hope they fess up to anyone really interested in that M5 and go the honest route. I'm new on this board but have already learned a bunch going through the archives as well as your posts. Thanks again.
 

·
Registered
Joined
·
439 Posts
62k max

Pcar Squared said:
It appears that I will pen a deal on an 03 M5 on monday. The vehicle of choice is silver and black interior. It is being sold as CPO, with 6,000 miles. The dealer is asking 66,500k which seems to be a "fair" number but I am wondering if I should be able to do better?

Any advise on what to look for prior to purchase would be greatly appreciated!

Seeing that I am in NJ, I am also going to pull the trigger on the Tirerack 18" combo, for the winter with the Dunlop M3s. For the two big storms that we get I am sure the 18"s will be enough to get me home and safely in the garage. It seems that the 17" are quite the sacrifice in a climate that does not really warrant full on snow support.
 

·
Registered
Joined
·
12,398 Posts
I just posted this info for the heck of it- might help you or anyone else doing their homework....

Let's just say that I got very lucky in finding a person who KNEW the details of the deal.

I'd be OK with a retouched door- heck, it happens. If it was done flawlessly, that's OK in my book. I would have insisted on 4 new wheels.

But a smoker car was a deal breaker. It made me realized that you MUST personally inspect the car prior to inking a deal.

Good luck

ard
 

·
Registered
Joined
·
3 Posts
Discussion Starter #8
Thank you for the replies.....

It seems that the consensus of the board is that between 62-65k are fair prices. I walked off the lot yesterday as the price was to high so I we will try again monday. It does seem that all the M5 in the tri-state area are selling in this same range.
 

·
Registered
Joined
·
27 Posts
Re: Thank you for the replies.....

Do you have the VIN or Carfax on it? If so, PM me or publish it here. If you want, I can check if they acquired it via Manheim wholesale and let you know what they paid for it. It may help with the negotiations on Monday.
 

·
Registered
Joined
·
12,398 Posts
Re: Thank you for the replies.....

Pcar Squared said:
It seems that the consensus of the board is that between 62-65k are fair prices. I walked off the lot yesterday as the price was to high so I we will try again monday. It does seem that all the M5 in the tri-state area are selling in this same range.
I think the consensus is the 62-63 is a max...

The absolute BEST way to buy a car is via phone. Much easier to get to talk with the sales manager or decision maker- no salesmen in the way- sure, inspect the car but do your negotiating remotely- when you are in there shop they are in control: they can play the time game and wear you down.

If you've been spending time there they probably think "we got this guy- he's invested 3 visits- he won't let this go."

Now if you call and talk to the GM or sales manager, you say "I've got to make a decision on this M or one in Buttfalls, PA- you are closer, but they are a tad cheaper- I can go $___K. Let me know. I want to close this by Wednsday otherwise I need to make plane reservations to buttfalls".

I my experience the less personally invested you appear the better you'll do.

Also, keep in mind that all the prices you see are ADVERTISED PRICES- sale prices are secret. These cars sit at dealers for months before they sell- they are NOT selling for asking.

Anyway, good luck.

Ard

PS I had a deal I walked from because the dealer just felt he had me- he was convinced I was going to come around- I'd spent too much time back and forth.
 

·
Registered
Joined
·
463 Posts
Re: Thank you for the replies.....

Pcar Squared said:
It seems that the consensus of the board is that between 62-65k are fair prices . . . It does seem that all the M5 in the tri-state area are selling in this same range.
I would agree with this price range, and just add that I haven't seen a great many cars at tri-state BMW dealers. As far as I know, this year, Greenwich advertised just 2 (I bought one of them) and Westchester BMW advertised 2, and has had none lately. I've seen some in NYC, NJ, and LI, but not a lot. If your not willing to buy a car long-distance, want a low mileage '03, and want to buy it from the same dealer who will service it, you may have to pay a premium. $66k clearly is too high if you're shopping '03s nationwide, private parties and dealers. But if you're only shopping one or two local dealers, you'll have to either bite the bullet or be willing to lose this car and wait for the next one.
 

·
Registered
Joined
·
992 Posts
Re: Thank you for the replies.....

EdP said:
I would agree with this price range, and just add that I haven't seen a great many cars at tri-state BMW dealers. As far as I know, this year, Greenwich advertised just 2 (I bought one of them) and Westchester BMW advertised 2, and has had none lately. I've seen some in NYC, NJ, and LI, but not a lot. If your not willing to buy a car long-distance, want a low mileage '03, and want to buy it from the same dealer who will service it, you may have to pay a premium. $66k clearly is too high if you're shopping '03s nationwide, private parties and dealers. But if you're only shopping one or two local dealers, you'll have to either bite the bullet or be willing to lose this car and wait for the next one.
I agree. I bought mine a month ago - 2003 Sterling Gray M5 with 5k miles on it. I was within the price range.

SCORPIO
 

·
Registered
Joined
·
49,477 Posts
Re: Thank you for the replies.....

Great tips :cheers:

ard said:
The absolute BEST way to buy a car is via phone. Much easier to get to talk with the sales manager or decision maker- no salesmen in the way- sure, inspect the car but do your negotiating remotely- when you are in there shop they are in control: they can play the time game and wear you down.

If you've been spending time there they probably think "we got this guy- he's invested 3 visits- he won't let this go."

Now if you call and talk to the GM or sales manager, you say "I've got to make a decision on this M or one in Buttfalls, PA- you are closer, but they are a tad cheaper- I can go $___K. Let me know. I want to close this by Wednsday otherwise I need to make plane reservations to buttfalls".

I my experience the less personally invested you appear the better you'll do.
 

·
Registered
Joined
·
12,398 Posts
Re: Thank you for the replies.....

EdP said:
But if you're only shopping one or two local dealers, you'll have to either bite the bullet or be willing to lose this car and wait for the next one.
How true
 

·
Registered
Joined
·
168 Posts
Got my '03 [carbon black on black] three weeks ago from a dealer here in Atlanta. It had all the options: M Audio, PDC and split rear seat. Interior is luxury on wood with extended leather. In-service 4/13/03. New tires [1,500 miles ago]. Local owner traded for a 745iL. He was 47 yrs. old and, based on a telecon, seemed to be a satisfactory first owner. There were 14K on the clock. I would judge the condition to be superior, e.g., no visible dings, chips, curb rash, etc.

The dealer listed it for $64,850 CPO'd.

I ended up at $62,850 with extended maintenance warranty till 4/13/09 included. I was satisfied.

Hope this data point is useful. Good luck!
 
1 - 15 of 15 Posts
Top