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Discussion Starter · #1 · (Edited)
Hello. I am new to the forum and am considering purchasing a 2001 M5. The car has 41K miles on it and is fairly loaded. It was owned by a wealthy older gentlemen and appears to have been well taken care of. Here are my questions. What should I be looking for as potential problem areas on this car? What is a fair price for this car with no remaining warranty. What are the approximate annual repair/maintanance costs on this car? What is the approximate real world gas mileage of this vehicle? I have had several higher end cars and know they are not inexpensive to maintain. My 928 Porsche is one prime example, but some cars are more prpblematic/expensive than others. I currently drive a 2002 Audi TT ALMS Edition, but my wife and I have our first child on the way. I was thinking that the M5 would allow me to satisfy my sporty side while remaining practical for the new addition to the family. Any opinions would be greatly appreciated.

Thanks,
Pat
 

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Hello Pat,
Please try the "Search" feature on this Board and you will find MANY threads on this topic.

Good luck! You'll love your Beast once you get it.
 

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PJF said:
It was owned by a wealthy older gentlemen and appears to have been well taken care of.
I assume you've met the 'older wealthy gentleman'... if the salesman is telling you this, assume he is lying about that as well as other things.

While your car may, in fact, have been owned by a weatlhy older gentleman, I'd heard that alot... It's a twist on the 'little old lady drove it to church' line- you hear variations:
wealthy older gentlemen who got tired of a clutch
wealthy older gentlemen who's wife couldn't drive a clutch
wealthy older gentlemen who just couldn't handle the power

All BS.

Based on your cost concerns (and even wealthy people don't like to spend money on maintenance and repairs) I STRONGLY recommend you buy a car with an extended warranty. Search here for cpo versus aftermarket.

Good luck

A
 

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PJF said:
Hello. I am new to the forum and am considering purchasing a 2001 M5. The car has 41K miles on it and is fairly loaded. It was owned by a wealthy older gentlemen and appears to have been well taken care of. Here are my questions. What should I be looking for as a potential problem areas on this car? What is a fair price for this car with no remaining warranty. What are the approximate annual repair/maintanance costs on this car? What is the approximate real world gas mileage of this vehicle? I have had several higher end cars and know they are not inexpensive to maintain. My 928 Porsche is one prime example, but some cars are more prpblematic/expensive than others. I currently drive a 2003 Audi TT ALMS Edition, but my wife and I have our first child on the way. I was thinking that the M5 would allow me to satisfy my sporty side while remaining practical for the new addition to the family. Any opinions would be greatly appreciated.

Thanks,
Pat
Okay Pat to kick things off, first welcome to the board. Here are a few answers to your question or suggestions that you might need to consider:

  • prices that I have seen are around $42K for the 01's with that kind of mileage although some one here recently got a steal for like $37K.
  • First thing is get the VIN and run a carfax report. (make sure it checks out)
  • Use the VIN and go to your local BMW dealer and beg a cool sales associate or service team captin to run a BMW service report. (this will be very valuable to know if it was maintained at a BMW service center or not and also what type of things were done). It will give you a bunch of sevice codes that you can search on the forum for and find out what was done
  • Since you have no more warranty I would strongly suggest you purchase an aftermarket one, because I am not sure but once the car is out of warranty you can't buy an extended warranty from BMW (approx $3000+). But what is the absolute best is that if you are buying it from a dealer you agree with the dealer that you will buy the car(of course they will want some kind of hefty deposit) but only if they send it to a BMW dealer to get it CPO'd. Only the dealer can get a car CPO'd but it only cost them like $1500+. This way they will roll the cost of it into the car price and you therefore bought the car with a extended warranty through BMW till 100K miles or 6 years.
  • If you can but not absolutely necessary you can arrange with the dealer to take it to a local BMW dealership and get a 120 point inspection done for like $100.
  • Real world gas for me is for 93 Octane at $3.00 per gallon I full my tank up for like $45. Of course for me I only drive 10 miles one way each day so it tends to last for about 4 days. Of course this depends on your driving habits.
  • I stepped out of a 330 ci (coupe) to a 2001 540 due to the birth of my son and my wife but after driving the 540 for about a year I wanted more power and so I went to the M5. It was the best decision in my book. Don't get me wrong the 540 does have some kick, it is a great starter car or prep car fo the M5 (i.e. shifting, power and handling).
  • Lastly, the final reason I am spending so much to get you into the M5 is that I would love to see leave that Audi family, LOL:7:
Good luck on the car, let us know when you get it.

Late
 

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Discussion Starter · #5 ·
The owner of the car just recnently bought a Porsche/Audi dealership and does not believe that it is appropriate to drive the M5 now, so he is selling it and bought a 911.
 

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ard said:
I assume you've met the 'older wealthy gentleman'... if the salesman is telling you this, assume he is lying about that as well as other things.

While your car may, in fact, have been owned by a weatlhy older gentleman, I'd heard that alot... It's a twist on the 'little old lady drove it to church' line- you hear variations:
wealthy older gentlemen who got tired of a clutch
wealthy older gentlemen who's wife couldn't drive a clutch
wealthy older gentlemen who just couldn't handle the power

All BS.

Based on your cost concerns (and even wealthy people don't like to spend money on maintenance and repairs) I STRONGLY recommend you buy a car with an extended warranty. Search here for cpo versus aftermarket.

Good luck

A
This is too true. When I was looking for my M I was told too many times that a woman was the previous owner and hinting that women don't drive hard. Don't buy the stories just look at the car for what it is. I also heard that the previous owner sold the car to them and bought a Bentley coupe, this was at Luxury Motors(LM) at Downer's Grove a so called certified Bentley dealer.
 

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Is the car out of warranty?

If so, i don't think it can be cpod, and most extended warranties will not cover it.

if it IS in warranty, it is *possible* to get a bmw dealer to broker a sale to you and add a CPO to the 'deal' it will cost a bit, but not as much as a full blown extended warranty...could be worth a try.

A
 

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ard said:
Is the car out of warranty?

If so, i don't think it can be cpod, and most extended warranties will not cover it.

if it IS in warranty, it is *possible* to get a bmw dealer to broker a sale to you and add a CPO to the 'deal' it will cost a bit, but not as much as a full blown extended warranty...could be worth a try.

A
'

This is true, I don't think though that a 01 with 42K is out of warranty. Pat you need to check this. I thought you might have another 13K left but I am not sure.
 

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It depends on the inservice date for the car- 4 years ago it was September 1, 2001 - pretty late in the year...

WHen you pull the BMW service history based on the VIN (any dealer can do this) it will list the inservice date. I think carfax might as well...
 

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Well at least your sniffin' around for the right car :biggrin: At any rate, this is a fantastic car but can be a bit costly to maintain which your already aware of...I bought my car w/ around a year of it's original warranty remaining...Since my warranty has expired I've racked up about $3500 bucks in routine maintenance items such as tires, brakes, Insp II and wheel refinishing...Personally, these are just normal ticket items for owning a car like this so I can't complain...As others have mentioned in this post - - make sure you get a complete history of the car before jumping in! Not to scare you away but engine replacement is $20K if something dramitic happen (i.e. VANOS) so keep that in mind...I currently have a warranty (recommended by fellow board mbrs) with this company http://www.corpmsc.com/warranties.cfm and they cover all the major ticket items...Good luck on your decision :cheers:
 

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As others have said, a warranty is critical. As far as maintencance costs, just in terms of consumables, M5's consume oil, gas and tires like crazy. Oil isn't all that expensive, but assume you'll need at least a quart a month. Gas mileage can range from ok to horrible depending on your habits and circumstance. My overall average is probably around 15mpg, but for the last few weeks I've been averaging closer to 12mpg (lots of stop and go traffic). Tire life will also depend on habits and circumstance, but figure somewhere around 15k-20k miles, which may be one year or five for you, and tires run around 250-300 each.

As far as what to look for, get as much of the service history as possible. You can get it from the dealer who serviced the car with the owner's permission. Review it carefully - how regularly was it serviced, are there are any holes in the service history, any major problems, any complaints left unresolved, etc.

As a general matter, if you are really concerned about repair and maintenance costs and don't want to be surprised down the line or don't want to deal with 3rd party warranty providers and 3rd party service shops, you should strongly consider getting a CPO'd car with the extended maintenance plan.
 
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