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Discussion Starter #1 (Edited)
Here is an update on my M5 purchase. The 2002 CPO at Foreign Motors west with 11.5K miles for $53K the deal fell through, all 4 wheels have curb rash and the front left quarter had been repainted for “cosmetic damage” not sure what that means, I also wanted new tires but they kept claiming that the tires had enough tread to meet CPO requirement and that they would not replace them. I have a hard time believing that the rears would pass CPO just by looking at them and feeling the tire tread. Oh well I ended up walking away.

Now for the good news, I was searching on the BMW USA site in the CPO section and saw that BMW Gallery of Norwell had a 2002 M5 with 7K miles on it but they wanted 59.9K, I called them and was told the car was perfect and the owner had just traded it in for the new M5 whenever that came in. I went down last night and the car was so nice it was on the showroom floor, it is Silver (my favorite color) on black with sports interior same as the one at FMWest but had more options that the other one to be specific it has fold down seats, M audio, rear sunshade, and extended leather. The tires were like new the wheels were perfect no paint work the car was perfect. After negotiating directly with the manager we got him to come down to $54K. I felt that the extra $1000 was well worth it viewing the condition of the car. <O:p></O:p>

So by next week I should finally have my first M5 and say goodbye to my C32. <O:p></O:p>

Can’t wait, the car feels so tight it is amazing after getting back into my C32 it felt loose. <O:p></O:p>

Tarek<O:p></O:p>
 

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Kerat,

Patience pays off! It pays to not be emotional when looking for a used vehicle. Wait for the right one - you will know if when it happens. Sounds like the silver one with 7k miles is exactly what you wanted - with no stories. You are getting essentially a "new" M5 for $54k....sweet! :M5thumbs:

No just be prepared for the mod bug to hit....

lets see:

UUC Evo 3 short shifter
Roque Tranny Mounts
Tubi Exhaust.....
etc. hiha
 

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Kerat said:
Here is an update on my M5 purchase. The 2002 CPO at Foreign Motors west with 11.5K miles for $53K the deal fell through, all 4 wheels have curb rash and the front left quarter had been repainted for “cosmetic damage” not sure what that means, I also wanted new tires but they kept claiming that the tires had enough tread to meet CPO requirement and that they would not replace them. I have a hard time believing that the rears would pass CPO just by looking at them and feeling the tire tread. Oh well I ended up walking away.

Now for the good news, I was searching on the BMW USA site in the CPO section and saw that BMW Gallery of Norwell had a 2002 M5 with 7K miles on it but they wanted 59.9K, I called them and was told the car was perfect and the owner had just traded it in for the new M5 whenever that came in. I went down last night and the car was so nice it was on the showroom floor, it is Silver (my favorite color) on black with sports interior same as the one at FMWest but had more options that the other one to be specific it has fold down seats, M audio, rear sunshade, and extended leather. The tires were like new the wheels were perfect no paint work the car was perfect. After negotiating directly with the manager we got him to come down to $54K. I felt that the extra $1000 was well worth it viewing the condition of the car. <O:p></O:p>

So by next week I should finally have my first M5 and say goodbye to my C32. <O:p></O:p>

Can’t wait, the car feels so tight it is amazing after getting back into my C32 it felt loose. <O:p></O:p>

Tarek<O:p></O:p>
Just curious about the final price you are really paying. When you buy a car from the dealer I assume that you must pay state taxes on the purchase price (another $4000)? Can you purchase a car from a private party and save the taxes? Here in Georgia there is a big difference in the final cost of a car based on where it is bought. No taxes if bought from a private party. Best John
 

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Re: Update on 2002 M5 Purchase/Sales Tax.

johnv said:
Here in Georgia there is a big difference in the final cost of a car based on where it is bought. No taxes if bought from a private party. Best John
Can't speak specifically to Georgia, but most states have a sales tax on the adjusted price of a car from a dealer (only pay tax on the diff between sales price and trade), no such allowance for an individual sale (but then, not too many individuals take a trade!). In Florida, you cannot register the car without paying sales tax. The buyer pays upon registration. If done through a dealer, the dealer collects it for you and remits to the state as part of the tag process. The tax is on the privilege of transferring title, the "sale". And if you buy it out of state so the sales tax wouldn't apply, there is a complimentary "use" tax, which you must pay for the priviledge of "using" it in Florida. No, surprise, it is also collected at time of instate registration. :sad3:
Regards,
Jerry
 

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Good job! I'm surprised at the FMW car...I specifically asked them over the phone about paint work and they said none. Just goes to show you have to see the car in person. And yes, patience pays off with these cars. I got too emotionally caught up in mine and it's been a pita situation. Good luck...sounds like you got a great deal.
 

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Re: Update on 2002 M5 Purchase/Sales Tax.

gsfent said:
Can't speak specifically to Georgia, but most states have a sales tax on the adjusted price of a car from a dealer (only pay tax on the diff between sales price and trade), no such allowance for an individual sale (but then, not too many individuals take a trade!). In Florida, you cannot register the car without paying sales tax. The buyer pays upon registration. If done through a dealer, the dealer collects it for you and remits to the state as part of the tag process. The tax is on the privilege of transferring title, the "sale". And if you buy it out of state so the sales tax wouldn't apply, there is a complimentary "use" tax, which you must pay for the priviledge of "using" it in Florida. No, surprise, it is also collected at time of instate registration. :sad3:
Regards,
Jerry
I lived in California for years and you had to pay sales tax on the purchase price of the car. Now that I am living in Georgia it made no sense to me to buy a car from a dealer and give up another $4000 in taxes. Also, as you might have guessed an extended factory warranty was not a critical part of making the decision. Best John
 

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Discussion Starter #7 (Edited)
Here in MA if you are trading in you pay the differntial but in my case my C32 is a lease so I have to pay tax on the full amount sales tax is 5%. It does not make a diffrence where or who you purchase it from it is the same.

My problem is that I had gotten emotional on the one at FMwest but my freind kept me from doing anything stupid. I owe him.

The car is CPO'ed untill 2008 so now the only decision I have to make is should I purchase the extended maintenace plan????
 

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Re: Update on 2002 M5 Purchase/Sales Tax.

johnv said:
I lived in California for years and you had to pay sales tax on the purchase price of the car. Now that I am living in Georgia it made no sense to me to buy a car from a dealer and give up another $4000 in taxes. Also, as you might have guessed an extended factory warranty was not a critical part of making the decision. Best John
John
I am not saying you are wrong, but I am surprised that Georgia doesn't having a taxing regime on the acquisition of a car, regardless of the seller's status. I understand some states may not be as vigilant at policing it (Florida for example is weak on following up on documentary stamps which have to be attached to stock certificates and promissory notes), but it is difficult to believe no tax, sales, use or otherwise, is actually required. BTW, Kerat,not trying to hijack this thread!!! :cheers:
Regards,
Jerry
 

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Re: Update on 2002 M5 Purchase/Sales Tax.

gsfent said:
John
I am not saying you are wrong, but I am surprised that Georgia doesn't having a taxing regime on the acquisition of a car, regardless of the seller's status. I understand some states may not be as vigilant at policing it (Florida for example is weak on following up on documentary stamps which have to be attached to stock certificates and promissory notes), but it is difficult to believe no tax, sales, use or otherwise, is actually required. BTW, Kerat,not trying to hijack this thread!!! :cheers:
Regards,
Jerry
This is something that is specific to Georgia and probaly a few other "southern" states. Remember this only applies to a purchase from a private party. For instance, if I bought a car from you in Florida(private party) I would pay no taxes when registering it for the new tags. Probably goes way back to buying farm animals or tractors.

Disclaimer: born and raised in Southern California. The job happens to be in Atlanta now.
 

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johnv said:
Just curious about the final price you are really paying. When you buy a car from the dealer I assume that you must pay state taxes on the purchase price (another $4000)? Can you purchase a car from a private party and save the taxes? Here in Georgia there is a big difference in the final cost of a car based on where it is bought. No taxes if bought from a private party. Best John
This brings up the 'double taxation' principal. Every time a car is sold, it's taxed. That's not right in my book and that's not generally how other merchandise works. Maybe that's where Georia is coming from. Once the original tax is paid, it's no longer an issue to them. Just a matter of how greedy a state is.

I know if Delaware if you buy from a private party, they verify the price you say to the NADA book value. They actually have the book at the DMV and look it up right in front of you. With that said, we pay only 2.75% tax on new and used cars.:thumbsup:
 

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Congratulations. I've had my 2002 M5 since January of '03. Similar situation. I bought it with 10K miles. (Of course, now it has 46k miles, but hey, I can't help but drive it!)

It's a one-of-a-kind vehicle. Enjoy.
 

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Congrats

Kerat said:
Here is an update on my M5 purchase. The 2002 CPO at Foreign Motors west with 11.5K miles for $53K the deal fell through, all 4 wheels have curb rash and the front left quarter had been repainted for “cosmetic damage” not sure what that means, I also wanted new tires but they kept claiming that the tires had enough tread to meet CPO requirement and that they would not replace them. I have a hard time believing that the rears would pass CPO just by looking at them and feeling the tire tread. Oh well I ended up walking away.

Now for the good news, I was searching on the BMW USA site in the CPO section and saw that BMW Gallery of Norwell had a 2002 M5 with 7K miles on it but they wanted 59.9K, I called them and was told the car was perfect and the owner had just traded it in for the new M5 whenever that came in. I went down last night and the car was so nice it was on the showroom floor, it is Silver (my favorite color) on black with sports interior same as the one at FMWest but had more options that the other one to be specific it has fold down seats, M audio, rear sunshade, and extended leather. The tires were like new the wheels were perfect no paint work the car was perfect. After negotiating directly with the manager we got him to come down to $54K. I felt that the extra $1000 was well worth it viewing the condition of the car. <O:p></O:p>

So by next week I should finally have my first M5 and say goodbye to my C32. <O:p></O:p>

Can’t wait, the car feels so tight it is amazing after getting back into my C32 it felt loose. <O:p></O:p>

Tarek<O:p></O:p>
 
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