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Discussion Starter #1
So I'm losing some sleep lately contemplating the purchase of a used, supposedly garage queen Beast near me. It's an '02 w/26kmi on it and from what I can tell sight unseen, possibly an 8-9 out of 10 condition.

You probably don't remember me from over a year ago, but I went through a quite lengthy list of things to watch out for after browsing for months on this awesome site.

The BIG question is do I risk purchasing without also purchasing an ext'd warranty? I realize it's a risk, but I also have to recognize that most things should have gone wrong by this point? Major mechanical issues should have been noticed by now and the owner has indicated the only thing to have been replaced was one CPS. What's on my mind are VANOS issues, carbon issues (I'd just do the SW patch), and maybe some 02 sensors.

Any advice is always welcomed :)
 

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As you know the M5 market has taken a dump in the last year along w/ the subprime market. If you are getting it for a great $$ then go for it. Most of the cars for sale now are out of warranty even a CPO car since the car is getting older. I couldn't remember if you stated if it had good records. Regardless, get a PPI done, check for codes etc and you minimize issues. Good luck.

Jeff
 

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So I'm losing some sleep lately contemplating the purchase of a used, supposedly garage queen Beast near me. It's an '02 w/26kmi on it and from what I can tell sight unseen, possibly an 8-9 out of 10 condition.

You probably don't remember me from over a year ago, but I went through a quite lengthy list of things to watch out for after browsing for months on this awesome site.

The BIG question is do I risk purchasing without also purchasing an ext'd warranty? I realize it's a risk, but I also have to recognize that most things should have gone wrong by this point? Major mechanical issues should have been noticed by now and the owner has indicated the only thing to have been replaced was one CPS. What's on my mind are VANOS issues, carbon issues (I'd just do the SW patch), and maybe some 02 sensors.

Any advice is always welcomed :)
As noted, a good PPI is a must. And drive the car. You should be able to tell a lot. I typically like to watch the owner drive first for a while before I get behind the wheel. Usually tells me a lot about his/her driving skills.

You will know how the car drives within about 5 minutes. You are aware of bad clutch design. Carbon buildup is still pretty rare, moreso on the newer cars. Have him provide service records, or have him get the dealer to run records to show all repairs.

Now is the time to buy. Market is soft and major purchases like this are generally not made until spring/summer, with better weather. If he is ready to sell, he just needs to know what the true market is. Carmax is always at the low end, so you can get a bottom feeder price there.

And put $5k aside for any major unknown. If nothing happens after a while, you have your header and software upgrade fund all set!!!:thumbsup:
Regards,
Jerry
 

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I had been pondering the same questions as you, and finally decided to just do it.
My 02 M5 was bought last month with 37K miles and no warranty.
I weighed the possibilties, and decided that my budget could afford the issues that my come in the future.
Thus far, I have been very pleased, and have not once second guessed my choice.
The key to buying any car out of warranty, especially one of this calibre, is whether or not your budget can absorb the potential repairs down the road.
I believe that the recent price reductions we are seeing will have many people buying these cars that can not truly afford the upkeep, and in the next year or so there will be a fair amount of unkept cars for sale.

Al. Wise
 

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Not to discourage you Mitch, but shortly after I bought my pristine 17K 2003 it developed a VANOS solenoid problem which cost me about $650 US (my bad diagonosis cost extra but I did it myself saving $$) which just goes to show that you never know when something will go TU on one of these very expensive cars.

Personally, I am anti-extended warranty. The insurer needs to make a profit to stay in business, so odds are that you won't get your money out of it. Depends on how you like to play the odds.

Do what Jerry said (put away $5K) just in case.

Al: I wonder if what you say is true, and if so, will these cars end up like the E38 7 series, which plummeted in price once they got some years on them?:confused2

Best of luck. Hey, if it's what you want, then go for it. You only live once.

Michael
 

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Having owned two. Extended warranty is total ****e. They sound good but the items covered rarely break down. One thing you should watch out for in the future if it hadn't been done already is get the vanos replaced. And check the clutch. My last M5 was damn near impossible to tear up. I gave it a good run everyday. These cars are made to be driven. If you don't wanna drive the **** of it get yourself a 525i.
 

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PPI- Two even.

Low miles guarantee's nothing. It's the type of upkeep/maintenance that has tons more weight in terms of reliability.
 

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Discussion Starter #9
Thanks for all the feedback guys! I have done my research on this vehicle. It's an '02 with 26kmi and I can get it for $30k I believe. To me, this sounds like an excellent deal for such a magnificent car.

Can someone please give me some additional details regarding the VANOS failure? Is this a mechanical failure obviously which requires the heads to be removed and replacement? Total cost and hrs of labor? This will help me to decide how much to set aside.

I am hesitant to purchase an aftermarket warranty for many reasons so I'll leave that off the table for now.

The PPI is an obvious requirement and I've always done that on previous used vehicle purchases.
 

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Thanks for all the feedback guys! I have done my research on this vehicle. It's an '02 with 26kmi and I can get it for $30k I believe. To me, this sounds like an excellent deal for such a magnificent car.

Can someone please give me some additional details regarding the VANOS failure? Is this a mechanical failure obviously which requires the heads to be removed and replacement? Total cost and hrs of labor? This will help me to decide how much to set aside.

I am hesitant to purchase an aftermarket warranty for many reasons so I'll leave that off the table for now.

The PPI is an obvious requirement and I've always done that on previous used vehicle purchases.
The VANOS replacement DOES NOT require removal of the head whatsoever. It requires special tools from BMW to remove them (about $400), air compressor, and about 4 hours for the first time doing it. I have removed it on a brand new motor (which I may put up for sale soon along w/ the special tools). Just took a little time and patience but I can help the next person which will likely take only 2 hours or so then. Often time, it's just the solenoids that need replacing and not the entire VANOS itself.

That's a killer $$ for that car if it's in good-excellent condition. You have a little $$ cushion for $5k in repairs easily.

Jeff
 

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Discussion Starter #11
Damn, I think I may have missed the boat. Seller has indicated he has an interested party at full asking price of $34k. PPI is already scheduled so I may be beastless :/
 

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Damn, I think I may have missed the boat. Seller has indicated he has an interested party at full asking price of $34k. PPI is already scheduled so I may be beastless :/
Don't worry, just keep an eye out and find another. I took about 3 months to buy mine, and so far, so good :).
 

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Yep, just be patient... there will be other garage queens popping up here and there. Too bad you may have missed out on this deal... IMHO, if it was truely a gem, I wouldn't have hesitated to pay the sellers full asking price. $34K for a prestine, original owner, low milage 02 M5 still sounds like good deal to me.
 

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Discussion Starter #14
I honestly wasn't ready to purchase until this summer anyways. I'll take this as a good opportunity to keep my eyes peeled as I'm in no hurry at all.
 

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Discussion Starter #16
KILLING me! The '02 in pristine condition w/26k mi sold today after a perfect ppi, including Dinan chip, resonator delete and Dinan exhaust for $34k. Man I messed up!
 

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Mitch,

Being a unior here, My opinion probably counts less, but for me it had to be BMW approved Used. Everyone on this board loves their beasts, but not everyone who has a beast lavishes it with attention and keeps it in good health like the M5 Board folks.

The BMW approved used warranty costs £1500 per annum to maintain but covers most things. I'll be extending mine as they are doing the MAFS and an few other odds and sods for me next time mine goes in for a service (next week).

The rule of thumb with buying a used car is there will always be another one in the same condition out there - the hunt is as rewarding as the find!

Good luck!

Cheers

TrickyTrev:M5launch:
 

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Discussion Starter #18
Mitch,

Being a unior here, My opinion probably counts less, but for me it had to be BMW approved Used. Everyone on this board loves their beasts, but not everyone who has a beast lavishes it with attention and keeps it in good health like the M5 Board folks.

The BMW approved used warranty costs £1500 per annum to maintain but covers most things. I'll be extending mine as they are doing the MAFS and an few other odds and sods for me next time mine goes in for a service (next week).

The rule of thumb with buying a used car is there will always be another one in the same condition out there - the hunt is as rewarding as the find!

Good luck!

Cheers

TrickyTrev:M5launch:
You're probably right. The RIGHT one will come around and hopefully that'll be a carbon black/caramel :thumbsup:
 

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i kept a running list of cars in my area, with the year, mileage, color combo, modifications, days on market, contact info and price. i then tracked changes in prices and days on market.

i found this helped me really keep tabs on the market. other cars will come along- you'll find the right one.
 
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