My E24 - The Dilemma

[Zack01GC]

So I'm thinking about ditching my E24.

After many hours of debating what I should do with it, I think this is the most realistic option.

I will be graduating college in May. I currently work 50 or so hours a week at a BMW Dealership body shop, on top of taking my final two classes to graduate. I'm ready to treat myself to a car that has is a little more comfortable (I'm not going to say more reliable, as my 633 has been by far the most reliable car I have owned.)

It's come to the point where I don't think it is worth keeping around. I don't have the time or money to restore the car. The rust is driving me absolutely insane, the paint is bad, the A/C has never worked (I have since removed the belt to the compressor after not being able to get the new one on), the driver's side seat back no longer adjusts (the motor works, but it won't move), the power locks are wonky (must lock from trunk, then get in the passenger side to manually lock the driver's side door), and the entire suspension is tired. All of these things can be fixed, but I simply do not have the time, money, and in some cases knowledge to battle these small demons.

There are two problems as to why I can not just simply let the car go.
1. It is reliable. Eerily reliable. It runs like a top, and continues to do so day in and day out. I average about 1000 miles per month, and it's doing the old "Timex" Routine - Takes a lickin', and keeps on tickin'.
2. It has become part of me. The old emotional attachment has taken hold after three years. The car has also become part of who I am... "Oh, you're the guy with the old black 6 series."

I have looked at several more recent cars, and I really like them. Currently interested in a silver 2001 330Ci 5 speed, and a few E36 M3's. The problem with them is that the E46 just blends into the crowd. The E36 M3 has the character, but the prices on them is absolutely outrageous considering the mileage and condition on most of them (Yes, I am interested in your 167,000 mile E36 M3 for $9,500... say what?) I am still on the hunt for an E39 540i/6 speed as well. The torque of the V8 may ease the pain of letting the 6er go.

I will most likely sell the 6 to ease the payments of whichever newer BMW I decide on. I have nowhere to keep a second car, nor do I have the time to give it the attention it needs as a second car.

So... do I just keep the 6er and run it until the wheels fall off? Put up with the issues? Attend therapy to accept the bad paint and rust as a detailer/body shop worker? I feel it would be a sin to let it go with as well as it runs, and being possibly one of the most iconic BMW's of all time. I'm afraid that if I let this one go and move on to another car, by the time I can afford to get another (rust free, nice paint and interior, preferably Euro) E24, the prices will have spiked much like the E9's have.

I apologize for the long post, but input would be appreciated.

[ShapeShifter]

When it's time to move on, it's time.

[samsonevickis]

When it's time to move on, it's time.

Well said, Porsche..err ShapeShifter.

As a fellow 633/5speeder I can agree where you are coming from, your paint is A LOT better than mine, but I never had some of the issues you have. If I didn't have the time or money I would have had to give up on the 6er a long time ago. The AC system was $1500 last year alone. My locks, knock on wood have always worked.

I can say without any real interest in your car that you should get the E46 and part out what you can from your 6er. We will still be here and one day if you so see it, you will get another one. The value may or may not go up, but they will never be as rare as the E9's are now.

I love my 6er, but if I more than understand where you are coming from. I got the 944 last summer, my wife DD's the car, I regret not getting an E46 every time something breaks. Go for the 330 and let the M3 dream wait. You need something RELIABLE and there is plenty of time for all the other cars.

Trust Me.

Dave

[volac]

Aw man, I hate to see it go. Your straight-pipe videos on YouTube were some of the ones that made me get my 635 :)

My guess is (and everyone's been telling me, as I've been trying to sell my E24 to buy a later E24) that you'll regret the sale, but maybe that goes without saying, and you're just trying to find a good alternative that will justify it.

I would decidedly NOT part it out if you do decide to sell it, as it's in overall good shape with a few niggly problems that can be sorted out in a week with the proper funding/skills.

Being as persistant/hopelessly optimistic/stubborn as I am, I'd stick with the car, and slowly sort out the problems. Begin with the one that's bugging you most, and just think that you may actually be saving money, because the 6er market isn't at a high point right now, and any newer car will be very expensive, and the labor will be more intensive and the parts more expensive.

[oldymcoldington]

Just 2 cents, but if you can't keep up with the costs/time repairs in your 6, what will happen if something goes wrong in an e46? $$$$

[youngbimmer]

If you want an E46 come see me :)

I'd keep the 633 though, your not gonna get much out of it anyway. I'd think it be worth more in sentimental value than monetary value.

[AdamBath]

You would not be disappointed in an E46, IMO. Though you will want to have the rear subframe mounts checked first and foremost. I'd much rather have an E46 than my E24, I really miss my 330ci. Of course, if I got an E46 again it'd have to be an M3.

No reason to hang on to the 6 IMO.

[Andy85M635]

If you sell it, try not to settle for a price that is only marginally higher than the price of a high-end lawn tractor at Home Depot. I've had my M635 on eBay a few times now, and that's what the bidders there seem to think it's worth! At the rate I'm going, I'll probably just end up dumping a bottle of Stabil in the tank, putting it up on stands and covering it for, oh, maybe a decade, until people really start to get interested in these cars.

[youngbimmer]

You would not be disappointed in an E46, IMO. Though you will want to have the rear subframe mounts checked first and foremost. I'd much rather have an E46 than my E24, I really miss my 330ci. Of course, if I got an E46 again it'd have to be an M3.

No reason to hang on to the 6 IMO.
E46s post 2002 rarely, if ever, suffer from the subframe issues. There used to be issues with tail lights, but the recall is now in effect for those.
But in case you want to know weak spots for the E46 (so you can contrast with the 633)
1. Coolant tank (die at ~75K)
2. Water pump (die at ~75K)
3. Window Regulators
4. Front control arm bushings (die every 25K if you use OEM)
5. vanos seals (die at 50K)
6. Lower intake boots (like to crack, alot)
just to name a few.

[barry8108]

e46 is the way to go. I drove a 5 spd 330ci and loved it. Our 323 has been very reliable except for the window regulators, but there cheap and easy to replace. We get over 30 mpg and it's fun to drive, and there a bargain now. Why suffer in a rusty car with no A/C. You can always pick up a e24 later as a sunday car, and have the e46 as a DD

[samsonevickis]

E46s post 2002 rarely, if ever, suffer from the subframe issues. There used to be issues with tail lights, but the recall is now in effect for those.
But in case you want to know weak spots for the E46 (so you can contrast with the 633)
1. Coolant tank (die at ~75K)
2. Water pump (die at ~75K)
3. Window Regulators
4. Front control arm bushings (die every 25K if you use OEM)
5. vanos seals (die at 50K)
6. Lower intake boots (like to crack, alot)
just to name a few.


And most of those things are fixed on any quality used one.

I literally replace 1,2,& 6 on that list last week on one car before it gets but up for sale.

But the bonus is that the alternator won't be 25+yrs old and won't just "Die" on you. The AC will work and not just "DIE" one day because it's time. If my 6er was my ONLY car I would not be able to keep it. I have to have back ups of my back ups in most cases. I know after I sell the Z3 I'll be stuck with 2 non runners and I'll have to thumb it or something. lol

[tschultz]

I say drive it until it breaks... doesn't cost you any extra if it's already running well. Buying a new car always means throwing money at it. Keep thinking about it and I'm sure you will come up with a good decision.

[M3AVUS]

Keep it and drive it till the wheels fall off.

You can sell or part it but you are not going to get much.

I had an e36 M and it was a great car but it's hard to find one today that is unmolested. Most of them are already tricked out and there are some issues that need to be tend to on them.

'01 330 would make sense as it's newer and a little more refined than an e36.

[Zack01GC]

It pains me to even consider selling the E24, but I would definitely like to have another one (in at least a bit better shape) for a weekend/sunny day car.

I'm not worried about maintaining an E46. I've kept up with my car mechanically. When it needs something done, I do it. No big deal. It's just all of the little things that aren't essential to the safety, driveability, and handling that have taken a backseat and do not have time for.

I don't plan to get far from the E24 tribe, I'd just like to start with a fresher, cleaner canvas than the one I currently have. In the near, but not immediate future.

[dmac156]

Totally get it. Move on and buy one again when you can afford to have a rust free one as a toy.

[Roku35]

Sad to see you want to move on to a more modern car. Understandable at your age. Graduate and don't worry about having to sell your E24. Life goes on and you will be in the "real" world. Go carve out a small piece of the world for yourself and never look back. The E24s will always be around. Find that $150K/year salary and you'll be back here talking about the super cherry M635csi you just bought for $25K. Good Luck.

[dm635]

Since you're a body guy I'd patch it up & drive it. Even if it's bondo & needs a touch up every 6 months. You already know what you got & only have a few more issues to take care of. Once you have it sorted out it's just maintenance. But this only if you like the car. It's always easy to think of something else & a lot of times it's someone elses problems that you don't find for a few hundred miles.

[RSheiman]

For what you are going to get for it, if you have the room, keep it. Take it off the road so no insurance (unless you have Haggerty or equivalent and are paying 80 bucks/year...ohh that's for us older folk). You will do a 360 and come back to an e24 at some point in your life....if you belong to this forum, you have already shown your faith.

[Zack01GC]

I am still in love with the E24, don't get me wrong... just not my own anymore.

[e24mpwr]

Honestly, a car that is paid for and that you can work on has a lot of value. You're better off saving the money for a couple years and then re-visiting the issue.

It is hard not to justify a newer car when you want one, but financially it is rarely the best thing to do.

I'm not knocking you wanting a newer/more comfortable car, but you're likely to buy something with some miles that is an unknown quantity. You know what you've got with the Six. I'd sock away as much as you can for as long as you can...

My $0.02...

[oldymcoldington]

was it your mpwr who was in the other thread with the great post about spending money on fast cars vs investing in say a roth IRA?

in your twenties you should be putting as much towards retirement as you can, because conservatively speaking, money in your 20s is worth 4x what it is in your 40s/50s 10k now, is 40-50k in the future, a dollar today is worth more than a dollar tomorrow invested even in money market or t-bonds ;p

[samsonevickis]

was it your mpwr who was in the other thread with the great post about spending money on fast cars vs investing in say a roth IRA?

in your twenties you should be putting as much towards retirement as you can, because conservatively speaking, money in your 20s is worth 4x what it is in your 40s/50s 10k now, is 40-50k in the future, a dollar today is worth more than a dollar tomorrow invested even in money market or t-bonds ;p

VERY TRUE. I started my Roth IRA at 19. Then the market tanked, but that seed money will eventually be several times what it was. I wanted an 8 again last year, was gonna spend $10K, decided to get a 750 $2.9K, invested the difference. Best decision you can make. I'm 25 and my plan is to be part time by 55 and Fully Retired at 60. The retirement age for my generation is almost 70. But that being said I'm not gonna buy an island, I will live within my moderate means and be comfortable, but I will always be "working" It will keep me alive
:devillook

[oldymcoldington]

as long as you roll it over before you're 35 you should be ok going from traditional to roth also :)

[e24mpwr]

was it you e24mpwr who was in the other thread with the great post about spending money on fast cars vs investing in say a roth IRA?

I think you're referring to my post - I was so relieved everyone received it positively. I was worried it would come off as me bashing/lecturing.


in your twenties you should be putting as much towards retirement as you can, because conservatively speaking, money in your 20s is worth 4x what it is in your 40s/50s 10k now, is 40-50k in the future, a dollar today is worth more than a dollar tomorrow invested even in money market or t-bonds ;p

Your math is conservative, but there is another way to look at it. To arrive at the same retirement income, you have to put away more in your 30's than you do in your 20s. If you wait until the mid-late 30's to 40, you have to put away a hell of a lot more than you do if you'd started in your 20's. And by the way there are a lot more demands on your money when you get old like me - kids, house, maint/repairs, cars, college fund(s), etc. - the list goes on. Yes, you're probably making more, but I have so much less disposable income at 43 than I did at 33 even though I'm making a lot more money.

Net: Waiting until you're older and making more money is a huge mistake when it comes to retirement. Start early, be aggressive and keep going/growing.

When you start having multiple kids in college, cars to replace, a mortgage, replacing heat/AC, painting the house, etc. you'll be a lot more flexible to trend down a bit if you need to, because the core is there and growing.

It isn't as much fun as being young and super-fun, but I can tell you I'd be in big trouble if I hadn't started then. I could have/should have invested more outside my retirement (as mentioned in the post in that other thread), but at least I maxed my 401K/Retirement/Stock Purchase plan at work. A guy who was one of the mentors of my fraternity had a talk with me one day while I was in college about this whole thing, and I (shockingly) listened.

I need to find that guy and buy him a beer...

[Zack01GC]

Well, this story came to a disgustingly unfortunate end today. The decision was made by another driver.

http://forums.bimmerforums.com/forum/showthread.php?p=23872573#post23872573