My Dilemma, Need Advice

[rmorin1249]

It's looking more likely that my wife and I will be relocating and downsizing now that I am completely retired. MD is not exactly a tax friendly state especially for retirees who are collecting a pension. Combined with the high property taxes MD is #5 on the list of states in terms of total tax burden. So, here is my dilemma. I have 4 cars and will need to sell at least 1 if not 2. I have just about finished with the M635 in terms of restoring it to as close to original condition as practical. I have fixed everything little item that didn't work when I bought it. Little things like the lighted passenger sun visor mirror, replaced all the sensors for the washer fluid and coolant levels, new fuse box cover, sway bar bushings, sway bar end links and soon the UCAs and new H1 and H4 headlights. I will also be installing new tires as the Pirellis that are on it now are over 7 years old but still have lots of tread. I am going to SESF and the Vintage in May so I want to be confident I can drive it without fear of a tire failure. The car was meticulously maintained mechanically by the long term PO. It was serviced by Terry Sayther in Austin, TX and I have all of the receipts for almost 15 years as well as the complete ownership history of the car since new. It has only had 3 owners, one of which was a collector who stored the car in a climate controlled garage and rarely drove it. When I bought it last June I drove it from Austin to Hagerstown in 100+ degree temps with no issues. I have been asked by a couple of folks locally to sell the car at auction at Carlisle after showing it at the Import Car Show in May. What do you folks think? Is this a good venue for selling this type of car?

[EuroGeorge]

WTF!!! You are NOT thinking about selling the M...Really? :beer

Geo

[rmorin1249]

WTF!!! You are NOT thinking about selling the M...Really? :beer

Geo

I may have to, hopefully not. I am working on a way to keep it but there are several obstacles I have to remove first.

[EuroGeorge]

Why not offer it to the BMW community first. The odds of finding 2 people to bid on that car at Carlisle are pretty slim. IMHO

Geo

[gaspump]

What kind of money do you think it would bring? I have no idea myself and am not looking. But is'nt Carlisle just a big fair grounds where you put your car up for sale and hope for the best?

[rmorin1249]

What kind of money do you think it would bring? I have no idea myself and am not looking. But is'nt Carlisle just a big fair grounds where you put your car up for sale and hope for the best?

They also host a couple of auctions each year, sponsored by RM Auctions. You can put a reserve on it which is what I would do if I decide to go this route.

- - - Updated - - -


Why not offer it to the BMW community first. The odds of finding 2 people to bid on that car at Carlisle are pretty slim. IMHO

Geo

I would definitely put it on several forums and probably in the Roundel before taking it to an auction.

[pthm]

hell if your coming down to texas by chance buy a bus ticket for me and I'll drive it to you :)

[tschultz]

In retirement, why would you have to sell your fun car? You don't have that many places to commute to, do you? If you do, use one of the other cars and keep the M :)

[dmac156]

If you have to relocate, why not relocate to a state with better taxes? Then you can afford a nice big garage with a house attached, and you could keep all your cars (maybe even buy more).

[M6ermike]

Randall….As a fellow retiree, my advice: it boils down to ‘what do you want to do with your time’. You have many choices, but if your main commitment (hobby) is to cars – buying, selling, fixing, modifying, detailing, driving, racing, meeting, showing, socializing -- then that will be your focus. And perhaps your M635 is not the end result – sometimes, the chase and/or renovation and/or ? are more fun than the acquisition.

Figure out what you want to do first – listen to both your heart and your head (and perhaps your pocketbook) – and the rest will fall neatly into place. You might decide to sell both cars and take up horse farming (horseyforums?). I’ve solved part of the equation for myself, but still struggle with part. In answer to your question on auctions, that might be a very good option considering the recent outcome of the Amelia Island auction -- $52K for a very good, not pristine, 88 M6.

Good luck with whatever you decide.

Mike

[xing6666]

Don't do it. That is all.

[rmorin1249]

Don't do it. That is all.

I have a lot of soul searching to do before I make a final decision. My wife of 44+ years followed me around during my military career and we ended up in MD which neither of us was thrilled with but we stuck it out so I could complete a second career and to be close to the children and grandchildren. Now, we are trying to decide what we want to do as we approach our "golden" years. I have always garaged my cars and am now renting 2 garages in order to keep all of my cars properly protected. When we move it is unlikely we will have access to enough garage space for all of the cars so I may be faced with trying to decide which ones to part with. One thing I am sure of is that I will only sell my Euro M to someone who will appreciate it and take care of it. It has been unmolested and meticulously maintained and I want to do everything I can to ensure it is properly cared for in the future if I do decide to sell it. For now, I will continue to enjoy it and maintain it. I am also very appreciative of the help and support from other E24 owners and aficionados. The Pre SESF Wrenchfest organized by EuroGeorge is a good example of what I am talking about. This will be an opportunity for me to learn more about my car, complete some maintenance and socialize with other E24 owners who know a lot more about these cars that I will ever know. For that I am very grateful.

[xing6666]

I have a lot of soul searching to do before I make a final decision. My wife of 44+ years followed me around during my military career and we ended up in MD which neither of us was thrilled with but we stuck it out so I could complete a second career and to be close to the children and grandchildren. Now, we are trying to decide what we want to do as we approach our "golden" years. I have always garaged my cars and am now renting 2 garages in order to keep all of my cars properly protected. When we move it is unlikely we will have access to enough garage space for all of the cars so I may be faced with trying to decide which ones to part with. One thing I am sure of is that I will only sell my Euro M to someone who will appreciate it and take care of it. It has been unmolested and meticulously maintained and I want to do everything I can to ensure it is properly cared for in the future if I do decide to sell it. For now, I will continue to enjoy it and maintain it. I am also very appreciative of the help and support from other E24 owners and aficionados. The Pre SESF Wrenchfest organized by EuroGeorge is a good example of what I am talking about. This will be an opportunity for me to learn more about my car, complete some maintenance and socialize with other E24 owners who know a lot more about these cars that I will ever know. For that I am very grateful.

Jeeze... what's so great about the other three cars, that you would be willing to part with the M??? ;)

That being said, I understand. The e24 has become such a huge part of my life over the past years that getting rid of Crusty seems simply unimaginable. I'm at a different point in my life, though so it's hard for me to truly put myself in your shoes - I can only empathize. Our cars are not the most important things in the world (though they're close!). :) Do right by your family and you can't go wrong. I know that you would not let that car go easily... and I hope even if you do sell the M that you would still show up at Sharkfest, with whatever you can drive in, if even for just a drink and a laugh. Cheers!

[e24mpwr]

Here's the thing - if you love it, do what you can to keep it. I'm not sure the Amelia Island car represents a trend or not.

[TJC1]

I have a lot of soul searching to do before I make a final decision. My wife of 44+ years followed me around during my military career and we ended up in MD which neither of us was thrilled with but we stuck it out so I could complete a second career and to be close to the children and grandchildren. Now, we are trying to decide what we want to do as we approach our "golden" years. I have always garaged my cars and am now renting 2 garages in order to keep all of my cars properly protected. When we move it is unlikely we will have access to enough garage space for all of the cars so I may be faced with trying to decide which ones to part with. One thing I am sure of is that I will only sell my Euro M to someone who will appreciate it and take care of it. It has been unmolested and meticulously maintained and I want to do everything I can to ensure it is properly cared for in the future if I do decide to sell it. For now, I will continue to enjoy it and maintain it. I am also very appreciative of the help and support from other E24 owners and aficionados. The Pre SESF Wrenchfest organized by EuroGeorge is a good example of what I am talking about. This will be an opportunity for me to learn more about my car, complete some maintenance and socialize with other E24 owners who know a lot more about these cars that I will ever know. For that I am very grateful.

Without knowing where you might be planning to relocate to it's a bit difficult to offer sound advice on my part. I am also retired and need to watch pennies but have found that there are certain areas of the country that are definately more "retiree friendly" than others in regards to taxes, housing costs, cost of living and so forth. I have also found that, in this area at any rate, building costs are fairly reasonable so that accomodating multiple vehicles under one roof is not out of the question.

Of course there is a trade off in everything. For instance in our case there is a certain lack of shall we say, "cultural activites". However road trips are fun and we're not terribly far away from revisiting the 21st century when we need to!

I guess my point is that your future location may well dictate whether you'll even need to sell the car, which hopefully you won't. Good luck with your decision, I know it's not an easy one.

[FernandoBunster]

Randall DON'T SELL YOUR BEAUTIFUL AND RARE CAR!!! You'll have a hard time to replace it. If you don't already insure it with Hagerty, their agreed value policies are quite reasonable. Don't drive it a lot. Sit next to it and admire it with a big smile on your face. Learn to work on it yourself. Enjoy your retirement

[rmorin1249]

I appreciate all the responses. While cars are my passion, they are not the most important things in my life. Family and friends clearly lead my list. We will likely stay on the east coast but there are several states that are much more retiree friendly than Maryland. Tennessee and Pennsylvania in particular; TN has no income tax and property taxes are relatively low. They do have a high sales tax. PA can have high property taxes depending on the school district but exempt all pensions and SS for income tax purposes. Florida likewise has no income tax but is not on our list of places to live. The Carolinas are also a possibility.

[e24mpwr]

I appreciate all the responses. While cars are my passion, they are not the most important things in my life. Family and friends clearly lead my list. We will likely stay on the east coast but there are several states that are much more retiree friendly than Maryland. Tennessee and Pennsylvania in particular; TN has no income tax and property taxes are relatively low. They do have a high sales tax. PA can have high property taxes depending on the school district but exempt all pensions and SS for income tax purposes. Florida likewise has no income tax but is not on our list of places to live. The Carolinas are also a possibility.

Come to NC - it is a great place to live. Can't speak to the retiree environment though...

[rmorin1249]

Come to NC - it is a great place to live. Can't speak to the retiree environment though...

I agree. Spent much of my youth in NC. Grew up in Fayetteville. Went to undergraduate school in Charlotte and then graduate school in Chapel Hill. My wife is from Burlington. The Asheville area is on our short list.

[alpinacsi]

I love the carolinas. I was born in Burlington and still have family in gibsonville, Burlington and G'boro. We moved all over the east coast while I was growing up and even in the early years of marriage but have been in Atlanta for close to 20 years. Not where I want to retire: too far from the water and the lake is not the same.

Good luck in whatever you decide.

[TJC1]

More food for thought for retirees and those who soon will be:

http://money.msn.com/taxes/c_galleryregular.aspx?cp-documentid=252812876

[rmorin1249]

I am looking forward to talking with other E24 owners at SESF, especially those that are in or close to retirement. It's a real dilemma especially when you and your spouse can't agree on a place to retire. Nice to see SC made the top ten list in the Money magazine article. The upstate of SC is also on our short list. Travelers Rest in particular is a nice town close to Greenville and Spartanburg.

[rlkrlk]

https://www.carcoon.com/

:)

Good luck!

Ray

[Roku35]

I am looking forward to talking with other E24 owners at SESF, especially those that are in or close to retirement. It's a real dilemma especially when you and your spouse can't agree on a place to retire. Nice to see SC made the top ten list in the Money magazine article. The upstate of SC is also on our short list. Travelers Rest in particular is a nice town close to Greenville and Spartanburg.

How about retiring in Hawaii! That way you can bring your ///M with you so I can come over and lust over your classic BMW. If you ever want to part with it while in Hawaii, I'm your man. Haha.

I hope you don't sell your M635csi, but if you do, I'll be watching :D

[gaspump]

I'll see you at sesf.

[rmorin1249]

How about retiring in Hawaii! That way you can bring your ///M with you so I can come over and lust over your classic BMW. If you ever want to part with it while in Hawaii, I'm your man. Haha.

I hope you don't sell your M635csi, but if you do, I'll be watching :D

I would LOVE to retire in Hawaii but I would be without my spouse. No way she'd leave the mainland. Also, I would probably end up with "island fever". Not enough roads to drive on. I love being able to leave my house and head in any direction for at least 200 miles without going in a circle.

That said, I have a pharmacist friend who is my age, 64. He just retired to Kauai with a Brazilian wife less than half his age. They are loving life!!

[FernandoBunster]

Has nothing to do with Hawaii...it's the Brazilian wife!

[rmorin1249]

Has nothing to do with Hawaii...it's the Brazilian wife!

Probably but I just learned they had a baby. Poor sucker will be over 80 years old when the kid graduates from high school. What an idiot!

[Roku35]

I would LOVE to retire in Hawaii but I would be without my spouse. No way she'd leave the mainland. Also, I would probably end up with "island fever". Not enough roads to drive on. I love being able to leave my house and head in any direction for at least 200 miles without going in a circle.

That said, I have a pharmacist friend who is my age, 64. He just retired to Kauai with a Brazilian wife less than half his age. They are loving life!!

You are absolutely right about not enough roads to drive on! I can barely get out of 3rd gear in our small town highway, and by the time I have ANY chance to get to 5th gear on the freeway, "daily" traffic puts an end to that. Constantly riding my clutch and break through traffic is not my idea of fun driving. Our traffic is the same even on weekends as well. Hawaii is a great place to grow up, but with the nations No. 1 worst traffic and the nations No. 2 worst roads, and the nations No. 2 highest cost of living, I wonder why we bother spending tons of $$$ on just sustaining ourselves. Home is still home I guess. I forgot to also mention that regular petrol is clocking in at $4.39/gallon (it was higher a couple months ago). If there is an upside, it would be our awesome tropical climate all year long. No storing for the winters, so you can drive your classic BMW all year long (in traffic)...hahaha. I'm not joking...lol

[rmorin1249]

I hear you. I was TDY in Hawaii several times and really enjoyed the islands but I was only there for a week or so at a time. The wife and I spent a week on Kauai a few years ago and it was fantastic but I don't think I would want to live there year 'round. I enjoy a change of seasons but I don't like having to store 2 of my cars 3-4 months each year. Have you ever tried to host a "Sharkfest" type event in Hawaii? I wonder how many E24s are on the islands?

[Roku35]

I hear you. I was TDY in Hawaii several times and really enjoyed the islands but I was only there for a week or so at a time. The wife and I spent a week on Kauai a few years ago and it was fantastic but I don't think I would want to live there year 'round. I enjoy a change of seasons but I don't like having to store 2 of my cars 3-4 months each year. Have you ever tried to host a "Sharkfest" type event in Hawaii? I wonder how many E24s are on the islands?

When I got my first 6er a few years back, I kept saying that I wanted to hold Hawaii's own Sharkfest in Honolulu. But after combing the city and forums, I found out that there are not many left in Hawaii. I thought that they would be more. Over the past 6 years, I have found a few owners, but many of the E24s locally are quite beaten. Between myself and my neighbor, we own 80% of the euro E24s in the islands still on the road (4 of 5). I've found 3-M6s, one of which is really nice. I have come across 2-M635csi in the islands, but one was missing an engine and the other was ready for the scrap yard, it was really sad. Every once in a while I'll see a couple white, red and black 635s driving around. Most are '87 and '88 models. In fact, yesterday I saw my first Cirus Blue 635csi driving to work in the morning. I would estimate the count in Hawaii to be less than 20 in the State. I know of a few on the outer islands that come up in CL every once in a while. My addiction has me constantly tracking E24s all over the US :D

I was lucky to find a gentleman in my own neighborhood and in the local BMW community who shares the same love for the euro model 635csi. He actually bought one brand new from Germany when he was stationed out there in 1985. BIG BUCKS back then. He still has it and to this day, it is still his favorite. And he has had them all (E9, E30, E34, E39) He told me he would never sell his E24. I agreed with him whole heartedly. He told me his story of he and his wife having to make the decision to buy the 635csi OR to have enough $$$ to eat. They bought the 6er. Wow!