Price Lowered on 98 M3 Sedan 5-speed!

[Lone Star M3]

Lowering the price. this car must go. Trying to pay off debt on one income. Can't afford to keep her anymore. :bawl I will be taking about a $1000 hit on my payoff but I must sell it soon.


Year: 1998
Model: M3
Body: Sedan
VIN: WBSCD9322WEE07439
Exterior Color: Arct. Silver
Interior Color: Dove Gray
Transmission: 5-speed
Price: $25,000
Mileage: 48,650

Seller Information
Member Name: Mike Chapman
City: Woodlands
State: TX
Zip: 77380

Email Address mike_chapman@hotmail.com

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1998 M3 4 Door Sedan
VIN# WBSCD9322WEE07439
Currently it has 48,250 miles on it.
Arctic Silver Metallic Exterior with a Dove Gray Leather
Sport Interior (Non Luxury Option)
5 speed transmission with limited-slip differential
Sliding/Tilt Sunroof
Front Foglamps
Power steering,windows and locks with no keyless entry or factory alarm installed
Cruise Control and OBD computer with trip control (clock/date, gas mileage and all other functions).
AM/FM Harmon Kardon Stereo Cassette Head with BMW Six Disc CD Changer in the trunk
ABS Brake with All Season Traction control
Dual Front and Side Airbags
Sedan Rear Spoiler
Front Power Seats with Bolster extension but no Folding Rear Seats were added.
Staggered Tires on 17" 10 Double-Spoke M Sport Rims
The only flaw in the whole car that I know of other than normal wear is some slight wear (rubbing) on the driver's seat bolster (normal for a BMW) and a 4 inch crack in the dead center (by rear view mirror) of the windshield from a rock strike on the highway and I had this repaired though to prevent spreading to other areas but it is still visible.
Car History: I purchased the car in March, 2002 with on a Buyer's Option Plan (Basically a 3 year BMW lease). The car was a lease return to BMW of Houston North from the original owner residing here in Houston. The car also came with a CPO Certification and Warranty from BMW. The warranty will be honored through 100,000 miles or until January, 2005 which is the 7 year anniversary date of when it was originally delivered. This warranty is honored at any BMW dealer with a $50 co-pay per visit. I use this car as my daily driver (30 mile commute every weekday - not too much joyriding with a 1 year old baby at home) but it has been meticulously maintained by me since I took ownership.
Here is a list of maintenance items and warranty repairs performed while I have had the car which I have all receipts for your personal review.
May 2002 - Inspection II service, replaced all 4 brake pads and rotors, brake/coolant fluid flush and replaced belts. ($1,225.62)
April 2002 - Replaced both rear shock mounts under warranty. $50.00
October 2002 - Replaced all 4 tires balanced/mounted with new Kuhmo Ecsta 712 Z-Rated Radials. $639.53
October 2002 - Had 4 wheel alignment performed after replacing tires. $62.95
January 2003 - Oil and Lube Service $67.50
January 2003 - Had brake light switch and windshield washer pump replaced under CPO warranty. $50.00
I have not autocrossed, modded or raced this car in events. It is a 100% stock automobile with all the factory installed equipment and a small BMW car seat anchor hook I installed on the right side of the parcel panel.

This car has a clean Carfax report as of my original purchase that I will be glad to share with you via email.

Here are some pictures:
http://members.roadfly.com/mike_chapman/Mike's 1998 M3 Sedan.jpeg
http://members.roadfly.com/mike_chapman/M3 002.jpg
http://members.roadfly.com/mike_chapman/M3 003.jpg
http://members.roadfly.com/mike_chapman/M3 004.jpg

[Lone Star M3]

Bump. Anyone know of someone looking for an M3 Sedan? What are the going prices on these cars?

[Lone Star M3]

Bump for a buyer interested.

[John in Houston]

Mike, are you a BMWCCA member? If so, you really need to post it on the HOUBMWCCA site as well as the national site. I believe it is free to members. You can also post it in Roundel.

John 'Bump it to the top' in Houston

[Lone Star M3]

John,

I am not a member of the BMWCCA Group so I don't think they would post it for sale. I took the car out to the Houston Police Academy AutoX last month and had zero interest in it. I had one guy talk to me about the car and he had a 2002 Honda Accord LX he wanted to work out a trade on. I am just interested in a straight outright sale of the car. No swaps. Money is tight at home right now so I will have to switch to a beater until things improve. I will email Ricardo Barnes and see if he will take pity on me and post in on their web site. I actually have it posted on the national BMWCCA free classified web site.

I actually had two women call on the car while I was stuck in traffic on I-45. Neither was interested once I told them what it was. One said I can't drive a stick and I tried to get your phone number on the for sale sign but you where driving too fast. The other asked if it was the car from James Bond's movies.

Thanks for the bump.

[mic_poo]

Mike, I tried my best to convince my wife to sell the wagon and get the M3/4 (two M3's in the drive way would be cool!).

She didn't like the idea of toting kids and the dogs in a sedan though.

Good luck with the sale.

[Lone Star M3]

Yeah I know an M3 Sedan is a tough sale to the wives. I just posted it on Autotrader over the weekend. Have gotten a few calls on it but no real buyers yet!

We picked up my neighbor's 1990 Buick Century Station Wagon over the weekend. It is in great shape for an over 12 year old car. Has 51,000 original miles and belonged to his father. Lucky for us he had it for sale and sold it me and the wife for $1500. It really is a blessing. Once my M is gone that may be our only car. This economy is killing me. We had 3 more layoffs at my office. Crossing my fingers on this one.

[Lone Star M3]

Bump for a buyer.

[Lone Star M3]

Bump! Anyone looking for a 1998 M3 Sedan, Low miles and remaining warranty until 01/2005.

[plenoach]

Mike-

It looks like you've got a very nice car. Unfortunately, the market for E36s and other used cars continues to soften.

Just as a point of reference (you asked above), I got my '97 M3 sedan with 43k late last summer for $22.5k. Yours is a year newer and has a warranty, so that should be worth something, but the market hasn't gotten any better since I bought mine.

With the continuous rebates that manufacturers have been offering to keep moving new cars, the used car market is not doing particularly well and probably won't for quite a while.

It's got to be painful to be below your payoff, but the glut of new cars out there is very insensitive to what people actually owe...is their a penalty for breaking the lease?

Good luck anyway.

-Peter

[Lone Star M3]

Thanks for advice Peter. I have seen quite a few out in Cali going for way more than mine with no warranty. I wish I could let it go cheaper but anything less than my asking will be putting me in a serious bind to come up with the remainder of the payoff. That is why I am just trying to sell as close to payoff as I can afford $1000 or less what I owe. Hopefully someone will be in the market for my car soon. Really need to sell to be able to afford to pay off some other bills.

[Lone Star M3]

bump

[Doglass]

That is definitely normal pricing. It is pitiful there are few people interested.

[Lone Star M3]

Thanks for the encouragement Doglass. Hopefully the right buyer will come along soon. I can't afford to lower the price much more than what I have it listed for now because of what I owe BMW on it. Other than normal wear and tear it is a nice car and hate to see it but I have to pay my bills.

Bump for buyer or reference to one.

[Sinned]

I think maybe a good price point for your car is $23K, this is not lowballing but looking at the prices of M3's that actually sell, $25K is just not a price people are looking for...with that said, I bought my 98 M3 coupe 5spd. with 53K miles for $20K in Arizona, then drove it back to Cali.

[Lone Star M3]

Originally posted by Sinned
I think maybe a good price point for your car is $23K, this is not lowballing but looking at the prices of M3's that actually sell, $25K is just not a price people are looking for...with that said, I bought my 98 M3 coupe 5spd. with 53K miles for $20K in Arizona, then drove it back to Cali.

Consider yourself lucky. I have seen many currently on Autotrader in S. California and elsewhere for sale with more miles than my car for around $26-28K. My car also has a BMW extended warranty until 01/2005 or 100,000 miles that has to be worth something. I have to get some offers before I can make a deal. Next step is figuring out where to get the money to make up the difference in the payoff to make title for the new owner.

[JB///M3]

Originally posted by Lone Star M3
Consider yourself lucky. I have seen many currently on Autotrader in S. California and elsewhere for sale with more miles than my car for around $26-28K. My car also has a BMW extended warranty until 01/2005 or 100,000 miles that has to be worth something. I have to get some offers before I can make a deal. Next step is figuring out where to get the money to make up the difference in the payoff to make title for the new owner.


but guess what man, your not in Cali... we have higher prices in everything... so you can't really use our "economic value" over there in texas...because it is far different... and plus Texans are notorious for beating the crapola outta there cars..letting them sit in the sun, ect ect...

but your asking price is actually a nice price for the mileage.... good luck...

[Doglass]

From what I have seen, the used car prices in S California are comparable to the prices here in Arizona. And not everything is more expensive in California either. When I went to San Francisco, I was shocked at how reasonable the restaurants were.

[JB///M3]

Originally posted by Doglass
From what I have seen, the used car prices in S California are comparable to the prices here in Arizona. And not everything is more expensive in California either. When I went to San Francisco, I was shocked at how reasonable the restaurants were.

well...lets just say as long as Gre...i mean.. Gay Davis is in office the costs of living and all expenses will just steadliy climb..

[Lone Star M3]

The bottom line is what I can afford to pay out for the new buyer to get the title from BMW. I just need out of the the $500/month car payment + $109/month for insurance. Just not in my budget right now. I think $25K is a fair asking price. If people want a garage queen then they will pay a lot more no matter where they buy the car.

If you know anyone looking for a clean 98 M3 Sedan with a remaining BMW CPO warranty then send them my way. I have answered countless emails with extra photos, clean carfax report and listing of all maintenance/repairs made and no one goes past that step to even make a decent offer. One jackass asked is I would sell him the car for $17K. He was dreaming.

[Lone Star M3]

Originally posted by JB///M3
but guess what man, your not in Cali... we have higher prices in everything... so you can't really use our "economic value" over there in texas...because it is far different... and plus Texans are notorious for beating the crapola outta there cars..letting them sit in the sun, ect ect...

but your asking price is actually a nice price for the mileage.... good luck...

Not really basing the sales price on California prices but on what I feel the car could sell for here in Houston. If it doesn't sell now then once I make a payment I will lower the price accordingly. Right now I can't afford to pay BMW anymore than $1000 to get title for the new owner. I don't beat up my car but Houston freeways are responsible for a crack in the windshield and a door ding. My car is always garaged at home and washed and waxed by hand. Not too bad for a daily driver.




Thanks for the advice though.

[plenoach]

Mike- You are undoubtedly in a bind here. I am not trying to pile on, but offer some perspective.

As I mentioned in my earlier post, I bought a very nice 1997 M3 Sedan in the heart of SoCal last summer for $22.5k. I had looked at it back in May when he was asking $26k, and the guy (a private seller) called me back in July finally wanting to sell. He already had a new M3. So if you are basing your California prices on what PK Bimmerz and the like are asking for their cars, that's just not realistic. And it's been over 9 months since then and the market continues downward. My car is probably worth less than $21k now.

You've got a nice car with some very desireable qualities- Last year of the sedan, good color combo, less than 50k miles, and CPO warranty. Having said that, it is historically costly to change one's mind about a lease (or any car purchase a year or so later). Unless BMW does something unusually liberal, by cancelling the lease before it's end, you are liable for the full cost of all the rest of the payments in order to get out of it, and that assumes no specific early termination fees (which some companies will apply). Those payments all include the leasing company's profit (a variation of interest), which is part of what you owe but does nothing to add value to the car.

For pricing, it's the oft-repeated cliche of 'what the market will bear.' If you've had over 1200 views on the forum and no serious interest or offers, that is a strong indication that the price is high, regardless of what KBB or Edmunds says it's worth or what you owe. The most realistic pricing you will find is Black Book. Talk to your bank about it or dig through cars.com, and you will find one of the best reference points possible on any car's value.

What you will find (either now or later) is that the car will sell for around $23k.

It may be cheaper to hang on to it if you can't afford that kind of hit.

Best of luck, and keep in mind I don't think any of us offering advice aren't pulling for you...we're just being realistic.

-Peter

[moonluv810]

Originally posted by Lone Star M3
I have answered countless emails with extra photos, clean carfax report and listing of all maintenance/repairs made and no one goes past that step to even make a decent offer.

I have one suggestion for you to make your life a little easier. Put together a site with all the info and pictures. That's what I did. Rather than spending countless hours responding emails with the same questions, just spend a couple hours putting together a site something like mine.

Good luck with the sale!

[Lone Star M3]

Thanks Indi,

Will do soon. Great looking website. It's a shame you have to sell such a beautiful automobile.

Best of luck to you.

[DIPLOMATIC-M5]

Good luck with the sell Lone Star. You have a great car and you will sell it. Hang in there and good luck.

[iwannadinanm3]

FYI, the car market has dramatically started to pickup, it's not going more down hill. 4 months ago you can buy the same car at a dealer auction for 3k less. Now, since it's summer time, the car prices have jumped up, and of course they should go down again by the time October or so comes along

[Lone Star M3]

That is good to know. I hope that means my pricing will look more attractive to a potential buyer as the summer goes on.

[Emmo]

I'll bite the bullet here and agree that $23-$24k is a fair price. For reference, I actually spent since last November slowly selling my M3 4 door from an ask of $25k down to $22k. I was in Florida. To support Mike's price being higher than mine, I had a replaced left rear door and work on the left underskirt. Mileage and condition about the same. Maybe mine was a little rarer though being Estoril.

But the thing is back in November a guy offered me $22k cash, here take it no questions asked. And I told him to pack sand but should have taken the offer. Ended up spending six more months of insurance $400 and putting on a new set of rotors and pads for $460 with fluid.

I agree with Indi, a for sale website is a must. Shows your interest in the car and care for it while under your watch.

http://www.geocities.com/gt6734a/M34.html

It seems like over on roadfly more cars for sale just in May than any of the months I've been watching. Hopefully it'll slow down and prices will slow their fall. I dont know about everyone else but I've figured a ~12% yearly depreciation.

Scary thing now is I'm back in the market for a M34, this time with no body work.

My 2 cents,



:wave:

[Lone Star M3]

Thanks for the advice and support guys. Will work on a website for the car and pray.

[John in Houston]

TTT

[Lone Star M3]

Thanks for the bump John.

[yotone]

best way for me to gauge the real private market price is through watching cars on Ebay. its kinda painfull watching e36M3's go for such a low price. i guess person who isnt that crazy about performance would opt for a e46 330 sedan which is going for about the price ur asking for. but as someone said before that summer prices are a billion times better. put one of those for sale signs on ur car if you havent. good luck!

[Lone Star M3]

Have a two huge yellow For Sale signs on the the front and rear windows. I have had a lot of shoppers call and email. Just need to find the right buyer. Most are afraid to make an offer below what I am asking or don't know what the car is or what is worth.

Hopefully I will find an interested party soon.

[John in Houston]

Mike, call me or e-mail me. I've got a friend of mine who is serious about buying a M3/4. I told him about yours and he wants to come see it on Saturday.

John (713) 819-3797
jscheier@p2es.com

[Cal]

Originally posted by yotone
best way for me to gauge the real private market price is through watching cars on Ebay. its kinda painfull watching e36M3's go for such a low price. i guess person who isnt that crazy about performance would opt for a e46 330 sedan which is going for about the price ur asking for. but as someone said before that summer prices are a billion times better. put one of those for sale signs on ur car if you havent. good luck!

M3s on ebay are lowballed all the time. It's ridiculous seeing bid prices there. However, typical ebay people don't really get to see the car first hand, let alone test drive it. There is also the standard "any car on ebay must have something wrong", so they tend to want to pay less for it than one they can see and drive in person. I wouldn't consider that to be "typical" market price.

One more thing I've noticed is that cars with NO RESERVE tend to go/sell/bid for a lot more than ones with reserves or high starting bids. However, I don't think you'd want to take the chance and sell your pristine M3 at no reserve.

In any case, *BUMP* for a fellow M3/4 owner and enthusiast. Hope you sell your car soon Mike!!

[Lone Star M3]

Originally posted by John in Houston
Mike, call me or e-mail me. I've got a friend of mine who is serious about buying a M3/4. I told him about yours and he wants to come see it on Saturday.

John (713) 819-3797
jscheier@p2es.com

No Problem John. You have an email with my contact number. Thank you for the referral.

[John in Houston]

Forwarded on! Best of luck Mike!

[Lone Star M3]

Thanks for all the advice guys. Looks like I have a pending buyer on the car. We have agreed on the price and he is completing the sale on Monday.

[iwannadinanm3]

wow, finally! hopefully it all goes through well, congrats

[black_box]

got my fingers crossed for ya, good luck.

[JT///M3]

Originally posted by mic_poo
Mike, I tried my best to convince my wife to sell the wagon and get the M3/4 (two M3's in the drive way would be cool!).



heheh...

[Lone Star M3]

Looks like my buyer's loan will go through on the M3 and he will pickup the car this week. I will soon be reduced to driving a 1990 Buick Station Wagon until the finances improve. At least I have something to drive for now.

[Justin(OKC)]

Congrats on the sale, Mike!!!! I've got a friend interested in my M3/4 and if it falls though I'm going to start heavily marketing the car here in Oklahoma City and Tulsa. You got a pretty good price on the car and it goes to show that you can get a premium for a car if it is nice enough. I have not had a single person look at mine, and that's the problem with it. M3/4's are somewhat of a rare find here in Oklahoma. If you find one, it's an automatic most of the time. Congrats again on the sale.:D

[Lone Star M3]

I have a friend in OK City and he loved my car but unfortunately he is in the same boat as me right now - Broke! You have a gorgeous car and the color is a lot rarer than mine. If I had the cash I would drive up there and take that gorgeous M3 home with me.

Try Autotrader Online that cost $50 (my buyer saw my ad on there) and possibly drive around with a sign on it through the posher sides of town. It can't hurt.

Stick to your guns someone will snap it up.

Good Luck To You.