Buying a 03 BMW M3 SMG --- Please help!!

[pj94z]

I'm looking at the following car at a local bmw dealer:

2003 BMW 3-Series M3 2dr Convertible


53k miles - mint condition - SMG package - black soft-top convt.


Is $22,000 a good deal for this car?

I plan to keep car only 3 years - does M3 hold value pretty well?
(how much can I sell it for in 3 years @ 100k miles, $15k ? )

Is there anything I should check on BEFORE buying the car ?

thanks

[xplosiveg06]

decent price. check to make sure the recalls were performed and the last time the inspection 2 was done. i dont think its going to drop much less than 15k in 3 years. the e46 has the e36 as a price cushion.

[pj94z]

decent price? so, what would be a great price... $20k ? less? I checked blue book and it's around $24k.

I'm going to finalize it tomorrow morning & will ask about recalls/inspection 2.

how much will 60k mile service cost me? I might try to negotiate this into price of car.

I'm financing this using my home equity line of credit - which will have payments of only $70/mo (int only for 3 years). So, I want to make sure it holds value well....since I will be about $7k up-side down on loan in 3 years. Of course, I will have saved a ton over the 3 years to makeup the $7k at end of 3 years. Any pit falls with this ?

[xplosiveg06]

decent price? so, what would be a great price... $20k ? less? I checked blue book and it's around $24k.

I'm going to finalize it tomorrow morning & will ask about recalls/inspection 2.

how much will 60k mile service cost me? I might try to negotiate this into price of car.

I'm financing this using my home equity line of credit - which will have payments of only $70/mo (int only for 3 years). So, I want to make sure it holds value well....since I will be about $7k up-side down on loan in 3 years. Of course, I will have saved a ton over the 3 years to makeup the $7k at end of 3 years. Any pit falls with this ?

i meant if the car is clean and to your standards i would pay 22k. my m3 is identical to yours except a coupe with a few thousand miles less. i paid around the kbb value from a local bmw dealer, but then i was looking for a specific color and smg.

servicing i would get done at a local trusted indy shop. They are around half the cost of servicing at a bmw dealer, and do the same quality of work. The car will tell you when it needs to be serviced "inspection 1 or 2". it goes by how much gas is consumed, not by how many miles like most cars. Alot of the m3forum.net members also recommend changing the oil every 7500 miles as the bmw 15k oil intervals are kinda long.

im sure someone else here can chime in about the financing as i have the slip for mine

GL and be sure to post pics if you pick it up tomorrow. you will have a blast driving it around

[pj94z]

Negotiated a Deal on the car for $20,000.

I took the car to an INDY PERF shop for pre-purchase inspection.

They said it:

leaks oil from head gasket
needs new control arm/bushings
needs new drive belts


They said this would cost me approx $6,000 if I got it done at a BMW Dealer.

I went back to the Dealer - told them it needs all this work....they said IF I purchased CAR TODAY....they will agree to FIX all those items...but I must purchase Car first.

I walked out.

What do you guys think?

Also, Can you guys give me an idea about the COST of maintenance for a convt m3 ?

I was told it's very expensive and costs $2,500/year to maintain....is this true?

I plan to keep the car only 3 years or 30k miles..... can I expect 7,000 in maintenance costs? If so, I do not think I can buy for 20k ..

[Ace M3]

Get the promise to fix those issues IN WRITING.

$2500 is way on the high side...have them do an Inspection II as well.

In 3 years, plan on changing the brakes, tires, and oil. Don't be surprised if your alternator goes out ($200) and change your RTAB's/RSM's ($150)

[verboten]

$20K is very low from dealer. Check paint and carfax for accidents repairs. Also check tires ($1000 to replace 4)

[pj94z]

They wanted me to buy car first an pay for it. Then, they will "fix the problems".
At first, the salesman told me it was a certified car and fully inspected to be free of any repairs/damages. Then, I spend $125 to get it checked out...and find out the truth is different.

Honestly, I lost all trust and walked out and am no longer interested in doing business with a dealer who tried to sell me a CERTIFIED PRE-OWNED BMW, that needs all these repairs.

Also, the thought of owning this car , as it ages, concerned me - as it seems I'll be spending a lot of $$ over 3 years to maintain this beast.

So, Instead, I made a deal over the phone for an out-of-state 2008 BMW 328i sport, for $28,500 with only 11k miles and has a 6 year , 100k mile warranty. I believe the book value is around 30k for this car , so I'm happy with the deal.

I will be going to see the car for the first time tomorrow and hopefully driving it back home, if all checks out OK.

Thanks for the tips.

[verboten]

Good move! Go with your gut and you won't have to think about how you got screwed if you bought the other one.

The dealers are losing so much money they are desperate to sell anything. That includes cars that use to only be available at sketchy used car dealerships.