Hi everyone,
I recently went to see a pretty clean 06 550i. The car itself was pretty damn clean, and that N62 was a blast to test drive on the highway.
My main concerns are the following:
1. Super high miles, 230k to be exact. On the CarFax it showed a lot of stuff was replaced by the previous owner at the dealership, but the current owners don't have actual service records on hand.
2. The ownership history is slightly fishy, the current owners bought it off the original owner 2 months ago, and now are selling because they decided they don't need another car. They never transferred ownership, and it still has the original owner name on the title and he signed it and everything. The registration expires in 1 month, so I'll need to take care of it when I title the car, it has a current smog check at least.
3. The brake pads and tires need to be replaced ASAP.
4. The engine oil light was on, iDrive said it was overfilled. After checking the dipstick (which was hard to find) it indeed looked to be over, but not a crazy amount. Still, it is a bit concerning. The computer also said it was 2200 miles overdue for the oil change.
All things considered, the current owner agreed to sell her to me for $3500. It sounds like a smoking deal, but my main concern is if this will end up being a money pit with that mileage and if I'll ever be able to sell it after the time comes to let her go in the future, lol.
Any insight would be appreciated. I have until tomorrow morning to decide, so any advice would be appreciated!
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Current cars: 1990 Mercedes-Benz 300E, 1991 BMW 320i M-Tech II, 1991 Mitsubish Galant AMG Type II, 1992 Nissan Figaro, 1993 Toyota Chaser Tourer V
Ask to contact the previous owner to double check the story.
I'd pass otherwise.
Too sneaky, the owner could atleast register it and then sell, if it's an extra car he surely won't be in a giant rush to sell it asap.
Run
Don't look back, keep running
If it's overfilled, I don't think oil light should be on, other hidden problems.
Want to stay happy, don't do it.
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Unless you are an advanced DIYer, I would skip high mileage 15 year old cars that are notorious for being expensive to maintain even if still looks good and seems to drive nicely and has a price that you think is good.
Here in PA we have to go the notary and get the title transferred. I know some states don't have to do that. If they didn't want to a.k.a. could afford to a.k.a. are too lazy to pay the $150 or whatever to get the title in their name, they probably can't maintain any car realistically, let alone a old modern BMW.
If it smells like a fish, it is a fish and fishy (your word - fishy-), without the title in the sellers name, if you purchase the car with the prior owners name on the title, they (the seller) is including
you in fraud to the state by not paying sales tax for their sales transaction. Never buy a car via private transaction without interacting with the owner(s) on the title, no matter what story you are being told,
"selling for a friend, son, uncle, etc, owner is deployed in the military, owner is in jail". The title should be signed by the owner in your presence, and if the state requires a notary, then signed with you in front
of the notary.
Can't go wrong for $3.500,-. If besides the tyres and engine the rest of the car is in mint condition I'd go for it but indeed you got a possilbe hands full and need to be prepared for the worst. Does it idle nicely without rpm changes? How are the brakes and suspension arms, rear bushings, tailgate leakage, coolant leakage etc?...If you're not a diy at all then skip it but I do agree its the nicest E61 engine besides the M5.
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