M Coupe: Is this car a good deal?

[TR6]

Need some advice on a potential purchase. I've been searching for an M Coupe (99 or 2000 model since I can't afford an S54) and I found an M coupe a few hours from where I live (which is a plus for me because I wouldn't have to ship it).

Here's the basics: 1999, 50K miles, one month of CPO warranty left on it. Currently on 4th owner, from NY originally, then FL. Current owner has only had it 6 mos and is selling because it doesn't make sense for his young family (duh). Condition: Curb rash on 3 wheels, paint scrape on left rear bumper just behind rear wheel (not dented). Two deep scratches on rear hatch paintwork. Assorted stone chips on front and even a few halfway up the hood. A few very tiny scratches around fuel filler door. Drivers left seat bolster shows some minor rub wear, but not the worst I've seen for 50K miles. Rest of interior shows normal dirt/wear (has not been detailed). Windshield has one small chip. Drives well. Has aftermarket exhaust. Rear rotors (but not fronts) are cross drilled. This struck me as odd. I assume not original, but why not cross drill the front rotors also?

I have the price down to $20,900 but he won't go lower. I have shown detailed pics to my paint/body guy and he tells me to budget total $1100 to $1500 to address the wheels, rear bumper repaint, scratches, and stone chips. That would put me up to $22K to $22.5K total investment. Is this a good deal? Or should I look for a 2000 model with no more than 40K miles for $23.5 to $24 (if I can find one not too far away)? As I said, one of the appeals of this one is that I wouldn't have to ship it (which adds $800 average).

Thanks for the help.

[BobC]

The price seams reasonable to me. Have you done a CARFAX yet? The only part that would worry me is that the car is already on it's fourth owner.

[KevinM]

As above; 4 owners is a red flag. If no problems are discovered, it sounds like a good deal to me. M coupes are not very common, so waiting may not be fruitful.

Good luck!

Kevin

[TR6]

Yes, I did run a carfax and I also had the BMW dealer print off the service records for me. The services records show that the transmission and clutch were replaced under warranty this past February which is exactly what the current owner told me. He told me that the 3rd gear synchro was acting up, so they pulled out the gearbox and put a new clutch in while they were at it.

Carfax is how I found out about the previous owners and where it was from. The car actually had only 3 physical owners because the transition from the 2nd owner to the 3rd owner was actually the same person. It appears that the 2nd owner leased the car and then purchased it when his lease was up which was then registered as an ownership change even though the car stayed in the same person's physical possession. So you could argue the car had only 3 real owners.

[MCoupe1382]

It sounds like a good deal, not to mention you have an aftermarket exhaust:-)

[Randy Forbes]

Yes, I did run a carfax and I also had the BMW dealer print off the service records for me. The services records show that the transmission and clutch were replaced under warranty this past February which is exactly what the current owner told me. He told me that the 3rd gear synchro was acting up, so they pulled out the gearbox and put a new clutch in while they were at it.

Carfax is how I found out about the previous owners and where it was from. The car actually had only 3 physical owners because the transition from the 2nd owner to the 3rd owner was actually the same person. It appears that the 2nd owner leased the car and then purchased it when his lease was up which was then registered as an ownership change even though the car stayed in the same person's physical possession. So you could argue the car had only 3 real owners.

I personally don't see three (3) or four (4) owners as a red flag. I'm the third owner of our 99 CPO M Rdstr (bought 11/00 with 5.4k mi.). People buy/sell cars for all sorts of reasons (job/financial & family are usually the biggest influence).

As for the scratches and other issues, they're minor and can be dealt with as your time and needs allow. Biggest plus is that it's not perfect; you can enjoy driving it without the worries of anything happening to it ;)

If it makes you feel any better, back in November 2000, our 99 cost nearly double the one you're looking at ($39,400.00 before TTL).

[TR6]

I bought the 99 M Coupe I was asking about. Got it for $20,500 which seemed a very fair price. I drove it 5 hours home from Houston with a big grin on my face the whole way. This car is FUN. But I can already see it will take some discipline to keep myself out of trouble with it. ;-)

To the previous poster's point, I also noticed in all of the shopping I did for M Coupes and M Roadsters, it was fairly typical to find that many of these cars change hands an average of once a year. I guess that they are purchased as 3rd car toys and then after about a year, the owner's priorities shift. I don't think I'll be selling this one though. I'm having way too much fun. Unless maybe I sell it to buy an S54 version!

[Bruce]

5 hours from Houston to Dallas? LOL :-)

BTW- I live in Frisco.

[TR6]

Actually from Clear Lake (south of Houston) to Denton (30 miles north of Dallas). I should also mention that I took it easy on the speed because the car was very illegal and I don't have a radar dector in it. Tags were very expired and on out of state plates. Didn't want to get hauled into small Texas town jail while they tried to sort out who owns the car! ;-)