99 740iL - what a deal!! New to me e38...
So I think I got a great deal today, but only time will tell...
I was browsing on craigslist this morning when I saw an ad for a 99 740il for $350?
Figured it was a scam of some sort, but a few phone calls later I was standing in front of a 99 740il that was actually as described.
The body was straight and the paint looked good. Even the interior was in pretty good shape. Basically a dirty car that should look pretty sharp after a thorough cleaning...
It even started right up! and idled smoothly! and moved forward and back a dozen feet under it's own power!
The problem, as described to me, was a massive coolant leak from the rear of the engine and that an inspection had turned up a burst hose and another hose that looked about to burst.
Also, in a fit of rage, the owner had gone to the DMV and had the car junked instead of spending $$ to diagnose and fix the problem. Then the owner left the car at the shop, never to return. The guy at the shop grew tired of looking at it the last few months and figured the first person with $350 cash could take it away...
So now there is a 740il with no plates, no title, and no coolant sitting here. I did get a bill of sale at least.
Best case I can get it running again with some hoses and a solid day of cleaning, get a title (salvaged?) from the DMV for a reasonable cost, and be driving in a nice e38 for under $1000.
Worst case it gets parted out, the body gets sold for scrap metal, and I make a couple of dollars after doing some work.
I have owned a handful of 7s in the past ('79 733i, '84 733i, '87 735i, '91 750il, and a '93 740i) and am hoping that all goes well and I can get some time behind the wheel of this one.
PS. I may be in the market soon for a cheap wrecked e38 with a clean title and current registration. anyone?
*keeping fingers crossed*