USED M3 Questions

I am looking to buy a used M3. Something around $40k. What kind of vehicle can I get for 35-40k??? Can you guys tell me some good places to look for used M's? Also noticed that BMW CPO's are a little more expensive than private sellers... do you think it's worth it for the warranty etc.. ???? Thanks

Alex

I paid $43,000 for a 2004 M3 with 6,200 miles on it. Here is what came on this vehicle:

Cinnamon leather interior
19" wheels
Power seats etc.

This car was practically brand new. I purchased it from a bentley dealer here in chicaog area. you should note that the place I baught this car from (Luxury motors) has had some complaints in the past regarding vehicle quality etc. but my only advise would be as follows: if you have friends that know cars, take them along and do not sign anything unless you have had a BMW mechanic go through the car... it is easy to check if screws have been turned, pannels have been replaced, flood damage, etc, et. Make sure to look at the car fax, but dont let that be the only thing you do. the first BMW I ever baught was a 325i and the "reputable" BMW dealer forgot to tell me that the car he sold me had an odometer roll back issue... long story short, I was out of pocket $3,500.

The people at luxury are a little slimy, but whether other dealers like to admit it or not, they have the best prices, and if you are careful in your search some of the best cars.

Originally Posted by Alex2

I am looking to buy a used M3. Something around $40k. What kind of vehicle can I get for 35-40k??? Can you guys tell me some good places to look for used M's? Also noticed that BMW CPO's are a little more expensive than private sellers... do you think it's worth it for the warranty etc.. ???? Thanks

Alex

You can get a really nice, fairly current model for that amount. I would not rule out private sellers. You can tell pretty quickly if they are reliable or not. Every car I sell comes with a complete organized binder of everything that has ever been done to the car, to back up it's physical appearance. That is something you do not get with CPO cars--their past is a mystery, except for what you can get out of dealer records.

A plus with older models (2003 and older) is they have the 6 yr./100k warranty on lubricated engine parts. I would not shy away from one of these that might save you a few bucks for upgrades, especially since there have been so few enhancements over the life of this model.

I was looking at BMWFS leases on the M3. The residuals are really low 58% and MF are the high base rate of 0.003. However, they seem to have a high resale value. Is BMWFS just raking it in, or the resale also corresponds to the residuals

Originally Posted by crowman

I paid $43,000 for a 2004 M3 with 6,200 miles on it. Here is what came on this vehicle:

Cinnamon leather interior
19" wheels
Power seats etc.

This car was practically brand new. I purchased it from a bentley dealer here in chicaog area. you should note that the place I baught this car from (Luxury motors) has had some complaints in the past regarding vehicle quality etc. but my only advise would be as follows: if you have friends that know cars, take them along and do not sign anything unless you have had a BMW mechanic go through the car... it is easy to check if screws have been turned, pannels have been replaced, flood damage, etc, et. Make sure to look at the car fax, but dont let that be the only thing you do. the first BMW I ever baught was a 325i and the "reputable" BMW dealer forgot to tell me that the car he sold me had an odometer roll back issue... long story short, I was out of pocket $3,500.

The people at luxury are a little slimy, but whether other dealers like to admit it or not, they have the best prices, and if you are careful in your search some of the best cars.

LOL! I know dealership you are talking about. that place has to be the smallest ever. (unless it changed) but they always have 5-10 Ms for sale and other nice cars. My friend bought his SVT cobra there (in 2003 when it was Supercharged for the first time from the factory) that place has had problems with old mafia ties in the past I guess. I remember they had the hottest chics ever working there. I think the was a "call girl" incall location too LOL. But that place brings pack some memories

I am in the same boat as the thread starter. Ideally I would like to spend 35-38k on a used m3. (2002 vert with low miles, color isnt as important to miles for me)

This is the car I am looking to buy. (do you think they may do the deal for 37k?

http://www.majormotorcars.com/inventory.html

go to inventory
m3 convertible

there site doesnt have direct links...37k? yes possible?

Originally Posted by Alex2

I am looking to buy a used M3. Something around $40k. What kind of vehicle can I get for 35-40k??? Can you guys tell me some good places to look for used M's? Also noticed that BMW CPO's are a little more expensive than private sellers... do you think it's worth it for the warranty etc.. ???? Thanks

Alex

why by used for 48k yu can get new

Where did he say 48k?

Originally Posted by Flyingfart

why by used for 48k yu can get new

Originally Posted by Alex2

I am looking to buy a used M3. Something around $40k. What kind of vehicle can I get for 35-40k??? Can you guys tell me some good places to look for used M's? Also noticed that BMW CPO's are a little more expensive than private sellers... do you think it's worth it for the warranty etc.. ???? Thanks

Alex

You could get lucky and buy a CPO car from a private party. I am the third owner of my car, and the second owner bought it CPO. CPO automatically transfers with no fee to the next registered owner.

Originally Posted by DJ_INHALE

LOL! I know dealership you are talking about. that place has to be the smallest ever. (unless it changed) but they always have 5-10 Ms for sale and other nice cars. My friend bought his SVT cobra there (in 2003 when it was Supercharged for the first time from the factory) that place has had problems with old mafia ties in the past I guess. I remember they had the hottest chics ever working there. I think the was a "call girl" incall location too LOL. But that place brings pack some memories

I am in the same boat as the thread starter. Ideally I would like to spend 35-38k on a used m3. (2002 vert with low miles, color isnt as important to miles for me)

This is the car I am looking to buy. (do you think they may do the deal for 37k?

http://www.majormotorcars.com/inventory.html

go to inventory
m3 convertible

there site doesnt have direct links...37k? yes possible?

Yes they do look like a small shop, but by volume they are one of the largest dealers in the US $250MM in sales. And yes, there are certainly lots of hot hot ladies walking around... I guess thats how you sell Bentleys! Every time I am over there, there is some ghetto rap star with Gold teeth and a watch made from diamonds trading in his 4 month old Bentley or Aston with crocodile skin seats and 21" wheels...

Anyway, do I think you could get the car for $37K? sure, but there are 21K miles on this O2 car... do you have to have the rag top? there is some nice stuff out there (more current) with less miles for the same price $38-40K. There are some headaches with 02 cars, i.e. I saw an engine blow up at the track one year (red 2002 M3)... I know there were fixes but wouldnt it be easier to go 2003 or 2004 (everything covered)?

Originally Posted by crowman

Yes they do look like a small shop, but by volume they are one of the largest dealers in the US $250MM in sales. And yes, there are certainly lots of hot hot ladies walking around... I guess thats how you sell Bentleys! Every time I am over there, there is some ghetto rap star with Gold teeth and a watch made from diamonds trading in his 4 month old Bentley or Aston with crocodile skin seats and 21" wheels...

Anyway, do I think you could get the car for $37K? sure, but there are 21K miles on this O2 car... do you have to have the rag top? there is some nice stuff out there (more current) with less miles for the same price $38-40K. There are some headaches with 02 cars, i.e. I saw an engine blow up at the track one year (red 2002 M3)... I know there were fixes but wouldnt it be easier to go 2003 or 2004 (everything covered)?

that place has the rides tho. Ton of used stuff and new things from bentleys to ferraris. The amount of M3s they have is nuts. they currently have 16 EH46 m's on hand !

http://bentleydownersgrove.com/inven...age=&ob=&desc=

^If I was back in chicago I would so buy this one but I have a trade in and I dont think I will drive my trade in back home then to trade it in....maybe I will visit my parents LOL

I was planning on buying a 2002 m3 vert based on my budget. I cant find 2003s verts with a 6 speed under 40k miles (Yes I have to have a vert and a 6 speed)

I would like to keep the price under 39K. I would pay 40k for that 2004...

I live in AZ/vegas I am willing to drive 1000 miles I guess to get one...none in cali

keep your eyes open for a m3 vert with 6 speed!



I AM still on the fence about buying a 2002. Seeing it has only 21k miles on it..... The rod bearing recall was done so it should be ok. I am not sure If I should buy the 2002 or not...... so scared and then nothing to worry about at all I think sometimes

It is worth the peace of mind to pay a little extra and get the car from BMW with CPO. Many '03 M3s have low miles and still under factory warranty. Stay away from mods. But with any used car, you'll wonder... and wonder... what could have happened in its past? PS - Owners track and beat the crap out of these so watch out who you buy from. Tons of beaters out there.

I'll probably get slammed by the "M" guys for this, but go to your dealer and drive an 06 330ci with the ZHP package before you buy the used M3. Granted the ponies aren't there, but you might be surprised at how the whole package fits together with the M components. You'll save lots on gas too!

Originally Posted by bluesguitar

I'll probably get slammed by the "M" guys for this, but go to your dealer and drive an 06 330ci with the ZHP package before you buy the used M3. Granted the ponies aren't there, but you might be surprised at how the whole package fits together with the M components. You'll save lots on gas too!

That's actually a good bit of advice: drive them both. You'll either save a lot of money with the 330 or know exactly what you have with the M3.

Originally Posted by BayAreaBMWFan

I was looking at BMWFS leases on the M3. The residuals are really low 58% and MF are the high base rate of 0.003. However, they seem to have a high resale value. Is BMWFS just raking it in, or the resale also corresponds to the residuals

1st off, a 58% residual is not really low in the grand scheme of things (assuming you are looking at 36 months). It may be low by BMWFS standards, but if you watch their rates long enough, you see how they heavily subsidize whatever model they are currently trying to push, those residuals are artificially high. But back to your question, I bought a 2003 M3 that was only 7 months old CPO'ed for $47500, its sticker had been around $54K. I traded it in in January with 54K miles, and almost 3 years old, and got $31K. That would be 57% of original MSRP, 65% of what I paid for it. Considering the mileage, that's pretty good in my favor. I am guessing the dealer intended to resell it in the $35K range.

Originally Posted by bluesguitar

I'll probably get slammed by the "M" guys for this, but go to your dealer and drive an 06 330ci with the ZHP package before you buy the used M3. Granted the ponies aren't there, but you might be surprised at how the whole package fits together with the M components. You'll save lots on gas too!

but I like the snob/elitest appeal of an m car

yes its true I just said that