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E46 M3 (2001-2006)

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  #1  
Old 12-16-2012, 08:15 PM
Maxis2305 Maxis2305 is offline
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Location: USA - Ohio
 
Join Date: Jun 2011
Posts: 3
Mein Auto: 2002 ///M3
Good Deal? Or stay away?

A guy in my area is selling his e46 M3 for only $9k. Its an '02 with around 98k miles. Silver coupe with a manual transmission. The reason for the low price is because it has a rebuilt salvage title and also needs a little bit of work (Rims peeling, front and side emblems need to be replaced, general cleaning, etc...) I bought the carfax myself hoping to find out the reasoning behind the salvage title. Unfortunately it gave no details at all. It just says "SALVAGE TITLE/CERTIFICATE ISSUED" without any kind of explanation. Before I bought the carfax the guy told me it was due to water damage prior to his ownership. Obviously I was a little weary of this but the car seems to run just fine and has no noticeable signs of damage. My question to you all would be whether you think this is a good deal, or should I try to get him to bump the price down a bit more due to the issues. Or should I simply stay away completely? Thanks in advance!!

Here's a pic as well:
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  #2  
Old 12-17-2012, 03:23 PM
m3e46freak m3e46freak is offline
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Location: MD
 
Join Date: Dec 2012
Posts: 39
Mein Auto: m3
You know, insurance companies salvage cars for a reason, however there are those FEW times where the salvage was NOT neccessary, takethe car to the dealer and have them do a THOROUGH PPI on it and you'll have your answer, killer deal!
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  #3  
Old 12-17-2012, 09:00 PM
Maxis2305 Maxis2305 is offline
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Location: USA - Ohio
 
Join Date: Jun 2011
Posts: 3
Mein Auto: 2002 ///M3
Well I talked the guy down to $8500 due to a few cosmetic issues. Took it out for a spin and once again it seems fine. I decided just to take a gamble. Honestly I wasn't planning on keeping the car for long but I know its value and I was hoping to turn a quick profit. The carfax report says it should be worth about $500 under RETAIL book value, and that's with the salvage title. KBB value for this car considering mileage is $16460 for retail and $12500 - $14500 for private party. I figure I should have no problem making somewhat of a profit. SOMEONE is certain to buy it for more than what I paid, especially if I clean it up a bit. I've always dreamed of having this car and I'm sad that I won't have it for long. I'm a 23 year old student and I'm just not at a point in life where I can maintain a beauty like this. But dear lord, it does not fail to impress.
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  #4  
Old 12-18-2012, 04:40 AM
m3e46freak m3e46freak is offline
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Location: MD
 
Join Date: Dec 2012
Posts: 39
Mein Auto: m3
Well, I certainly hope you can twist a profit Doubt it will be to hell of a lot though
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