Can a 17 year old afford a E39's insurance? - Bimmerfest - BMW Forums



Go Back   Bimmerfest - BMW Forums > BMW Model Discussions > 5 Series > E39 (1997 - 2003)

E39 (1997 - 2003)
The BMW 5-Series (E39 chassis) was introduced in the United States as a 1997 model year car and lasted until the 2004 when the E60 chassis was released. The United States saw several variations including the 525i, 528i, 530i and 540i. -- View the E39 Wiki

Reply
 
Thread Tools Display Modes
  #1  
Old 01-21-2020, 10:09 AM
pinknib pinknib is offline
Registered User
 
Join Date: Jan 2020
Posts: 1
Mein Auto:
Can a 17 year old afford a E39's insurance?

I'm a teenager waiting to turn 17 so I can drive, and while flicking through YouTube I saw the E39. So I started researching and thought it would fit as a good first car for me. I understand that owning a used BMW is hard work but I want to get into cars and this is the best way.

But will the insurance be too dear for me?
Reply With Quote
Sponsored Links
Advertisement
 
  #2  
Old 01-21-2020, 10:18 AM
W.S.'s Avatar
W.S. W.S. is offline
Purple Label
Location: NJ/NYC
 
Join Date: Aug 2006
Posts: 688
Mein Auto: 1997 528i/5
Hi,

Where are you located? There is a lot to consider but it can be, if it offers the experience you are looking for. My first car was a `97 528i 5 speed and I learned a lot by owning the car. Read the buyer's guide info and then see how you feel.
__________________
Wade
1997 528i/5M, Aspen Silver over Black
1997 528i/5M, Aubergine over Sand Beige


Gone, but not forgotten: 1997 BMW 528i/5M, Aubergine over Sand Beige
Reply With Quote
  #3  
Old 01-21-2020, 10:37 AM
crazy4trains's Avatar
crazy4trains crazy4trains is offline
Officially Welcomed to the 'Fest
Location: Milton, WV
 
Join Date: Mar 2011
Posts: 2,513
Mein Auto: 2002 530i Sport
If you already have insurance just call your agent and ask him to give you a quote. Helps to have a VIN, but not absolutely necessary. Also consider not carrying full coverage. Liability coverage on an e39 should not be that expensive.
__________________
2002 530i
Reply With Quote
Sponsored Links
Advertisement
 
  #4  
Old 01-21-2020, 10:48 AM
johnpcook1 johnpcook1 is offline
Officially Welcomed to the 'Fest
Location: Catlin, IL
 
Join Date: Aug 2014
Posts: 115
Mein Auto: 1997 528i
Quote:
Originally Posted by pinknib View Post
I'm a teenager waiting to turn 17 so I can drive, and while flicking through YouTube I saw the E39. So I started researching and thought it would fit as a good first car for me. I understand that owning a used BMW is hard work but I want to get into cars and this is the best way.



But will the insurance be too dear for me?


I added my son/daughter to the policy in my 97 528i and the increase was average. Its not a high risk vehicle( neither fast nor expensive to replace or if stolen).

Having owned that car and now my 02 528i, my bigger concern would be the cost of parts, and even worse, labor and/or parts up charge if you are having someone else do the work.. these are expensive cars to maintain, hence the very low resale value..

Case in point, right now I have a DSC light that, if I am able to disassemble, clean, reassemble the steering wheel sensor, I MAY be able to fix it (at least a days worth of labor).. or buy the part and replace if for myself (retail $750).. or pay a shop to do it ($1300-$1500)..

And this is just one of many things I have had to deal with on both of the BMWs I have owned.. I know my local salvage yards well and have used them on many occasions to keep the costs down.. but sometimes used parts are not the best answer, or even possible.

Having said all this, my 2 BMWs have been the absolute best cars I have ever owned!! I truly have enjoyed driving them and am looking at buying another used BMW.


Sent from my iPhone using Tapatalk
Reply With Quote
  #5  
Old 01-21-2020, 11:11 AM
Hitdog540's Avatar
Hitdog540 Hitdog540 is offline
Hitdog540
Location: Stoughton, MA
 
Join Date: Apr 2005
Posts: 301
Mein Auto: '03 540/6, '15 550
Every state is different...MA is expensive for an inexperienced operator. I think the bigger issue has also been brought up...the cost of repair. I wouldn't want my son or daughter owning one for that reason. On the positive side...a very safe vehicle to drive.
__________________
Reply With Quote
  #6  
Old 01-21-2020, 12:05 PM
elahmad's Avatar
elahmad elahmad is offline
Officially Welcomed to the 'Fest
Location: NJ
 
Join Date: Aug 2016
Posts: 283
Mein Auto: 2002 BMW 530i Sport Packg
Ive done it in NJ was about 140 for liability at the time but a had a few whoopsies with the local police department (moving violations) its doable but learn how to work on these cars and be ready to get your hands dirty!


Sent from my iPhone using Tapatalk
Reply With Quote
  #7  
Old 01-21-2020, 03:26 PM
DennisCooper!'s Avatar
DennisCooper! DennisCooper! is online now
Officially Welcomed to the 'Fest
Location: West London / Heathrow UK
 
Join Date: Jan 2011
Posts: 2,651
Mein Auto: 03 Ex Cop 530d Touring
Hi,

No one knows how fat your wallet is, so what you consider too dear, no one else knows!

As per the first response, which country are you in? If you are in the UK, then you'll find 99% of insurance agents won't even give you a quote. Those that will offer you a policy will likely want many thousands of pounds - even on a entry level 520i (2.2 litre engine). If you are in the USA, I know the USA insurance industry works differently to ours and my limited understanding is that the 'vehicle' is insured and as long as the driver has a full license and is named on the policy, then they can drive it. I think there are some age related stipulations, but I'm not sure. I'm sure plenty of other members here will correct me if I'm wrong. In short, it's why I do see 16/17 year olds in the USA whenever I'm there driving BMW's/Merc's/Lexus'/Audi's and similar prestige brand cars - I'm sure the premiums are 'increased to higher levels' but, at least the policy is available, unlike the UK where it's very very high chances of refusing to quote. Part of the reason insurance here is so high for prestige cars for those in the 17-21 year old bracket is that it's much more likely there'll be a claim after an incident and/or accident where serious injury/compensation will be needed to be paid out. Prestige brand cars are very rarely driven by this age bracket where the person has paid for the car/insurance/running costs themselves and no help from parents etc.

If you have the money, space, time to learn to work on a BMW, and you can afford to buy a decent example and then the various parts to keep it running nice and afford the insurance after you get actual quotes, then go for it! I'd say get a 525i which is the smallest E39 variant you can get in the USA/Canada (assuming if you are there!) if in any other countries, get the quotes and re-read this line. If you find it is too expensive, go to a 3 series or 1 series and retry the insurance. If you feel that's too expensive, do the 'usual' route of buying a cheap car that's easy to insure and run, build up your no claims discount for 2/3 years at least and then retry getting a BMW insurance quote.

Cheers, Dennis!
Reply With Quote
  #8  
Old 01-21-2020, 05:36 PM
Burning2nd's Avatar
Burning2nd Burning2nd is online now
Under the lift arms
Location: Under the lift Arm
 
Join Date: Aug 2010
Posts: 12,593
Mein Auto: e39, e83, e60
you might be able to afford the insurance, but if you have to ask this question you can not afford to maintain it

this would not be a smart finance decision for a young-ling

I know it might seem cool to be the hip one with the cool car... but when you get older youll wish you would have had that money to get other bigger cooler things
__________________
Specializing In Breaking Things Professionally


15486372<-----
Reply With Quote
  #9  
Old 01-21-2020, 05:45 PM
540fan 540fan is offline
Officially Welcomed to the 'Fest
Location: Charlotte, NC
 
Join Date: Mar 2007
Posts: 352
Mein Auto: 2001 540iT
Get a quote and what model are you thinking about?

If your parents give you crap about getting one, I'll send them a photos of a 528 e39 that a 17 year old drove head on into a tree at 62 mph.....

He opened the drivers door and got out and had an airbag burn on his forehead. All four doors opened and closed perfectly and the tree indentation was about where the number 3 cyclinder used to be...

maybe consider a 08ish 3 series....
Reply With Quote
  #10  
Old 01-21-2020, 06:03 PM
540fan 540fan is offline
Officially Welcomed to the 'Fest
Location: Charlotte, NC
 
Join Date: Mar 2007
Posts: 352
Mein Auto: 2001 540iT
3 series vs a 1ton Dodge dually crew cab..... young driver in bmw walked away. Dodge driver went in an ambulance. Dodge driver crossed line and hit the 3 series, the bimmer tore out the rear axle of the truck and almost took the bed off.

Chevy Silverado.... young driver left in a helicopter, recovered.

A car ever young driver should only dream about...


Seriously, Ive seen some really trashed BMWs come into the yard and almost a drivers were uninjured or very minor. Seen a number of Japanese cars come in and drivers were hurt.

Our beloved BMWs will happily die for you so you can walk away and get yelled at by your parents....

Second runner up is a Jetta or Passat.... they brought one in that was shortened 2 feet and narrowed a foot after a 17 year old left the road 430 feet into the woods. Walked away....luck helped on that one.
Attached Thumbnails
Click image for larger version

Name:	31E8439E-F156-4145-A5E1-991C597F523E.jpg
Views:	40
Size:	289.3 KB
ID:	879341   Click image for larger version

Name:	C34537A0-B3C4-447C-BD3C-ED9C28CF06E2.jpg
Views:	38
Size:	282.9 KB
ID:	879343   Click image for larger version

Name:	615E1B47-E844-482F-ADED-B5EC7436C8B4.jpg
Views:	38
Size:	131.9 KB
ID:	879345  
Reply With Quote
  #11  
Old 01-21-2020, 08:49 PM
GrannyApple's Avatar
GrannyApple GrannyApple is offline
Nothing to read here...
Location: Providence, R.I.
 
Join Date: Apr 2015
Posts: 2,592
Mein Auto: 2001 525i 5 spd
When I was 16 i was paying $500 bucks for my honda civic. Didnt help that I was male, single, underage and lived in a city
__________________
The Crappitto-Stockitto-Baseito

**Word of Caution**
My knowledge is limited. Anything I write in my posts may or may not be accurate. To be honest I think its all crap.

If you live near me and need help reading codes give me a buzz.
Reply With Quote
  #12  
Old 01-21-2020, 11:46 PM
BavarianE31 BavarianE31 is online now
Officially Welcomed to the 'Fest
Location: Seattle, WA
 
Join Date: Jul 2013
Posts: 382
Mein Auto: '03 BMW 530i Sport Auto
insurance for the regular E39s is cheap.... These cars are worth on average from $1K - $7K. I don't even bother with comprehensive insurance since i know that even a minor accident will total the car. Like everyone else said. it's the maintenance that will kill your budget.
Reply With Quote
  #13  
Old 01-24-2020, 09:20 AM
Eriiik Eriiik is offline
Registered User
 
Join Date: Jan 2020
Posts: 13
Mein Auto:
yes i barely turned 18 and I can afford it and I live in CA so everything is pricey here
Reply With Quote
Reply

See More Related BMW Stories

Tags
advice needed


Forum Navigation
Go Back   Bimmerfest - BMW Forums > BMW Model Discussions > 5 Series > E39 (1997 - 2003)
Today's Posts Search
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On



Forum Jump


All times are GMT -7. The time now is 03:09 PM.


Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2020 DragonByte Technologies Ltd.
© 2001- VerticalScope Inc. All rights reserved.