I can certainly give you a little buying advice. Take your prospects on an extended test drive (minimum 30 min.) and be hard on the transmission. Hit the kick down often and do a lot of manual shifting. Your in SoCal so hit the mountains if you can or find a steep grade to drive up on the freeway. If the transmission does ANYTHING unusual then walk away. Fuel mileage may vary but don't be surprised if you get 16 mpg. The best I've got in my 650i is 18 mpg but I must have been driving like a grandma that tank because I've never seen it again. As far as the engine goes, it's just bitchen to drive but it's shortcomings are well documented. I do all my own repairs and maintenance so I can live with the price of parts.

 

That's a good idea, I haven't even thought about test drives really. I'm a little more worried now as I was thinking of buying a car out of state, that would be quite the disappointment to show up and have the transmission wig out on me.

That mileage isn't much worse than I get on the truck I currently drive, of course the truck doesn't take 91, which is pricey in socal. But that's definitely liveable for me. On weekdays I'll just be driving it to work and back, which is 6 or 7 miles round trip, so not too bad, plus I could just take pch and save me from stop and go type city driving.

im curious, do you have a lift and such? Or do you just work on it using jack stands and the bunch.

 

1. I'd pass on any BMW at the age of 18. Unless you can put aside $1k every month or so for repairs. If it's your first car, I'd just buy a Toyota or Honda, drive it throughout college. Once you graduate college and have a decent job then buy any BMW you want. A Toyota or Honda will be less "stress-free" through those tight financial days. 2. Since you're 18, insurance is going to be high as f*ck. Until you're 25 insurance will be high. I would ask your parents to put the car under their policy and you pay for whatever the insurance cost for the car. Like everyone here says, "Nothing is more expensive than a cheap BMW "

 

My parents already offered to put me under their insurance. I'm kinda already preparing to spend over 200$ a month, hoping under 250.

My thinking was now is the time to buy this car, while I don't have other expenses. I still have my job, luckily I'm an essential worker, I work full time and make enough money to realistically afford one of these, maintenance wise and such.
I've thought about it greatly, I mean I'd definitely be financially happier with a Toyota, honda, acura, etc; but i just can't bring myself to buy one of those right now, drivings my escape in a way, and I've always wanted something more fun then what I drive now. I suppose I could get something like a g37 and probably have plenty of fun in that.

I also have the benefit of having a backup car right now, and probably will through college (if needed) I currently drive my dad's truck, and he's been pretty generous with it while discussing this purchase.

 

From everything I've heard so far, it seems like this car is a lottery in a sense. On other forums lots of "I had this issue" from one person and "never had that issues" from another. I'm honestly willing to take the chance on this car while I have the time and money to. I'm not starting college till next year, so I figured now is the time to get one.

I've also looked at infiniti g37s, as they have a decent amount of power and good reliability, but they just don't really do it for me.

 

Isn't it better to look for a smaller volume so as not to experience difficulties with maintenance?!

 

DO IT!

first off... dont listen guy who dont have bmw v8's in there drive way's

German v8's are different.. but they are easy to work on, there is a lot more room, everything is on top or on the bottem...

Ive owned a lot bmws over the years.. Ive worked on more then i can remember, at one point i had 50 customers who where strictly bmw

that being said, All of the standard issues for the n62 and e60 chassis apply

the n62 is better then the m62 and the m60

1000$ a month for a bmw is not even close, even if you where paying someone to do all the work

there are a couple of things to consider, what was done to the vehicle, what kind of maintenance was done, who did the work and when it was done

the 550 is gonna get about 12-16 city and maybe 20 highway, its like a truck, its by far the worst fuel drinker ive had minus the s85 and s62

this car will require you to get a scan tool like the nt510
I recommend staying away from the free stuff like inpa and ISTa, because thats more admin type communication tool

Tires will not be cheap,
it will eat tires with ease

all of this comes down to your own discipline and your own control

 

will likely save you more than $310 by doing it yourself.

 

Compared to my Indys quote, I'll be saving $310

 

Id rather do a water pump on my n62 (*which ive done)
then do another water pump on my n55

 

Id rather do a water pump on my n62 (*which ive done)
then do another water pump on my n55

Agree again, N55 was a PITA but it was a lot of fun tuning.

 

The N62 550I E60 is definitely an attention whore. I have had mine just about a year now. As of a pre purchase perspective, the major things are the valve stems, leaking coolant, and any leaks. You WILL need cash on the side to replace parts that aren't broken yet. The N62 is very reliable once the annoyances are fixed. Again, stuff will break, and if you don't have patience or money, it is not for you.

 

You should give your indy a big kiss if he's charging you $310 (or less) to do that job. I just did it on my E61 (530xiT) and it's a pretty major, fiddly job. Yeah, I'd still DIY even if I got a $310 labor quote, but that's more because I want to make sure it's done right.

Here's a short video I did on the process...

 

That's what my Indy is charging me.

That's how much it'll cost for parts

 

Yea, if that mechanic is good, that's a more than fair price.

 

I got my Oil pan gasket done by them for a little under $950. It's a highly rated BMW shop

 

Wow. That's got to be the deal of the century. I honestly can't imagine a shop doing that job for that kind of money.

FWIW, I'd recommend replacing as many of the hoses as you can, along with the serpentine belt, tensioner and static pulley while he's in there.