Chuck Branscomb wrote:
That's awesome that you got it for what you thought you could, $13k -- sounds like a great deal. What were the flaws you mentioned?
One funny thing I need to always get a feeling for is the "story" of a car's life. So this car was born in NC, purchased and regularly cared for at Flow for the first 68k miles of it's life until sometime in 2002. Like most $60,000 new cars, first/second owners tend to have the money to care for them properly. I have the BMW build sheet/recall info, clean carfax, and Flow's service history so it's well documented for the first 68k miles.
Then it was traded in at Flow and auctioned (over the CPO limit according to Flow), and fell into the Pit of Despair (NYC) for about 10 months. These appear to have been the hardest 10 months and 10,000 miles of the car's life. But it does have at least a few BMW dealer receipts from its stay in New York. I have to believe that some rich kid got it, grazed a signpost or mailbox or something, and mommy and daddy took the high HP car away from Junior and sold it quick. It has some (very good) paint work on the RR quarter (no carfax records), a few scratches on the trunk, a couple of minor door dings, and some rock chips. About average for a 7 year old car but below average for a typical 7yo BMW.
So the current owner found it on ebay in 2003 and flew (one way, bad idea) to NYC to pick it up. He got there and it was "a mess", but he took it anyways and drove it back to NC. I think he said he paid $24k in late 2003 at 77k miles.
He spent 3 years improving it, doing everything right mechanically, etc. I figure with the Dinan stuff, new ctrl arms, new wheels (had 4 bent M5 wheels on it when he got it), etc, he probably has put $10k in it in the last 3 years.
It's still got a few minor things, which is fine with me since I would be bored with a perfect car. Two of the rear window sunshades are stuck open, the Nav software needs an update (and I need to research the hack about how to use it as a TV!), rotors are old, and the interior needs some more detailing.
Bad depreciation curves for the last 3 owners if you do the math. And the market is really soft for these cars right now. Good for buyers like me though!
_________________
Mike Whitney
whit32@gmail.com, 919-454-5445
V10, V8, V8t, I6, I6, V6, F4t, I4, I4, I4, I4, I2, 1, 1