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Buying a used 5 Series

179 messages,  Last post on Aug 28, 2008 at 1:25 PM

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#142 of 179
To Buy Or Not To Buy? by hpowders
Mar 21, 2008 (7:33 am)
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That is indeed the question!
 
I leased a 2005 545i back in July 2005 for 3 years and got a great deal: 0.001 (2.4% interest) money factor and a great cap. cost with no money down, 36,000 miles allowed.
 
The car has performed flawlessly-no mechanical or electrical issues. No dings. Looks as good as new.
 
I get an incredible 21 mpg out of the wonderful V8. The vehicle only has 23,000 miles.
 
It has Steptronic transmission and comfort seats. No sport package.
 
I just put new Contis on and it rides better than ever!
 
The buyout on my contract is $34,320 which I consider a bit "high!"
 
I really hate to give this baby back which has performed flawlessly with much fewer miles on it than the 36,000 that is allowed.
 
I have always leased BMW's since 1993.
 
Would it be wise to CPO the 545i and buy it? If I do so, would I be in a good position to negotiate a lower price than the $34,320 with my dealer? Would he rather "deal" with me than take the car back at lease termination? Any wiggle room here?
 
From BMWNA's website, they finance 2005 CPO 5 Series at 3.9%. I believe it costs around $1400 to CPO the vehicle.
 
Or, should I just forget all this, give the 545i back and move on to the next lease which more than likely would be a 3 Series? The run-flats, however, would be a huge turnoff for me on the 3 Series.
 
I have only been driving around 9000 miles per year, so excessive maintenance costs with the 545i shouldn't be an issue. But, who knows?
 
I am open to any and all suggestions.
#143 of 179
http://newjersey.craigslist.org/car/614642413.html by mrfinagle
Mar 23, 2008 (6:28 am)
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Replying to: eastburg5 (Feb 17, 2008 6:12 pm)

Is $13300 a fair price for this 2002 530i sports package 5 spd auto in good/average shape with 75k mi (lt blue/teal)? The plastic on the driver's seat is scraped down to the uncolored base plastic, it has a quarter size dent by the trunk lock, a chip on the rear rt door and light scratches here and there. I test drove it with my wife and son. They loved it, but its hard for me to tell if its a bit soft on suspension, if it has good performance or if the engine noise is low because I drive an old Corolla now. Thanks in advance. I put a $100 deposit on it with balance next week after a mechanic's inspection.
#144 of 179
Re: To Buy Or Not To Buy? [hpowders] by tc520
Mar 23, 2008 (3:13 pm)
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Replying to: hpowders (Mar 21, 2008 7:33 am)

I was in the same situation. CPO = $1500 or so and residual = $34900. Total with all fees would have been over $39000. Didn't like what I was hearing so I downloaded a bunch of competitor's ads advertising 2005 545s with similar mileage that were listed for considerably less. After showing them the ads I told them I wanted to stay with the current dealer but not at a 2-3 thousand dollar premium. After some haggling we agreed on a $33995 price with CPO and new tires thrown in. This price was negotiated after the dealer had initially said the residual was set and couldn't be negotiated down.
#145 of 179
Re: http://newjersey.craigslist.org/car/614642413.html [mrfinagle] by roadburner
Mar 23, 2008 (6:24 pm)
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Replying to: mrfinagle (Mar 23, 2008 6:28 am)

$13,000 doesn't sound too bad; Autotrader shows several 2002 Sports listed for over $15,000. Still, I'd check it against Edmunds TMV and I'd also ask the guys in the "Real-World Trade-In Values" thread. The flaws you noticed are fairly inexpensive to correct. Does the car have a full service history? It's good that the "60,000 mile cooling system service" has already been performed (although my indie shop performed the same work on my 528i for $1,200). Just what did the dealer do on that $5,000 visit? It would be nice if the ATF and final drive oil had been changed as well. Does your mechanic know BMWs? Make sure that he inspects the lower control arm bushings and tie rod ends. Did you check to see that all four power windows work? The E39 5 Series is a really wonderful sports sedan. I'd set aside $80 per month to cover service and repairs and drive it for another 75,000 miles.
#146 of 179
Re: To Buy Or Not To Buy? [tc520] by hpowders
Mar 23, 2008 (8:39 pm)
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Replying to: tc520 (Mar 23, 2008 3:13 pm)

Thanks for sharing your experience, tc520. You did very well!
 
Sounds like I have quite a bit of wiggle room if I show the dealer I will walk if he won't negotiate the residual down. I already put new Contis on several weeks ago for a little over $800. Leasing would be really terrific if one didn't have to shell out for new tires before turn in. At least I will have 5 months of use from them if I decide to turn the 545i back in to BMW.
 
Leasing 3 Series vehicles is even worse now. The run-flats that must be replaced on turn in cost around $1200 per set.
 
There are so many new vehicles out there that I can lease or buy so I can afford to float a low ball offer for the 545i. If he takes it fine. If not, no big deal.
#147 of 179
Re: http://newjersey.craigslist.org/car/614642413.html [roadburner] by mrfinagle
Mar 25, 2008 (4:23 pm)
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Replying to: roadburner (Mar 23, 2008 6:24 pm)

Thanks for the clear and useful response Roadrunner. I checked the trade in pages. Someone quoted $14k last Nov to trade-in a 530i w/2k less mi and prem./nav extras. Last Feb someone said $14.3. That's what the seller was asking for at first, but I bargained him down a G. I haven't been given a full service history so far. I got the receipt for the "$5000" service which was $2000 (I guess that bothers me the most that he lied in the ad and said it was jsut serviced at the bmw dealership for $5000). The work included oil pan gasket R&R, replacing the radiator, hoses, water pump, coolant. I learned a lot from calling the shop owner that did the service, (like where the seller got the $5000 number...it was quoted as what the dealer would charge by the mechanic). He said it was a sound car, a single owner (description fit the seller). I googled his shop and it looks legit. I also checked Carfax and it was serviced at least once a yr, had a single owner, no accidents, mileage checks out, that's all I can tell. My mechanic is not a BMW expert but he put it on a lift, test drove it, and brought it to a friend up the street that does high end cars. He said the engine was in good shape, but noticed some power steering weeping and that said the steering mechanism would have to be replaced in 2-3 yrs but not just now. They gave me a part price around $1100 (rack w/something-tronic), which I tried to use as a bargaining chip to lower the price but the seller wouldn't budge from $13.3. I will check the windows and look into the ATF/drive oil change (wondering if that's expensive). ">Let me know if you think anything is a deal stopper or if anything else comes to mind! Much appreciated!
#148 of 179
Re: http://newjersey.craigslist.org/car/614642413.html [mrfinagle] by roadburner
Mar 25, 2008 (7:09 pm)
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Replying to: mrfinagle (Mar 25, 2008 4:23 pm)

noticed some power steering weeping and that said the steering mechanism would have to be replaced in 2-3 yrs but not just now.
 
Maybe, maybe not. BMWs are notorious for having power steering hoses that leak or seep. Often a low pressure hose can be fixed by removing the crimped-on clamp and replacing it with a good screw clamp. If it does turn out that you do need a steering rack, there are several shops that sell rebuilt racks for less than the factory units(another reason to join BMW CCA).
 
ATF/drive oil change (wondering if that's expensive)
 
Not really; my local dealer changed the ATF and transfer case fluid on my wife's X3 for $208. In your case I'd say that $400 would be the most it would cost to service both the AT and the final drive. That said, I'd strongly advise that you use a good dealer or BMW independent shop for the transmission service, as the procedure is fairly involved- as can be seen here.
#149 of 179
Re: http://newjersey.craigslist.org/car/614642413.html [roadburner] by mrfinagle
Mar 26, 2008 (8:13 am)
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Replying to: roadburner (Mar 25, 2008 7:09 pm)

Thx roadburner! So many more questions come to mind but I'll join BMW CCA to ID shops, etc and look to forums first beforehand. Wish I could buy you lunch for the help!
#150 of 179
Re: http://newjersey.craigslist.org/car/614642413.html [mrfinagle] by roadburner
Mar 26, 2008 (8:32 am)
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Replying to: mrfinagle (Mar 26, 2008 8:13 am)

Thx roadburner! So many more questions come to mind but I'll join BMW CCA to ID shops, etc and look to forums first beforehand. Wish I could buy you lunch for the help!
 
No problem; ask away! And you can always shoot me a PM at roadburnercarspace.com...
#151 of 179
Buying Used 530i - 200,000 miles by fieldofdreams
Apr 04, 2008 (4:00 pm)
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At 200,000 miles I have a chance to purchase a 1994 BMW 530i. Anything I should look for when test driving this car? I tend to read alot of transmission comments when it comes to 530i's. The car looks clean and well taken care of, but at 200,000 I would think something has to be waiting to happen or I may be wrong?
 
I look forward to any replies.

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