Trading in F10 M5
Discussion
Bit of a ranty post. I knew that M5's were a slight risk upon purchase due to being quite unique.
Short story - looking at trading the M5 in to release some equity as in the market to purchase some new property, get married, and thinking about a track day car.
Took my F10 M5 in for valuation yesterday - purchased 2nd hand from a dealership. Apparently in less than six months it has dropped in value by 10k.
Admittedly it needs four new tyres (approx 1k in tyres) and is on 16k miles.
Obviously they will need to replace tyres, promote sale, pay sales people, make some profit etc. I accept that as i am dubious about selling it privately due to test pilots, tyre kickers, and time wasters. Should it have dropped by this much or are they pulling my leg as i am looking for a quick-ish sell?
For those that are interested - thinking about a second hand 520D touring.
Thanks, Matt
Short story - looking at trading the M5 in to release some equity as in the market to purchase some new property, get married, and thinking about a track day car.
Took my F10 M5 in for valuation yesterday - purchased 2nd hand from a dealership. Apparently in less than six months it has dropped in value by 10k.
Admittedly it needs four new tyres (approx 1k in tyres) and is on 16k miles.
Obviously they will need to replace tyres, promote sale, pay sales people, make some profit etc. I accept that as i am dubious about selling it privately due to test pilots, tyre kickers, and time wasters. Should it have dropped by this much or are they pulling my leg as i am looking for a quick-ish sell?
For those that are interested - thinking about a second hand 520D touring.
Thanks, Matt
How old is it etc?
IME .. Typically the more expensive the car, the faster it drops in price as most cars devalue at a similar rate (there are exceptions). A general 3 year 60% depreciation will not hit those who paid £20k for their car anywhere near as hard as those that paid £60K.
I recall my car, a £45K Z4 at year 2 being offered £24K for it as a trade in. I nearly passed out. Until that time I'd never bought such an expensive car (I know all is relative) and it taught me never to again in terms of financial losses. While I love the idea of a fresh new out of the box car, I'd only do it on a sub £20K car because no matter the car its just not worth the hit if you're not going to keep it. My view on it anyhow. Everyone is different of course and everyone has a different view on cars, money, their earnings etc.
http://www.whatcar.com/car-depreciation-calculator...
IME .. Typically the more expensive the car, the faster it drops in price as most cars devalue at a similar rate (there are exceptions). A general 3 year 60% depreciation will not hit those who paid £20k for their car anywhere near as hard as those that paid £60K.
I recall my car, a £45K Z4 at year 2 being offered £24K for it as a trade in. I nearly passed out. Until that time I'd never bought such an expensive car (I know all is relative) and it taught me never to again in terms of financial losses. While I love the idea of a fresh new out of the box car, I'd only do it on a sub £20K car because no matter the car its just not worth the hit if you're not going to keep it. My view on it anyhow. Everyone is different of course and everyone has a different view on cars, money, their earnings etc.
http://www.whatcar.com/car-depreciation-calculator...
Edited by ManiacGT on Friday 18th July 10:38
Ensure it's tidied up. Sell privately. You'll attract a fair bit of interest if you ask me if it's priced right and has balance of warranty and good spec. Since I've owned mine I have realised that they are actually very rare on the road. Seen only a few around my way. Drove around in London a few times and didn't see a single one. I my recent BMW trade in experiences they are totally chancing it on cars they can flip quick as an AUC car by telling you 'this is all it's worth etc etc'. If they can make £5k on a trade in on a car like an F10 M5 then it's easy work. They'd flip your car pretty quickly in my experience. I bought mine recently from a main dealer and the day I collected it a guy stopped me as I drove out and asked if I'd just bought it. He's driven 100 miles to see it (busy in dealers and they couldn't answer the phones!) only to find I'd bought it there and then. They guy offered to pay for a nice holiday if I allowed him to be the new owner. I politely declined. It was the right colour and spec....so try the used market first. Advertise it on here and on eBay. Open it up to European sales as well. Have not long sold a Ducati on eBay to a German guy who took the bike home but paid full price for it. No quibbles!
In terms of the tyres if they are all below 3mm them the dealer can knock you on the price as that's their minimum output depth to market as an AUC car. A private seller may pay less attention at those levels. The Michelins don't come with more than about 5mm anyway.
Spend a bit of time detailing it then advertise it at the price you want. Good luck with the sale!
In terms of the tyres if they are all below 3mm them the dealer can knock you on the price as that's their minimum output depth to market as an AUC car. A private seller may pay less attention at those levels. The Michelins don't come with more than about 5mm anyway.
Spend a bit of time detailing it then advertise it at the price you want. Good luck with the sale!
Ensure it's tidied up. Sell privately. You'll attract a fair bit of interest if you ask me if it's priced right and has balance of warranty and good spec. Since I've owned mine I have realised that they are actually very rare on the road. Seen only a few around my way. Drove around in London a few times and didn't see a single one. I my recent BMW trade in experiences they are totally chancing it on cars they can flip quick as an AUC car by telling you 'this is all it's worth etc etc'. If they can make £5k on a trade in on a car like an F10 M5 then it's easy work. They'd flip your car pretty quickly in my experience. I bought mine recently from a main dealer and the day I collected it a guy stopped me as I drove out and asked if I'd just bought it. He's driven 100 miles to see it (busy in dealers and they couldn't answer the phones!) only to find I'd bought it there and then. They guy offered to pay for a nice holiday if I allowed him to be the new owner. I politely declined. It was the right colour and spec....so try the used market first. Advertise it on here and on eBay. Open it up to European sales as well. Have not long sold a Ducati on eBay to a German guy who took the bike home but paid full price for it. No quibbles!
In terms of the tyres if they are all below 3mm them the dealer can knock you on the price as that's their minimum output depth to market as an AUC car. A private seller may pay less attention at those levels. The Michelins don't come with more than about 5mm anyway.
Spend a bit of time detailing it then advertise it at the price you want. Good luck with the sale!
In terms of the tyres if they are all below 3mm them the dealer can knock you on the price as that's their minimum output depth to market as an AUC car. A private seller may pay less attention at those levels. The Michelins don't come with more than about 5mm anyway.
Spend a bit of time detailing it then advertise it at the price you want. Good luck with the sale!
March 2012. Has a service pack until 2017.
Slightly annoyed. Need to consider next steps.
They are offering around the 40k mark. Looking on bmw approved it appears that it would sit on the forecourt for about 45k mark - give or take a couple of 1000.
http://www.approved.bmw.co.uk/bmwuk/bmwauc/results...
Was hoping that they might do a bit of a deal as i would be trading it in and taking something else off their hands. I think they are pulling my leg as i am looking at a quick-ish sell.
Based on that i am considering not bothering with them.
Slightly annoyed. Need to consider next steps.
They are offering around the 40k mark. Looking on bmw approved it appears that it would sit on the forecourt for about 45k mark - give or take a couple of 1000.
http://www.approved.bmw.co.uk/bmwuk/bmwauc/results...
Was hoping that they might do a bit of a deal as i would be trading it in and taking something else off their hands. I think they are pulling my leg as i am looking at a quick-ish sell.
Based on that i am considering not bothering with them.
Edited by MattStorey on Friday 18th July 10:53
Taking into account depreciation on a new-ish expensive car and dealer margin, that's pretty much expected.
I guess you knew that when you bought the car, not really sure what else you're expecting. I doubt many people have £40-50k in cash if you're thinking of selling privately unfortunately.
I guess you knew that when you bought the car, not really sure what else you're expecting. I doubt many people have £40-50k in cash if you're thinking of selling privately unfortunately.
Shaoxter said:
Taking into account depreciation on a new-ish expensive car and dealer margin, that's pretty much expected.
I guess you knew that when you bought the car, not really sure what else you're expecting. I doubt many people have £40-50k in cash if you're thinking of selling privately unfortunately.
Probably not for it to drop by that significant amount! Just rather painful to be honest with you.I guess you knew that when you bought the car, not really sure what else you're expecting. I doubt many people have £40-50k in cash if you're thinking of selling privately unfortunately.
I have no idea how people buy a new car every couple of years - i guess that is the argument for leasing.
ChrisMCoupe said:
Stick it up for sale privately at a few K more than your trade in offer and see if you get any interest.
If you need a quick sale, then all you can really do is use it as leverage as much as possible against what you are planning to swap it for.
The 40k offer seems about right especially factoring in the new tyres. If the OP stuck it up for sale at 42K privately I wouldn't be interested if for only another £1.5k I could have an AUC from a franchised dealer. If you need a quick sale, then all you can really do is use it as leverage as much as possible against what you are planning to swap it for.
No point taking risks if you're going to spend £40K + on a car might as well pay the small premium for peace of mind.
MattStorey said:
Probably not for it to drop by that significant amount! Just rather painful to be honest with you.
I have no idea how people buy a new car every couple of years - i guess that is the argument for leasing.
Leasing is the route most take if they change regularly. Purchase if you're absolutely loaded/play for Manchester United or own an oil field (or are a bit eccentric).I have no idea how people buy a new car every couple of years - i guess that is the argument for leasing.
Its no consolation but as I pointed out earlier, most cars depreciate at roughly the same rate. Its a shame you learned this way. I learned just the same way but on a car half the price of yours. I could get about 18K for mine at the moment from BMW (I looked into a 640D not long ago). At year 4. So thats 45K to 18K in 4 years (6.75K a year or a 27K loss). Luckily I can stand the loss and the car seems to be a keeper no matter how hard I try to look at something else. I've learned a lot and won't repeat the mistake.
In any event a loss is only a loss if you sell it. Perhaps consider keeping it. If you are looking to change it because of a lifestyle change then perhaps the loss in the sale is offset by the cost associated with the lifestyle change and its cheaper or the same to keep it.
I know I wouldn't be unhappy with an F10 M5. I'd keep it forever and buy a cheap daily.
ManiacGT said:
In any event a loss is only a loss if you sell it. Perhaps consider keeping it. If you are looking to change it because of a lifestyle change then perhaps the loss in the sale is offset by the cost associated with the lifestyle change and its cheaper or the same to keep it.
I know I wouldn't be unhappy with an F10 M5. I'd keep it forever and buy a cheap daily.
I love it - and in no way unhappy with it beyond normal running costs (being attached to a petrol pump continuously).I know I wouldn't be unhappy with an F10 M5. I'd keep it forever and buy a cheap daily.
I just need to release some capital to allow me to proceed with my plans. I might have to write the loss off as you say and offset it with the lifestyle change. It is just disappointing that the depreciation in the space of six months is so much!!
In the process of looking at a track day car for legal hi-jinks.
M
Its a tough old thing this car vs money thing. It is for me anyhow. There are a few cars I keep in my sights to change into but a) I know despite the issues I have with this car (namely past build quality issues that always make me think.. what next) that I'd really miss it if I got rid of it and b) changing cars just means loss after loss and I can't live with that any more. I'm about to turn 44 and I need to max on the savings and investments to ensure I can put my feet up early. Spending on cars is a sure fire way to ensure retirement gets further and further away.
Oh just stop this crap!
Life is way too short to worry about depreciation......you'll have a sore back one morning, see Doc 3 months later when you really have no choice, will be told you need to go to hospital for tests, the following day a Doc will approach you with a nurse and draw a curtain around your bed, then tell you you're number's up.....you'll be in nappies in no time and will die like a rat.
Enjoy your cars boys, you can't take money with you!
Jazzer
Life is way too short to worry about depreciation......you'll have a sore back one morning, see Doc 3 months later when you really have no choice, will be told you need to go to hospital for tests, the following day a Doc will approach you with a nurse and draw a curtain around your bed, then tell you you're number's up.....you'll be in nappies in no time and will die like a rat.
Enjoy your cars boys, you can't take money with you!
Jazzer
Jazzer said:
Oh just stop this crap!
Life is way too short to worry about depreciation......you'll have a sore back one morning, see Doc 3 months later when you really have no choice, will be told you need to go to hospital for tests, the following day a Doc will approach you with a nurse and draw a curtain around your bed, then tell you you're number's up.....you'll be in nappies in no time and will die like a rat.
Enjoy your cars boys, you can't take money with you!
Jazzer
Jesuss christ you're cheery lol.. Life is way too short to worry about depreciation......you'll have a sore back one morning, see Doc 3 months later when you really have no choice, will be told you need to go to hospital for tests, the following day a Doc will approach you with a nurse and draw a curtain around your bed, then tell you you're number's up.....you'll be in nappies in no time and will die like a rat.
Enjoy your cars boys, you can't take money with you!
Jazzer
Jazzer said:
Oh just stop this crap!
Life is way too short to worry about depreciation......you'll have a sore back one morning, see Doc 3 months later when you really have no choice, will be told you need to go to hospital for tests, the following day a Doc will approach you with a nurse and draw a curtain around your bed, then tell you you're number's up.....you'll be in nappies in no time and will die like a rat.
Enjoy your cars boys, you can't take money with you!
Jazzer
Life is way too short to worry about depreciation......you'll have a sore back one morning, see Doc 3 months later when you really have no choice, will be told you need to go to hospital for tests, the following day a Doc will approach you with a nurse and draw a curtain around your bed, then tell you you're number's up.....you'll be in nappies in no time and will die like a rat.
Enjoy your cars boys, you can't take money with you!
Jazzer
YEP new cars for me, and I seem to get good PX deals too, I got forward valuation (£57K) for my M5 for a new September exchange, and £34+ K off the M6GC CP, live a little, when your numbers up thats that.I've got a June 2012 car with 13k and would consider a bid of around £41k taking into account the new tyres as being a pretty good shout! If anyone offered me that today I would probably let mine go. Cost me £48k 10 months ago with 5k miles. A car like this is going to depreciate fast no getting away from it.
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