E60 prices dropping, where's it going to end ?
Discussion
I'm sure the introduction of the F10 car hasn't helped, but the current ecconomic climate / peoples expectations of big bills seems to have driven the cost of E60's to a ridiculous low recently
Looking through the classifieds / auto trader / eBay today, there's a few cars in there around the £16k (with a little nego) mark that have reasonable mileage and in some cases come with a warranty ;
http://mobile.pistonheads.com/sales/3476461.htm
http://mobile.pistonheads.com/sales/3479020.htm
I understand these aren't perhaps top spec AUC vehicles with BMW warranty, but getting one of these and putting £2-3k in an account to cover problems means this is a viable sub 20k purchase for a serious bit of kit that will give you a couple of great years driving
Do people think these E60's have taken the full drop now or are they just getting cheaper still ?
Looking through the classifieds / auto trader / eBay today, there's a few cars in there around the £16k (with a little nego) mark that have reasonable mileage and in some cases come with a warranty ;
http://mobile.pistonheads.com/sales/3476461.htm
http://mobile.pistonheads.com/sales/3479020.htm
I understand these aren't perhaps top spec AUC vehicles with BMW warranty, but getting one of these and putting £2-3k in an account to cover problems means this is a viable sub 20k purchase for a serious bit of kit that will give you a couple of great years driving
Do people think these E60's have taken the full drop now or are they just getting cheaper still ?
just got shot of mine, £14k trade was the best i could get (july '05 car without BMW warranty, but otherwise honest car, although it will need a new clutch, vanos pump, set of pads and discs, front tyres, major service, mot, within the next few months.....), running costs plus supply and demand, just too many of them for sale i guess.
There has to be a point where the cars are worth more in pieces. The engine alone has to be worth £5-7k second hand, and a functioning gearbox at least 3k, 1k for the interior, £1k for wheels and tyres, and you've still got a straight bodyshell to sell.
I would guess the E39 M5 prices will also dictate how much further the E60's fall, although the former problems are well documented and less expensive to resolve when compared to the latter.
I seriously considered one about a year ago, but without BMW manufacturer warranty I don't think I could stomach the potential bills if something catastrophic did go wrong. I get the impression they are too complicated to be maintained outside the dealer network, unlike the M3's, which is what I prefer to do.
I would guess the E39 M5 prices will also dictate how much further the E60's fall, although the former problems are well documented and less expensive to resolve when compared to the latter.
I seriously considered one about a year ago, but without BMW manufacturer warranty I don't think I could stomach the potential bills if something catastrophic did go wrong. I get the impression they are too complicated to be maintained outside the dealer network, unlike the M3's, which is what I prefer to do.
Pugsey said:
Hells teeth - PHs is a dangerous place. We've only just started our 1M 'CSL' project and now this has got me thinking. M5 'CSL' anyone? Of dear, and indeed bugger!
I remember reading some time ago that the guys at M did a CSL version of the M5 with carbon roof, lowered suspension, stripped out interior and some other bits and pieces. I really can't remember the details but they tested it at the 'Ring and it was up there lap time wise with some very serious machinery.Tempted Pugsey?
The fact is, good cars will still fetch good money. Admittedly early examples will take the brunt of the depreciation but a mint later car will still hold for years to come. Just keep the mileage sensible and servicing up to scratch and the rest is down to your own research and hard work.
Big E 118 said:
Pugsey said:
Hells teeth - PHs is a dangerous place. We've only just started our 1M 'CSL' project and now this has got me thinking. M5 'CSL' anyone? Of dear, and indeed bugger!
I remember reading some time ago that the guys at M did a CSL version of the M5 with carbon roof, lowered suspension, stripped out interior and some other bits and pieces. I really can't remember the details but they tested it at the 'Ring and it was up there lap time wise with some very serious machinery.Tempted Pugsey?
We've already got an unfinished V8 Vantage project gathering dust in the barn and now the 1M is about to get started. What do I need a +500bhp tail happy monster for £peanuts for??? Er..............
graeme4130 said:
It'd be interesting to see, based on similar cars (so say 05/06 40-60k), how much these cars actually cost in repair bills and whether paying around 1.2k/yr on a BMW warranty is worth it if not so many owners have had the big, horrific bills that are so often banded around ?
thats a good question... to me it seems brakes and clutch seem to be the big costs and these are not going to be covered anyhow (unless you can convince them they failed early).Another concern is what previous owners did with the cars.... they can tell if the launch control has been used and will apparently void a warranty if its done more than few times.
Being frank my 15k M3 wont depreciate that far... at around 10k they will be worth more in parts than as a whole due to the high price of genuine BMW M5 parts... so they simply wont drop much further because people will sell the parts for others to keep them on the road.
For example a normal garage can swop a clutch for around 200 labour... bmw charge 2.5k for a new one fitted... so eventually people will risk 2nd hand parts.
I know lots of owners who bought their cars new or for 40k will be horrified but this is the trend that performance cars tend to follow.
im wondering how long it will be before people start stripping them out as track day cars!
Hi,
Agreed on points above - also, this same direction of thinking applies to most brands cars made after 2004/5. More and more electronically controlled bits to the cars systems which cost an absolute bomb new and second hand are ridiculous as well. I don't think there's been any 'replacement' type parts developed either as due to the very nature of electronics, they're much more expensive to manufacture and produce. iDrive controllers at £2K from the dealers will perhaps be £700-950 or so from a breaker? then you have the issue it might not work or give up as well after 6 months... unless some specialists in the automotive electronics industry can come up with their own version for say £799 new with a warranty etc, then I'd say expect E60's and other brands similar ilk cars to have values plummet severely. On top of all that, the economy is going to be shaky for the next 2+ years at least, I think it won't be very long before we see £10K E60 M5's and perhaps this time 2013 to mid 2013 - £7500 E60 M5's - there's just so little of the population able to afford to run these cars.
This all bodes well for earlier M5's and car's in general, as many more people, like myself, will keep our older cars running for much longer. When things break, I'll fix/replace, systems are simpler, and only a few parts are mega bucks nowadays - final stage resistor goes, it's £100 for a genuine and £40 (i think!) for a pattern part - not £900+ for the module in an E60..
For those who will be able to run large capacity cars, the next few years are going to bring some absolutely fantastic bargains !
Cheers, Dennis!
Agreed on points above - also, this same direction of thinking applies to most brands cars made after 2004/5. More and more electronically controlled bits to the cars systems which cost an absolute bomb new and second hand are ridiculous as well. I don't think there's been any 'replacement' type parts developed either as due to the very nature of electronics, they're much more expensive to manufacture and produce. iDrive controllers at £2K from the dealers will perhaps be £700-950 or so from a breaker? then you have the issue it might not work or give up as well after 6 months... unless some specialists in the automotive electronics industry can come up with their own version for say £799 new with a warranty etc, then I'd say expect E60's and other brands similar ilk cars to have values plummet severely. On top of all that, the economy is going to be shaky for the next 2+ years at least, I think it won't be very long before we see £10K E60 M5's and perhaps this time 2013 to mid 2013 - £7500 E60 M5's - there's just so little of the population able to afford to run these cars.
This all bodes well for earlier M5's and car's in general, as many more people, like myself, will keep our older cars running for much longer. When things break, I'll fix/replace, systems are simpler, and only a few parts are mega bucks nowadays - final stage resistor goes, it's £100 for a genuine and £40 (i think!) for a pattern part - not £900+ for the module in an E60..
For those who will be able to run large capacity cars, the next few years are going to bring some absolutely fantastic bargains !
Cheers, Dennis!
I suspect the E60 M5 will end up being like the 996 is to the Porsche range....cheaper than the car that preceeded it. The engine is a masterpiece but apart from that it has a gearbox that won't age well, awful mpg and questionable looks to a lot of people (the E60 in general rather than the M5 specifically).
It has an epic engine that really should be in an out and out sports car.....why oh why BMW never built an R8/911/Gallardo competitor around that engine is totally beyond me. It probably settles at a value just north of what it's worth in parts. The engine will surely be in a lot of demand for eyars to come.
It has an epic engine that really should be in an out and out sports car.....why oh why BMW never built an R8/911/Gallardo competitor around that engine is totally beyond me. It probably settles at a value just north of what it's worth in parts. The engine will surely be in a lot of demand for eyars to come.
d!!
DennisCooper said:
I think it won't be very long before we see £10K E60 M5's and perhaps this time 2013 to mid 2013 - £7500 E60 M5's - there's just so little of the population able to afford to run these cars.
I agree with your £10k prediction and think we will see that later this year, and although a £7500 E60 M5 in 2013 sounds far fetched at the moment one only has to think how far they fell from the beginning of 2011 to the end of 2011. Bargains ahoy!
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