BMW M3 - The balancing of lower milage vs Slush fund
Discussion
Having just graduated and wanting something to reward myself for all the hard work I haven't done, I'm looking to buy a new car. However at the age of 22 this is the first purchase of a car I've had to do entirely myself (I've been on a company car scheme until now).
I have £10k (maybe £11k) to play with, not including insurance.
Fuel economy doesn't matter.
Higher than average running costs don't matter too much.
Four seats would be nice.
Arrived at the conclusion of E46 M3.
However, I am struggling to decide at which end of the market I want to be buying, this was further compounded by a car I went to view today:
115k on the clock.
£7.5k asking price.
Private seller.
Being not too far from me and in the colour I wanted, I took a look with my skeptical hat on - lower end of the market on a high level, expensive to run performance car, be careful.
The car was owned by a 30yo Asian guy, the car was quite clearly a large part of his life. He was an enthusiast, had owned the car for four years and had a high level of mechanical knowledge and was aware of all the common faults of M3s. Talked me through all the pieces of work he'd had done on it, where he'd done what and why etc, what parts were used and so on.
I asked to see the folder of receipts and he handed me a a wallet several inches thick through of invoices, which I trawled through, every part bought and piece of work done seemed to be present.
The service book indicated that services had been carried out on time, without any long overdue gaps.
Took me out for a drive (I don't have the cover to drive it myself), the car felt tight for its age, without being prompted he warmed it up and redlined in 3rd, car pulled sharply and smoothly through the revs. By his driving style I'd say he was more of a car enthusiast than a driving enthusiast, however.
Walking away I couldn't think of a reason not to buy it, except for the fact that I could potentially buy the same car from elsewhere (perhaps a dealer) for £10k more and with lower mileage.
Where does one draw a line with the 'buy the best you can afford' mantra, considering purchasing a car at this end of the price spectrum would free up £3-4k for potential repairs. The flipside of the coin is that other than what I have read on E46 M3s and videos (sub frame inspections etc), I have little to no mechanical knowledge on cars and will potentially overlook what a more experienced individual would see as a glaring fault.
I guess I'm just looking for a push in either direction as I could talk myself into and out of either side of the argument all day.
Would appreciate any thoughts, particularly of those who've bought M3s (though the point of this thread isn't necessarily a 'what to look for when buying M3s' thread.
Thanks
I have £10k (maybe £11k) to play with, not including insurance.
Fuel economy doesn't matter.
Higher than average running costs don't matter too much.
Four seats would be nice.
Arrived at the conclusion of E46 M3.
However, I am struggling to decide at which end of the market I want to be buying, this was further compounded by a car I went to view today:
115k on the clock.
£7.5k asking price.
Private seller.
Being not too far from me and in the colour I wanted, I took a look with my skeptical hat on - lower end of the market on a high level, expensive to run performance car, be careful.
The car was owned by a 30yo Asian guy, the car was quite clearly a large part of his life. He was an enthusiast, had owned the car for four years and had a high level of mechanical knowledge and was aware of all the common faults of M3s. Talked me through all the pieces of work he'd had done on it, where he'd done what and why etc, what parts were used and so on.
I asked to see the folder of receipts and he handed me a a wallet several inches thick through of invoices, which I trawled through, every part bought and piece of work done seemed to be present.
The service book indicated that services had been carried out on time, without any long overdue gaps.
Took me out for a drive (I don't have the cover to drive it myself), the car felt tight for its age, without being prompted he warmed it up and redlined in 3rd, car pulled sharply and smoothly through the revs. By his driving style I'd say he was more of a car enthusiast than a driving enthusiast, however.
Walking away I couldn't think of a reason not to buy it, except for the fact that I could potentially buy the same car from elsewhere (perhaps a dealer) for £10k more and with lower mileage.
Where does one draw a line with the 'buy the best you can afford' mantra, considering purchasing a car at this end of the price spectrum would free up £3-4k for potential repairs. The flipside of the coin is that other than what I have read on E46 M3s and videos (sub frame inspections etc), I have little to no mechanical knowledge on cars and will potentially overlook what a more experienced individual would see as a glaring fault.
I guess I'm just looking for a push in either direction as I could talk myself into and out of either side of the argument all day.
Would appreciate any thoughts, particularly of those who've bought M3s (though the point of this thread isn't necessarily a 'what to look for when buying M3s' thread.
Thanks
I've been burned on lower mileage cars, whilst some high-mileage cars have been bombproof.
That sounds like the kind of deal I'd like, you know the car's been sorted, the receipts are there to prove it, what's not to like?
If I was in your shoes I'd be on it. Go with your gut feeling - it doesn't often let you down, more's the point when I've gone against mine in terms of cars it's nearly always blown up in my face.
That sounds like the kind of deal I'd like, you know the car's been sorted, the receipts are there to prove it, what's not to like?
If I was in your shoes I'd be on it. Go with your gut feeling - it doesn't often let you down, more's the point when I've gone against mine in terms of cars it's nearly always blown up in my face.
Evidence of care ultimately more important than the digits on the odometer in my experience. Although ultimately that number will always decide the cars value in the market. If buying at 7k gives you a nice bork fund in reserve and you reckon it's a good un (I'm a sucker for fat folders of invoices myself) then I say fill yer boots my son.
Diderot said:
For a new graduate may I congratulate you on your orthography, grammar and syntax?
On a more important note, I would suggest that you buy the M3.
You may! Although I don't feel write any better than should be expected from a Uni grad.On a more important note, I would suggest that you buy the M3.
Long live this overpraise.
Thanks all for your input. As soon as my finance agent clears my application (he will, how long he takes to get back to me is another question) I'll be stuffing the deposit down the seller's throat.
Guess I should book a couple of days of advanced driving tuition now...
I bought a 27,000 mile beauty last year, full service history. I have kept this up including oil changes at half intervals. She now stands at just under 60,000 miles. Unfortunately she has just blown her head gasket (2nd E46 m3 to do this to me this year 
) and lunched her block and head. Essentially now needing a new engine. All in, this little episode is going to cost me around 6 grand. Ouch.
Go in with your eyes open. I thought that this was the least likely car to throw huge bills at me but she has. They can do it. However, I absolutely adore the car and so I am forking out for the repair because she is way too good a car to scrap.
I would never advise against buying one as they are amazing do-it-all machines but be aware that they are very highly strung N/A engines and sometimes they will go wrong. I do think I have been unlucky.
) and lunched her block and head. Essentially now needing a new engine. All in, this little episode is going to cost me around 6 grand. Ouch. Go in with your eyes open. I thought that this was the least likely car to throw huge bills at me but she has. They can do it. However, I absolutely adore the car and so I am forking out for the repair because she is way too good a car to scrap.
I would never advise against buying one as they are amazing do-it-all machines but be aware that they are very highly strung N/A engines and sometimes they will go wrong. I do think I have been unlucky.
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