Help Needed - Do I keep my car and spend a fortune on it?
Discussion
Background:
I have a 1995 E34 M5 which I bought almost 4 years ago and have spent about £10,000 on so far. It is due its annual visit to the specialist for a few bits and bobs which will cost me betwen £3,500 and £5,000. I can see this level of expendature continuing for a few years to come as I work my way through replacement of parts that are 15 years old and flipping expensive.
I use the car maybe once a month (annual mileage of about 3,000 miles) as I have a family wagon that we have the kiddies seats in and I use the train to get to work. I also have a Caterham coming in September that I will be building and entering into the Academy race series, so that will be the fun car taken care of.
The Dilema:
I love my M5 and have spent a fortune on it already, but it is probably worth about £5.50 given the current market. I do however think that it will be worth something in the future and love it as a great example of one of the first true super saloons. If I sell it I will never be able to buy another that has been loved in the same way and I honestly don't know what I would replace it with.
The Decision:
Do I keep the old girl and accept a significant outlay each year to keep her in top condition, or do I sell her and buy something else that I can use to tow the race car and pour my funds into that, knowing that a newer car will cost me in depreciation?
It is a trade off between an old car that is worth buttons and is expensive to maintain, but has loads of character and a newer car that will cost quite a bit in depreciation and not be as expensive to maintain.
I genuinley don't know what to do. Any ideas?
I have a 1995 E34 M5 which I bought almost 4 years ago and have spent about £10,000 on so far. It is due its annual visit to the specialist for a few bits and bobs which will cost me betwen £3,500 and £5,000. I can see this level of expendature continuing for a few years to come as I work my way through replacement of parts that are 15 years old and flipping expensive.
I use the car maybe once a month (annual mileage of about 3,000 miles) as I have a family wagon that we have the kiddies seats in and I use the train to get to work. I also have a Caterham coming in September that I will be building and entering into the Academy race series, so that will be the fun car taken care of.
The Dilema:
I love my M5 and have spent a fortune on it already, but it is probably worth about £5.50 given the current market. I do however think that it will be worth something in the future and love it as a great example of one of the first true super saloons. If I sell it I will never be able to buy another that has been loved in the same way and I honestly don't know what I would replace it with.
The Decision:
Do I keep the old girl and accept a significant outlay each year to keep her in top condition, or do I sell her and buy something else that I can use to tow the race car and pour my funds into that, knowing that a newer car will cost me in depreciation?
It is a trade off between an old car that is worth buttons and is expensive to maintain, but has loads of character and a newer car that will cost quite a bit in depreciation and not be as expensive to maintain.
I genuinley don't know what to do. Any ideas?
I had a very similar issue. I ran an E34 M5 over nearly 5 years and 30k and it cost me a fortune. I ended up selling it as I was not doing any long journeys and I was getting frustrated waiting for the car to warm up all the time. I loved my M5 but then sold it and lurked in the bargain barge world E34 540i touring and then E39 540i which were both really nice to live with and both sold on for more than I paid for them.
Sounds like to me you already have toys and this extra toy's costs far outweigh the enjoyment you get from it.
Cracking motor though. All the best
Sounds like to me you already have toys and this extra toy's costs far outweigh the enjoyment you get from it.
Cracking motor though. All the best
Thanks guys.
But what would I replace the old girl with? I need another car that I can tow with and don't want something that is going to cost me a fortune in depreciation or maintanance (so not too new and not too old), but that is a little interesting. Most modern cars leave me stone cold (the wife has a Lexus) and I can't face driving a diesel box on wheels.
I know I don't use it much, but it is nice knowing it is there and that I can take it for a blat if I want to get out of the house. I guess the Caterham will fulfill that role in the future, but what would I get as a second slightly interesting car if I don't have the M5?
But what would I replace the old girl with? I need another car that I can tow with and don't want something that is going to cost me a fortune in depreciation or maintanance (so not too new and not too old), but that is a little interesting. Most modern cars leave me stone cold (the wife has a Lexus) and I can't face driving a diesel box on wheels.
I know I don't use it much, but it is nice knowing it is there and that I can take it for a blat if I want to get out of the house. I guess the Caterham will fulfill that role in the future, but what would I get as a second slightly interesting car if I don't have the M5?
Alex Gurr said:
Thanks guys.
But what would I replace the old girl with? I need another car that I can tow with and don't want something that is going to cost me a fortune in depreciation or maintanance (so not too new and not too old), but that is a little interesting. Most modern cars leave me stone cold (the wife has a Lexus) and I can't face driving a diesel box on wheels.
I know I don't use it much, but it is nice knowing it is there and that I can take it for a blat if I want to get out of the house. I guess the Caterham will fulfill that role in the future, but what would I get as a second slightly interesting car if I don't have the M5?
Nice standard E36 M3?But what would I replace the old girl with? I need another car that I can tow with and don't want something that is going to cost me a fortune in depreciation or maintanance (so not too new and not too old), but that is a little interesting. Most modern cars leave me stone cold (the wife has a Lexus) and I can't face driving a diesel box on wheels.
I know I don't use it much, but it is nice knowing it is there and that I can take it for a blat if I want to get out of the house. I guess the Caterham will fulfill that role in the future, but what would I get as a second slightly interesting car if I don't have the M5?
Alex Gurr said:
Thanks guys.
But what would I replace the old girl with? I need another car that I can tow with and don't want something that is going to cost me a fortune in depreciation or maintanance (so not too new and not too old), but that is a little interesting. Most modern cars leave me stone cold (the wife has a Lexus) and I can't face driving a diesel box on wheels.
I know I don't use it much, but it is nice knowing it is there and that I can take it for a blat if I want to get out of the house. I guess the Caterham will fulfill that role in the future, but what would I get as a second slightly interesting car if I don't have the M5?
I've had three E34 M5s in my time. I love them but they are money pits. But what would I replace the old girl with? I need another car that I can tow with and don't want something that is going to cost me a fortune in depreciation or maintanance (so not too new and not too old), but that is a little interesting. Most modern cars leave me stone cold (the wife has a Lexus) and I can't face driving a diesel box on wheels.
I know I don't use it much, but it is nice knowing it is there and that I can take it for a blat if I want to get out of the house. I guess the Caterham will fulfill that role in the future, but what would I get as a second slightly interesting car if I don't have the M5?
After many pints at the pub with another ex E34 M5 owner, we concluded that the only way to ever get an E34 M5 back to proper health is a ground up rebuild with all new or reconditioned parts. Any other way and you'll be forever chasing worn out things round the car.
Personally I'd get rid. The E34 won't become properly desirable for a good few years yet and in that time, you'll spend ££££ on a car that you'll struggle to sell at anything like what you've spent on it.
I'm sure it's a great car but I don't reckon it will be a great investment.
The list of desirable classic BMW is fairly short, E30 M3, original M6, 2002 Turbo, 3.0 CSL. Most old beemers can picked fairly cheaply.
Yours will go up in value, but not through the roof.
You should cut your losses now.
The list of desirable classic BMW is fairly short, E30 M3, original M6, 2002 Turbo, 3.0 CSL. Most old beemers can picked fairly cheaply.
Yours will go up in value, but not through the roof.
You should cut your losses now.
GadgeS3C said:
Alex, interesting post. Can't comment other than to say it's clearly a head rather than heart decision. Interesting though as I see so many posts on the TVR forums about how much various TVR's cost a year to run. Looks like they may be a cheap option compared to the M5!
I had a Griff 500 before the M5. That needed a full engine re-build and even then it was cheaper to run. Having said that it was no quicker, worse in the bends and a lot less reliable. It did look and sound fantastic though.Your M5 would barely notice towing the Caterham, right? As in, using it to tow your Caterham wouldn't contribute to the car needing even more expenditure than it has typically required?
At least then you have a nice car to be in while towing and better the devil you know - I should imagine a 540i of either model could still throw up big bills at you, and a newer depreciating car could easily mean you are still dropping a few £K per year in costs.
May I ask what sort of stuff has needed doing that adds up to around £13k? I've long heard these cars can be very expensive and have always been curious what sort of repairs the car would throw up.
At least then you have a nice car to be in while towing and better the devil you know - I should imagine a 540i of either model could still throw up big bills at you, and a newer depreciating car could easily mean you are still dropping a few £K per year in costs.
May I ask what sort of stuff has needed doing that adds up to around £13k? I've long heard these cars can be very expensive and have always been curious what sort of repairs the car would throw up.
braddo said:
Your M5 would barely notice towing the Caterham, right? As in, using it to tow your Caterham wouldn't contribute to the car needing even more expenditure than it has typically required?
At least then you have a nice car to be in while towing and better the devil you know - I should imagine a 540i of either model could still throw up big bills at you, and a newer depreciating car could easily mean you are still dropping a few £K per year in costs.
May I ask what sort of stuff has needed doing that adds up to around £13k? I've long heard these cars can be very expensive and have always been curious what sort of repairs the car would throw up.
I have to say this is where my head is at, at the moment. What else would come close?At least then you have a nice car to be in while towing and better the devil you know - I should imagine a 540i of either model could still throw up big bills at you, and a newer depreciating car could easily mean you are still dropping a few £K per year in costs.
May I ask what sort of stuff has needed doing that adds up to around £13k? I've long heard these cars can be very expensive and have always been curious what sort of repairs the car would throw up.
Most of the expendature has been on the suspension. I have had three new EDC dampers, springs, bushes etc. I have also had a new water pump, full wheel re-furb and a few other general service bits and bats (tyres, brakes, valve clearances etc). It is due to have a new clutch, SLS valve and associated plumbing and a few other things, but the main expense with these cars is with the suspension. You can easily sink £10k having it all re-built (£2k plus per corner). Mine has 115,000 on the clock, which is quite low for the type of car and the engines are known to go to 200,000 if well looked after. When it does need doing that is another £10k+!
I think the car will be fine towing a Caterham and trailer (1.2 tonnes at most). It certainly has enough grunt and if driven with respect then shold hardly notice the load behind.
Alex Gurr said:
braddo said:
Your M5 would barely notice towing the Caterham, right? As in, using it to tow your Caterham wouldn't contribute to the car needing even more expenditure than it has typically required?
At least then you have a nice car to be in while towing and better the devil you know - I should imagine a 540i of either model could still throw up big bills at you, and a newer depreciating car could easily mean you are still dropping a few £K per year in costs.
May I ask what sort of stuff has needed doing that adds up to around £13k? I've long heard these cars can be very expensive and have always been curious what sort of repairs the car would throw up.
I have to say this is where my head is at, at the moment. What else would come close?At least then you have a nice car to be in while towing and better the devil you know - I should imagine a 540i of either model could still throw up big bills at you, and a newer depreciating car could easily mean you are still dropping a few £K per year in costs.
May I ask what sort of stuff has needed doing that adds up to around £13k? I've long heard these cars can be very expensive and have always been curious what sort of repairs the car would throw up.
Most of the expendature has been on the suspension. I have had three new EDC dampers, springs, bushes etc. I have also had a new water pump, full wheel re-furb and a few other general service bits and bats (tyres, brakes, valve clearances etc). It is due to have a new clutch, SLS valve and associated plumbing and a few other things, but the main expense with these cars is with the suspension. You can easily sink £10k having it all re-built (£2k plus per corner). Mine has 115,000 on the clock, which is quite low for the type of car and the engines are known to go to 200,000 if well looked after. When it does need doing that is another £10k+!
I think the car will be fine towing a Caterham and trailer (1.2 tonnes at most). It certainly has enough grunt and if driven with respect then shold hardly notice the load behind.
If it hasn't appeared on the surface yet, it soon will.
Chasing that will be another ££££ exercise to do it properly.
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