Need car advice.

[PaulPierce34G]

Hey everyone,

So basically I am in the market for an older BMW.  Just something a little classic, I can do some things to.  I currently drive a 1999 Lincoln Town Car that's in good shape, but I've become bored with it, and wanted to get something a little older with a hint of classic flavor to it, although I doubt the car I found can qualify as a true true classic say as a 64 Impala or 67 Mustang.

Anywho, I found a 1995 BMW 740i.  Black with grey leather interior, 86,000 miles on it (so obviously this car has barely moved over the last 14 yrs, averaging about 6,150 miles/year).  Needs new tires, an alignment, wiper blades, but those aren't anything big.  Brakes, transmission, engine are all in good shape.  Car doesn't have any electrical problems, body is in good shape for a 14 year old.  No rust, no dull paint, car just looks like it needs a good washing. I test drove the car, it rides smooth, no transmission skipping or anything like that. The price was originally 9,995 but I managed to get it down to 5,785.  Anyone think that is a deal, too much, or right on point?

[yall hate]

Kelly Blue Book puts the value at $5,725.

http://www.kbb.com/KBB/UsedCars/PricingReport.aspx?YearId=1995&Mileage=86000&VehicleClass=UsedCar&ManufacturerId=5&ModelId=16&PriceType=Private+Party&VehicleId=7228&SelectionHistory=7228|30548|02109|0|0|&Condition=Fair&QuizConditions=


so pretty much right on point

[EJPLAYA]

Be prepared to put about 5-6k into it over the next 5 years. There is a reason that BMW's are typically up for sale around 90k miles. They start having pretty major issues. They are also extremely expensive to repair. My neighbor had this exact vehicle and got rid of it after his 3rd 2k plus repair in the previous 12 months. They are amazing when they are running, however you have to be pretty wealthy to keep them that way.

Ask yourself why a 85k car new would only be worth 6k with that few of miles after 14 years. People just can't afford to maintain them.

[MetroGlobe]

Another way to check on the price of a car, besides Kelley, is to look at autotrader.com or vehix.com.  Search for that same type of car, and see what prices other people are asking for in your state/region.  If the price you're being quoted is pretty close, then you know the deal is fair.  If you find that it's much higher than the other cars on the market, then print out those ads for the other cars and show them to the seller.

And yet another way to find true market value is to look at ebay motors.  If you can't find a single car that closed at the price you're being quoted, that could raise some red flags.

[D Dub]

also be sure to get the VIN number and run a Carfax before you write the check.  It'll cost a few bucks to do online but well worth it.  That's the only way to truly be sure that the car is legit.

[Celtic]

That exact car is notorious for repairs and problems right around the mileage it is at, be careful.

[celtsrp33]

You shouldn't have to worry about the tranny skipping with this car because if you are going to buy a 740, you should get a manual transmission!  Automatics are so wimpy...  Just buy a Corolla instead if you want an auto. 

[youcanthandlethetruth113]

The price was originally 9,995 but I managed to get it down to 5,785.

You were able to drop the price by $4,201 during your first negotiation, so I imagine you would be able to drop the price by AT LEAST ANOTHER 2K during your 2nd negotiation. Give the seller the George Costanza treatment from the car dealership episode of Sienfeld (i.e. "I'll walk right out of here") lol.

Also, show us a pic!

[dark_lord]

[Hoops]

Yeah, you need to consider the total cost of ownership (TCO), not just the buying price. If your heart is set on a Beemer and you understand that you will like have several thousand in repair costs over the next few years, then your price might be reasonable. Obviously, continue to negotiate the price as much as possible. But again, understand that you'll likely have a lot of cost (and possibly hassle) on the back end.

However, if you see this BMW for $5800 and there's a nice Honda Accord (just an example) that you like for $6500, it'll probably be cheaper over the long haul to spend more up front for the Honda.

[KungPoweChicken]

Think about this: Just because it's foreign doesn't mean it's nice. How about an American car? I make this suggestion because repairing a BMW will cost you an arm and a leg. As someone else already pointed out, the BMW you are interested in is around the age where things might start letting go. Now don't get me wrong: I love the off beat personality of a foreign car too. They are stylish, and they will definitely help your game with the ladies. But the car will inevitably have some mechanical problems. Assuming you're not a gearhead, and even if you are, working with foreign cars is a really big hassle. Yes, I too once had a foreign car: It was a Saab 900, and it ran great for two years, but then the transmission let go. Unless you're practically a professional, putting a transmission in one of those things is not the kind of thing you look forward to on a Sunday evening. So unless you've got money to give to unscrupulous mechanics, or if you're a mechanic yourself, I would advice against that BMW. The car will steal your hard earned money. Honestly, foreign cars remind me of my last girlfriend. All she ever did was take, take, take.

[kgiessler]

I had an e36 convertible for a while (1996 328ica) that my Mom drives now.  The e38 was a great model.  Make sure you are getting an e38 and not a late e32, I'm not familiar with the chassis transition.  If its an e32, I'd reconsider.

The e36 is still running (and looking great).  I spent alot the first time we took it to the dealership for maintenance, and then never again.
I bought the scan tool for the car.  Find the one for yours:
http://www.peakeresearch.com/products.htm

And I bought a Bentley Repair Manual:
http://www.amazon.com/BMW-E38-Service-Manual-1995-2001/dp/0837615313

They seem expensive at first, but then you realize the first time you use them they pay for themselves, and then you have them 'free' going forward.  Every once in a while I had to buy a metric tool, but again, pays for itself.

I moved to a 2004 A4 (B6) Audi 3.0 Quattro convertible, and I can't speak highly enough about it.  Fantastic car.  Looking back, there were alot of cars that were as nice as the BMW, and I paid a premium to have the name.  Thats probably not the case with a 1995 at this point, but there were many nice cars around then.

Try searching for an S500 of the same age as a comp to ensure yourself of your decision.  The S500 coupes were very stylish.  Considering its a second car for you, maybe an early 90's SL would be a choice.  Also, the E class of around that time was a seriously nice car, and you'd be getting in a newer development series (check out the diesel, as they were built super rugged). 
http://cgi.ebay.com/ebaymotors/1997-MERCEDES-320-E-NO-RESERVE_W0QQitemZ190305494140QQcmdZViewItemQQptZUS_Cars_Trucks?hash=item2c4f17647c&_trksid=p4506.c0.m245&_trkparms=65%3A-1|39%3A1|240%3A1318
http://cgi.ebay.com/ebaymotors/E-Class-300-Mercedes-Benz-Diesel-1997-Real-Clean_W0QQitemZ230341413266QQcmdZViewItemQQptZUS_Cars_Trucks?hash=item35a16b0992&_trksid=p4506.c0.m245&_trkparms=65%3A-1|39%3A1|240%3A1318

I'm a big fan of used luxury cars, feel free to PM me anytime.

[Edgar]

just get in
agree with most points here
about ownership and expenses

I just buy a used car to be my personal toy..
like in mid life crisis
I got a used carrera and still having second thoughts because the future expenses
oh well
It comes with the territory

[Edgar]

Hey everyone,

So basically I am in the market for an older BMW.  Just something a little classic, I can do some things to.  I currently drive a 1999 Lincoln Town Car that's in good shape, but I've become bored with it, and wanted to get something a little older with a hint of classic flavor to it, although I doubt the car I found can qualify as a true true classic say as a 64 Impala or 67 Mustang.

Anywho, I found a 1995 BMW 740i.  Black with grey leather interior, 86,000 miles on it (so obviously this car has barely moved over the last 14 yrs, averaging about 6,150 miles/year).  Needs new tires, an alignment, wiper blades, but those aren't anything big.  Brakes, transmission, engine are all in good shape.  Car doesn't have any electrical problems, body is in good shape for a 14 year old.  No rust, no dull paint, car just looks like it needs a good washing. I test drove the car, it rides smooth, no transmission skipping or anything like that. The price was originally 9,995 but I managed to get it down to 5,785.  Anyone think that is a deal, too much, or right on point?

and its a good price imho

[PaulPierce34G]

Sorry for the delay in response, just been working like crazy here at my office.

Anyways, pics & info on the car can be found here..it's a well known dealership in Rhode Island.

I got a bit more further information on the car.  The car has only had 2 owners.  The original owner only put 36,000 miles on it & the second owner purchased it 5 years ago & put 50K on it.  The second owner also happens to be the general manager of this dealership & said that I could go obtain records of the car receiving it's routine maintenance from the auto shop to which it was taken, if I so wished. 

I understand that these cars can be expensive to fix if something goes wrong, but at the same time there is a lot that goes with that territory.  A) The previous owner either abused the vehicle, didn't get it properly serviced, etc.  B)  86,000 miles may be starting to get up there, but again, this car is 14 years old.  There's a difference, IMO, of putting 86,000 miles on a car over 14 years than putting 86,000 miles on car in a span of 3-5 years. 

Anyways, I really appreciate all the feedback, TP's to all of you & here is the link.

PS apparently the car was 6998 on the website, but the sticker price was 9,995 at the dealership.  Either way, 5,795, still a good deal I think.

http://www.hurdhummer.com/VehicleDetails/1129159704