E46 M3 SMG Salvaged Title

[BeamerDreamer]

Hi Everyone,

I would have posted this in an E46 forum but 1addicts gets much more traffic and everyone here seems really knowledgable so I'm posting here instead.

Due to the economic crunch, I've had to cancel my order for a 135i. I was almost in tears when I actually called to cancel my order.

I've been looking for a cheaper alternative for a while now. I managed to find a 2002 E46 M3. It's got 10K miles on it, all the options I would want including SMG, Navigation, etc. The only problem is that its got a salvage title. I called the owner and he said it was repaired due to a frontal impact. The owner told me that it was repaired to "like new" state and that there was no frame damage. I would have to have a mechanic or body shop take a look at it to verify if that is true or not.

How much do you think this car is worth considering its got a salvage title? He is asking $19k OBO.

Any advice would be appreciated.

[imported_mega]

those e46 m3's have come down in price so much, I would not give 19k for a salvage title

and I would want to see the repair receipts too

[BlackjackMulligan]

Definitely have it checked over completely. How long are you planning on keeping it for? It would be extremely hard to sell it when you're done with it and nearly impossible to trade it in without taking a serious bath in the next few years. Things to keep in mind.

If you're going to keep it for 10 years then this is a moot point.

[instantexpert]

Remember the old saying: "A poor man buys a new BMW, a rich man buys a used one". I think that goes doubly true for an M3.

-Special oil
-brakes are twice as expensive as regular E46.
-SMG reputably expensive to fix
-I don't know if M3 suspension suffers from the same things the E46 in general does at 60K miles but those aren't cheap.
-I keep seeing the phrase "I wouldn't want the M3 engine past 100K miles" all over the forums.

I got rid of my ZHP for a 135 to *save* money. I figure the risk of serious repairs on an out of warranty BMW more than paid for the increase in monthly payment for the 135.

Seriously, I'd run far away from this one.

[Dave]

i have a friend selling a CPO m3 for 19k..... more miles but not salvage

def not a good idea to buy salvage

[sunking420]

The economy will eventually get better. Buy new when it is. Until then get something totally affordable and start saving for the Bimmer. I put more than half the price in cash down, and with $238.26 a month, I barely feel the payment...

[aarong_m3]

For a Salvage title i would say $12-13k regardless if it has 10k miles? That one is barely broken in and I would rather buy a 2002 with 75k miles for $19k. There are plenty of E46 M3s out there for under $20k. IMO. Try to get one that is all stock. Good luck.

[shodanusmc]

Do you have any idea what a salvage title is? Wonder why? Walk, do not run from this car.

[BeamerDreamer]

I was thinking of only keeping it for a year or two and then get the 135 or something else later. There is no way I would pay $19k for it. I was thinking more along the lines of what aarong_m3 is saying with $12k. In my limited experience, a car with a salvage title is worth somewhere between 25-50% of its current market value if it did not have a salvage title.

[jeremyc74]

If it was totalled due to a frontal impact, it was hit pretty hard. They probably had to replace the entire front clip (that means cutting the existing one off and replacing it with one from anothre car).

I've been around body shops my entire life, and there are some people out there that do VERY good work, but you'd have to be crazy to spend that kind of money on a car with a salvaged title. The hit on resale value alone is enough reason to stay away from it.

I'd drop back and get an E36 before I'd buy an E46 with a salvaged title.

[Dave]

oh here are the details on my friends m3... only selling it because he can't afford it got laid off.

Asking: 19k obo

-Harmon Kardan sound system
-19" factory-optional wheels
-SMG (Sequential Manual Gearbox)
-Premium Package
-Xenon Headlights
-Red leather interior

69,000 miles
BMW Inspection 2 (60,000 mile service completed at 64,000 miles by Performance BMW of Chapel Hill)
New Tires 3,000 miles ago
Excellent Condition

the car:





Also some pricing ref:

[Dave]

in my opinion a much safer car to buy and i know they have babied it

good luck with your search!

[BeamerDreamer]

Originally Posted by izzodesh

oh here are the details on my friends m3... only selling it because he can't afford it got laid off.

Asking: 19k obo

-Harmon Kardan sound system
-19" factory-optional wheels
-SMG (Sequential Manual Gearbox)
-Premium Package
-Xenon Headlights
-Red leather interior

69,000 miles
BMW Inspection 2 (60,000 mile service completed at 64,000 miles by Performance BMW of Chapel Hill)
New Tires 3,000 miles ago
Excellent Condition

Looks really nice but where is it located? I'm in the SF Bay Area.

[Dave]

Originally Posted by BeamerDreamer

Looks really nice but where is it located? I'm in the SF Bay Area.

oh... thats far
its in NC

not in the mood for a road trip?

[Robert]

if I didn't buy a 135i last year I would totally scooped that m3 up

[BeamerDreamer]

I called the guy with the salvaged M3. I got him to confess that there was some frame damage to the car but it was repaired properly. In my opinion, once a car has frame damage, its worthless. Before I heard that I was going to offer him $11k and then he told me that someone already offered him $17k. I feel sorry for whomever pays that much for a salvaged car.

[blacknbean]

id buy it for 10k and turn it into a track car

[jeremyc74]

Originally Posted by BeamerDreamer

I called the guy with the salvaged M3. I got him to confess that there was some frame damage to the car but it was repaired properly. In my opinion, once a car has frame damage, its worthless. Before I heard that I was going to offer him $11k and then he told me that someone already offered him $17k. I feel sorry for whomever pays that much for a salvaged car.

I don't mean to sound harsh, but why did you think it has a salvaged title? Car get that because they're considered damaged beyond what they're worth. It takes more than a couple of fenders and a hood to do that to an M3. You'll almost always have structural damage (there really isn't a frame on modern cars) on totalled vehicles. The exception to that is flood damage, and it's even worse. The whole purpose for the salvage title is to force the seller to disclose the serious extent of the damage, and it's the reason most people who know anything about cars won't even look twice at them. The seller is looking for a "sucker" in most cases.

[SLO]

I'd consider the E46 that izzodesh posted above!

[john08135i]

BTW.. most banks will not loan out money for a SALVAGE title car..

[TexasKid]

Originally Posted by blacknbean

id buy it for 10k and turn it into a track car

Once it's salvaged, that's all it's good for.

[BlackjackMulligan]

Originally Posted by BeamerDreamer

I was thinking of only keeping it for a year or two and then get the 135 or something else later. There is no way I would pay $19k for it. I was thinking more along the lines of what aarong_m3 is saying with $12k. In my limited experience, a car with a salvage title is worth somewhere between 25-50% of its current market value if it did not have a salvage title.

Like I said, it's a bad idea to buy a salvaged car but an even WORSE one to buy a salvaged car and try to get off it in a year. Just like you were going to lowball the seller, think about what you would go through trying to sell it. I bet there's a verrrrry thin market out there looking for salvage title cars.