Need help on purchase of 1M

[mmogosu]

Hi All,

I've been lurking for a while, and finally need some help (and hopefully I can contribute once I get my own 1M).

I've recently found one:

• 8000 miles
• Valencia Orange
• 3 owners according to carfax (but assuming one is due to lease purchase??) - haven't confirmed with owner yet
• 1 minor accident/damage, but only at about $1900 USD
• Price I'm including taxes in the price as most of us live in different countries . $77,000 (tax already included)

A few questions, that would help me make the decision:

• Should 3 owners be a deal breaker? I can possibly live with 2 previous owners.
• Should the accident/damage be a deal breaker? Is it going to drive the value of this 1M down? Or is it so low, that it is insignificant?
• Is there anything specific that I should lookout for when making the purchase?

Thank you all in advance

[etr2016]

I wouldn't worry so much about the three owners since the mileage is still low and the car is 10 years old.

Damage definitely impacts value. What area of the car was impacted? When I bought mine I ran a paint gauge over the entire vehicle to ensure no paint work.

[mmogosu]

Originally Posted by etr2016

I wouldn't worry so much about the three owners since the mileage is still low and the car is 10 years old.

Damage definitely impacts value. What area of the car was impacted? When I bought mine I ran a paint gauge over the entire vehicle to ensure no paint work.

Front bumper - center - $1900 USD. Given the price I'm assuming some type of touch up or maybe bumper replacement. I'll find out soon, waiting on a response.

What do you think of the price point?

[vasmir]

Can't assess if it's a "deal breaker" without knowing more.

Was the damage/cost due to a bumper replacement (would want to inspect the work) or a minor side scratch from a shopping cart (had this happen in a previous car, and using insurance for the repair was simply cheaper than the alternative)?

Either way, you're paying for a low mile example here… so if the car doesn't present as "like new" when you inspect it, then it's not worth that price.

That's not a lot of miles for a ten year old car; I'd be especially interested in the car's maintenance records, fluid changes, etc. as well as where the car was stored (overall body/paint condition).

[nachob]

Originally Posted by mmogosu

Hi All,

I've been lurking for a while, and finally need some help (and hopefully I can contribute once I get my own 1M).

I've recently found one:

• 8000 miles
• Valencia Orange
• 3 owners according to carfax (but assuming one is due to lease purchase??) - haven't confirmed with owner yet
• 1 minor accident/damage, but only at about $1900 USD
• Price I'm including taxes in the price as most of us live in different countries . $77,000 (tax already included)

A few questions, that would help me make the decision:

• Should 3 owners be a deal breaker? I can possibly live with 2 previous owners.
• Should the accident/damage be a deal breaker? Is it going to drive the value of this 1M down? Or is it so low, that it is insignificant?
• Is there anything specific that I should lookout for when making the purchase?

Thank you all in advance

3 owners common on these cars but get it inspected and get documentation on repair and pictures. At that price, you could still find a similar one without the accident. There are so few of these cars that people are overlooking bumper resprays but that's were pictuers and documentaiton come in to ensure it was just that, a bumper repair. That price, sounds exactly like a bumper repair but you are also paying top dollar so at least get documentaiton like the repair bill and or pictures. Another thing is that if the car is local, many of the repairs come with a warranty so should hte paint be an issue you can go to the body shop. good luck!

[etr2016]

For that price I'm sure you could find another example with the accident. $1900 sounds like a lot for just the bumper. Regardless, it's on the Carfax and will always be an issue going forward.

If my budget was $77k I would rather have a slightly higher mile car without that on the history.

[iDontRemember]

With the used market being so crazy right now, I don't know if you'd be doing much more than overpaying.

IMO, get a higher milage one at a lower price and forget about value and just drive it.

[CarJunkie]

That price seems inflated to me, but it probably depends on what else is out there. This really isn't the best time to buy a used car.

[champignon]

My 1M came out of Canada, and when I received it the front bumper cover needed replacement. It had impacted those concrete barriers at the head of parking spaces in parking lots, or snow banks, or whatever too many times over 3 years, and although it was intact, the screws holding it from underneath had been largely sheared off. So, no accident, but a trashed bumper cover. I considered trying to get it repaired but it just made more sense to replace it and respray.

I'm sure that someone very anal with a paint gauge would detect this repair/replacement. Having bought a few vintage cars in my day I wouldn't sweat too much over this sort of thing. I've been burned in the past on used car purchases, but not by this type of issue.

It cost me roughly $1200 USD in 2015 to get this done. With inflation that could easily be $2K now.

As to number of owners, I can't give very good advice other than my own experiences, good and bad, as regards this:

(1) My 1M; it was a single owner car sold to a boutique auto dealer who resold it to me. This single owner was somewhat careful however I would have been much more careful with the car if it was mine, for the 3.5 years that he owned it. In contrast, I've treated it like a member of my own family for the last 6.5 years.

(2) My 2000 Z3M Coupe -- It was a single owner car when I bought it in 2015 from the original owner with slightly less than 60K miles on it. It was in good shape but there was a LOT of deferred maintenance and I put around $5K into it before I felt it was really MY car.

(3) A 1999 Z3 Coupe that I no longer own. I bought this before #2, and no longer own it. The car had 5 or 6 owners before me; I forget the mileage but it was under 50K. Each of the earlier owners had fixed things that were problematic. So, multiple owners, but in good shape. I fixed some things myself and then resold it after buying the M version, above.

(4) Another Z3 Coupe that I bought from the 2nd owner out of Massachusetts. It was billed as a perfect car that was babied by its two prior owners. The thing was a rusted out hulk, totally worthless. I lost around $20K on that thing, and sued the seller. Not a good experience.

(5) A Porsche 996 Turbo from 2003. This car had mileage in the mid 70 thousands, and had 8 prior owners. Lots of red flags but a very anal seller whom I could tell could not live owning a car with problems. I took a flyer and have owned it for around 5 trouble free years. Lots of red flags but none of them turned out to be true.

(6) A 2013 135is Convertible with around 5500 miles and 2 prior owners bought at 2+ years of age with 5500 miles on it from Carmax. It's a perfect car and I drive it more than I drive my 1M.

Bottom line, metrics such as XXX miles and XXX owners won't get you very far in sizing up a vintage car to buy. There is a lot of garbage out there in the used car market, however each car is its own thing and you need to size up the car, and most importantly the owner/seller up, before deciding to buy.

I can't speak to what your proposed car is worth; my 1M is not for sale and I don't follow the resale market.

Good luck.

[CarJunkie]

Originally Posted by champignon

(4) Another Z3 Coupe that I bought from the 2nd owner out of Massachusetts. It was billed as a perfect car that was babied by its two prior owners. The thing was a rusted out hulk, totally worthless. I lost around $20K on that thing, and sued the seller. Not a good experience.

Take it from a native Mainer: never buy a used car from the northeast unless you have been under it with a good light!

[champignon]

Originally Posted by CarJunkie

Take it from a native Mainer: never buy a used car from the northeast unless you have been under it with a good light!

I think this is basically true, however it depends on how old the car is and how you will use it after you buy it.

My 1M came out of Toronto and probably no place on earth salts the roads as much as they do in Eastern Canada. At 3+ years of age, my car had superficial rust underneath. I put a lot of effort into coating every visible slightly rusted surface with Corroseal, and later the mechanic at my BMW dealer used a Boroscope and coated even more, not readily visible areas, with the same stuff.

I don't drive my 1M during the winter, and virtually never even in the rain. It is garaged all the time. If you look underneath it now, you don't see anything concerning, and there has been no progression of whatever minor rust was present when I bought it.

As our 1Ms are now over 10 years old, I'd be leery of buying a NE or midwestern car that I didn't get a chance to inspect personally. All that I am saying is that if you buy a used car that is only a few years old, and depending upon how you are going to use it yourself afterwards, NE or midwestern origin may not be the kiss of death.

[vasmir]

[QUOTE=champignon;27862071]

Originally Posted by CarJunkie

I don't drive my 1M during the winter, and virtually never even in the rain. It is garaged all the time. If you look underneath it now, you don't see anything concerning, and there has been no progression of whatever minor rust was present when I bought it.

Rust is bad, but FTR driving the 1m in the snow is kinda awesome.

[PRTSB1M]

Originally Posted by etr2016

For that price I'm sure you could find another example with the accident. $1900 sounds like a lot for just the bumper. Regardless, it's on the Carfax and will always be an issue going forward.

If my budget was $77k I would rather have a slightly higher mile car without that on the history.

^ this

I picked up my car, that lived its life in AZ, last year w/49k miles and paid $49k. The wheels had all been curbed and repaired, mismatched tires, and my new (washer-less) front bumper just came in. I've just passed your budget in replacing every wear (except clutch/flywheel, another $1500) item and have purchased almost every aftermarket part available for the car. Do note, I work on the car myself so labor is free.

[1&done]

Low mile 1Ms are getting rare, if just the bumper was replaced probably not a huge deal, everything behind it is plastic and replaceable as well. Would want to know exactly what was done. If metal was painted I would expect that to hurt the value somewhat and expect to pay less, doesn't mean it's a bad car. How many 1Ms have you looked at?

With regards to # of owners, I have seen poor example 1 owner cars and exceptional 6 owner cars. All depends on the history and how it was cared for. Documentation is key

[Dee Pee]

I’ve got a $1500 claim on my front left fender and wheel arch from a scratch I put on it the first month of ownership. The car was so much wider than my R53 Mini!
That being said I documented it well.
77k is pretty high IMO but that’s low mileage.
I think you should get an M2CS if you have that kind of budget.

[etr2016]

M2CS prices seem to be coming down while the 1M prices continue to climb. Sort of interesting to me. I'm considering a GT4, M2CS or GT350R and have been following them all closely.

[1&done]

Originally Posted by etr2016

M2CS prices seem to be coming down while the 1M prices continue to climb. Sort of interesting to me. I'm considering a GT4, M2CS or GT350R and have been following them all closely.

I'd vote R

[10"]

Originally Posted by etr2016

M2CS prices seem to be coming down while the 1M prices continue to climb. Sort of interesting to me. I'm considering a GT4, M2CS or GT350R and have been following them all closely.

At this point the 1M is for people who really really want it. It's not really a car to cross-shop with any of those IMO.

The 1M is special in its own way—-and no other BMW will ever impact its prices. None of the M2s have, because none of them are that special!