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Am I asking too much for my car with $4k in adds?

Discussion in 'E39 (1997-2003)' started by kbuicker, Nov 13, 2008.

    kbuicker guest

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    I know, add-ons don't matter, so why do I mention them? I just never knew it would take so long to sell a hot car like this. It's got a clean CARFAX history, it's ULTRA clean, ding free, wreck free, has custom flawless 19" wheels, NEW tires, H&R suspension, and 03 front and rear OEM M-sport bumpers.. so what gives????? Only 68k miles for an 01 is low too! I have all records. I'm only asking $16,500OBO so why aren't people coming thru with the dough? I've had a good 10 serious perspective buyers, only ONE has seen the car in person.. and he convinced me he was going to buy it, only to flake out today.


    MODERATORS: I have my car in the marketplace already, I'm NOT trying to be sneaky and post this as a classified ad. I'm seriously trying to get feedback from my cohorts here.
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    granthr

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    1) The Economy
    2) The Economy
    3) Those who are buying have lots of cars to choose from, New and Used
    4) Dealers have great deals right now on new cars.

    My local BMW dealership has about 5 new M3s on the lot and they all have discounts on them. They just can't seem to move them. Anyone remember when the E46 M3 came out and how almost all the dealers marking the price way up!? Times are different this time around.

    GR
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    az3579

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    Not only that, but if you've looked around the internet lately, you'll find pleeeeeeeeeeenty of E39's for much less than what you're asking for yours. I understand that yours is ultra clean and have mods, but it simply doesn't matter in this economy. If they'll find a comparable E39 for much less, they'll buy that.



    That's why it pained to see my brother sell his 540i 6-speed for $7.5k with about the same mileage as yours.

    kbuicker guest

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    Oh man, why didn't he just keep it then? You have to weigh the pros and cons and not let emotion and the need for something new get the best of you. I have no reason to drop my price any lower just to get rid of it and have to go into debt to do so.. it's not a ticking time bomb.. so if it keeps up, I'll hold on to it. The longer I wait, the close I get to paying it off.

    I'll wait for the right person, I'm not worried.. I understand the economy is horrible right now. But with gas prices going even further down, things are looking up. I've already gotten a motorcycle, so the BMW's mileage is a trickle at most.
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    Brian A

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    It's a wonderful car. Keep it. Once it's paid off, maintenance is unlikely to cost more than the $300 or $400 per month you are currently paying your financier.

    After you pay it off, continue to pay the equivalent car payment into your personal Savings Account. In a few years, you'll be able to pay cash for a used whatever-you-want (135i convertible? Dinan M5?).

    I know this is an unpopular way of doing things, but it used to be considered wise.

    kbuicker guest

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    Good advice.. but a kiddo's college account will get all the money I plan to put away :)
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    Brian A

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    I am not throwing stones - because most of us take car loans - but you probably paid 20% or 30% more for your car over time than you would have had you saved the money before buying the car. That could have gone into kiddo's account on into the car-replacement fund.

    Now that you've got a great car, you have the luxury of being able to plan ahead for its replacement. FWIW, I DO get to stand on my little white self-righteous pedestal: I have never had a car loan.
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    az3579

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    +1 on what Brian said. It makes a lot of sense to just keep it. Is there a particular reason you are selling? It seems to me that there isn't much of a reason if you're willing to hold on to it for a while, and if that's the case, doing what Brian suggested will make either the "next car fund" or the "kiddo's college fund" grow, so either way someone's benefiting.
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    granthr

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    +2 on what Brian said. It is the only way I buy cars! You save a lot of what goes towards interest, not to mention newer cars depreciate more. So there is savings there too.

    GR

    kbuicker guest

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    Guys, no, the topic is getting off subject. I'm not trying to find a way to save money.. that was just a reply to his post.

    I'm selling the car to get us an SUV, and was wondering why it was taking so long.. We can attribute it to the poor economy and people have trouble getting loans.. albeit one for a 7 year old car.
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    mooseheadm5

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    Banks do not see value in what you have done to the car, ergo they will be hesitant to write a check for it for much over book. Unless they think can take it and sell it at auction for the cost of the note, they are not interested. Since the bankers will never even see the car, they will only look at book. Basically, the person would have to take out a personal loan on the car, which you can pretty much only do now if you don't need the loan (messed up, right?) So your target audience has shrunk to people that have money for whatever reason and want your car. In this economy, that is a small audience. Your best luck will be someone with a similarly valued vehicle getting an insurance payoff and wanting to buy yours to replace theirs. Hope that happens for you. Unfortunately, though, one never seems to get what their add ons are worth.

    P.S., An SUV? Do you need to tow more than a ton?

    kbuicker guest

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    Thank you.. I bet you are right. Guess this means we need to hang onto the car and just keep it advertised until someone comes across it again. Darn.. having a BMW and motorcycle is just hell :)_ I may start parting out with it, rims, speaker box, DICE etc.
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    mooseheadm5

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    Fuzzy DICE? :p

    kbuicker guest

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    granthr

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    Okay we will try to stay on topic. :eek: That is tough for us just so you know!:D

    You have a great car there and I think it is worth what you are asking, but as Paul said there are not a lot of people out there who can afford that kind of money for a used car. Takes a special person willing to spend 16K on a 7 year old used car when they can get a new one for the same price or just a little more.

    I would strongly suggest you widen your reach by using autotrader.com and/or cars.com. Autotrader.com is owned by ebay and has a good reach. I have sold a couple cars through them over the years. I guess patience is really key here. There is someone out there who wants what you are selling, you just have to find them! :D

    GR
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    az3579

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    I guess you will have to wait it out. People are lucky to keep their jobs nowadays, nevermind be able to afford a 7-year-old car the price of a brand new economy car (which is getting pretty darned popular lately).

    If it makes you feel any better, I'd rather buy your car than a new eco-box. :)



    I actually know someone who might be interested in an E39 5er, but I don't know if he wants an auto and if he'd be willing to pay that much. Also, with shipping, it would probably be a no from him, but I'll ask him anyway.

    In a worst-case scenario, I'd be willing to help him out by flying down there and driving it back for him. :D

    kbuicker guest

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    alright then!

    kbuicker guest

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    Well, getting better, more bites as of this week, so we'll see.. funny tho, the more bites I get, the less I want to let her go!

    Autohaus guest

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    How much are you asking for this fine E39?

    kbuicker guest

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    Asking $16500 in Texas.

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