After extensive negotiation with a couple of BMW dealers on a 2010 e60 550i (and a few late night bouts of financially responsible thinking), I decided that I simply didn't feel like outlaying $65k on such a quickly depreciating asset. I could swing the payments, but decided to wait, if for no other reason than to see if I might find an '08 or '09 CPO 550i in a year and let someone else eat the depreciation of a new car. There are not many '08 and '09 CPO 550i cars with manual transmission out there right now, so I figured it might be time to drive something else for a bit and wait one out.

So, the "new" car is actually an old friend.....an '01 740i. I've had an e38 before and loved it (I had an e38 740iL) - and I often times have wished that I hadnt gotten rid of it. So, when I saw a gorgeous & clean 740i (a "shorty sporty") on the market, I jumped at it. Its in Miami, Florida - I wired a deposit to the seller last weekend and i go pick up the car on Saturday (flying down from KY to do so).

Stratus gray metallic with sand interior, sport package, cold weather (heated front and rear), large screen nav, PDC, etc. I went through the service records in detail, and he's had all the inspections done at the BMW dealer, as well as the radiator replacement, which is always a necessity on this car. And, for a now 9 year old car, it "only" has 58k miles, so about 6,500 a year, which is pretty good in my book. I'm amazed to be driving a 9 year old car...

I will have the e60 until I turn it in in late January, but will probably drive it sparingly, since I'm over the lease miles already...LOL. I'm very excited about the "new" car (especially the fact that I'm driving a $17k car paid for in cash) and hopefully will jump into a CPO 550i in a year or two when bored of the 740i.

- Pete

 

Glad to see I'm not the only one who doesn't like taking the big depreciation hit in the first two year of a car's life. Sounds like you really thought about your plan and made the right decision for you. Have fun with the new wheels.

 

You wouldn't have gone for one of these?

http://cgi.ebay.com/ebaymotors/2002-M5-E39...=item1e589f1b5a

 

Love those E38, especially the ones with the sport package
Sounds like a great deal with only 58k miles.

Can't wait to see what she looks like, post pics when you get her.

 

That has 117k miles

 

I love the 740i with the sport package. A great classic looking 7 that drives great. I assume it has the double-spoke 18"'s? Great choice!

There are actually quite a few nice things out there for wicked cheap if you're willing to drive something a few years old. Every time I see an E39 540i Sport - the 2003 with the sport package (M-aerodynamics and such) - I do a double-take - great looking cars that are great fun to drive. I love my car, but feeling it depreciate as much as it is isn't fun.

 

Congrats on the car, but aren't you worried about maintenance costs? I'm always worried about how much a repair will cost. My wife's 04 545 brake booster went out and dealer quoted $1700 to get it replaced. Did it somewhere else for $1000. Still a lot of money. Good luck with the car.

 

The fear of repair is what scared me into selling my last e38. But, when pondering a $950 monthly lease for 36 months on a 550i, or spending $17k to own the car, I decided that I could certainly absorb some maintenance costs into the price of the car when amitorized over 36 months. I would presume I will drive it for 24 months, like most my cars, and still sell it for 9-10k, thereby having essentially a $300 car payment, plus some repair. Just hoping that the lengthy search and detailled records review on the car bears out that its as nice as I think it will be.

I'm a little freaked out, having bought it without seeing it live and in person...LOL.

 

I was actually deciding between the 740i which I bought, and a sweet 2002 e39 M5 in Seattle - Royal Red & sand interior, 46k miles. But, as I was working out a deal to have an Indy mechanic do a PPI (couldnt get the prior records), the car was sold out from under me, and there were no other flawless and low mileage M5's out there, so I went for a known commodity in the e38!

 

I would love a to sell my E60 for a E39. It is my favorite of BMW of all time