Discussion
Forgive ignorant question from newbie here, but can anyone offer some insight into M3 values?
I've had my M3 since new in 02 and am now poised to put it up for sale, but disturbed to note prices now around £20k, plus or minus £2k, subject to mileage. New model M3s unlikely to be here until mid 2007, so why are prices so soft?
I've had my M3 since new in 02 and am now poised to put it up for sale, but disturbed to note prices now around £20k, plus or minus £2k, subject to mileage. New model M3s unlikely to be here until mid 2007, so why are prices so soft?
I'd guess simple supply and demand will have pushed prices down?...just so many available? Check the number available for sale currently just on Autotrader. Second-hand prices are victims of the the E46 M3's success?
God knows what will happen once the market at large realises the apparent changes in BMW's M-car warranty pricing!?
God knows what will happen once the market at large realises the apparent changes in BMW's M-car warranty pricing!?
Beacuse, at the end of the day ( and I HATE to say this) is "just" a quick BMW.
Since they went after market share BMW residuals have taken a hammering, and when you add in the possible "oversupply" and high(ish) ownership costs, then 2nd hand values will fall badly.
Private sale for yours you can expect £20 - £22k max IMHO
Since they went after market share BMW residuals have taken a hammering, and when you add in the possible "oversupply" and high(ish) ownership costs, then 2nd hand values will fall badly.
Private sale for yours you can expect £20 - £22k max IMHO
Just taking a scan through Autotrader... you should be able to get that at the moment I would imagine?
Nearest 2002 equivalents I could find at under 30K miles were £22,995...but they were with dealers. You may be at a slight disadvantage with respect to potential buyers possibly preferring to part with those kind of sums if they are dealing with a dealer...I don't know? Thus to 'steal the edge' on one of these cars you'd have to offering it at lower than the £23K they're asking...so as someone else said £22K may be your max expectation?
This is the problem...with so many to choose from potential buyers are going to need something 'extra' to make them want your car over and above the ones already for sale...and the whole load of others that they know will be coming up on an almost daily basis! I live out in the countryside...and I can think of at least 3 E46 M3's in my immediate locale!
Nearest 2002 equivalents I could find at under 30K miles were £22,995...but they were with dealers. You may be at a slight disadvantage with respect to potential buyers possibly preferring to part with those kind of sums if they are dealing with a dealer...I don't know? Thus to 'steal the edge' on one of these cars you'd have to offering it at lower than the £23K they're asking...so as someone else said £22K may be your max expectation?
This is the problem...with so many to choose from potential buyers are going to need something 'extra' to make them want your car over and above the ones already for sale...and the whole load of others that they know will be coming up on an almost daily basis! I live out in the countryside...and I can think of at least 3 E46 M3's in my immediate locale!
douglasr said:I sold my 993 to buy the M3. Got £28k trade for it in early 2002. Dealer sold it for £31K. Same car was recently on sale again for £27K retail, so if I'd kept the car I'd have lost about £4K in further depreciation. Meanwhile, I've lost £20K+ on the M3, which is why, as much as I love the car, I wonder if I made the right decision.
Previous M3 was the same - in fact probably worse. The only M cars that seems to have held their value well are the E30 and Mcoupe (breadvan).
If you enjoyed owning it, then why worry?
The arithmetic might be even worse! Your calculation assumes whoever is currently retailing your old 993 has also added a £3K mark-up for their sale? They might not be?
Worse case scenarios...1)no mark up? 2)Or maybe you could have got £27K for it now privately anyway? I don't know...I don't know anything about Porsche and how their values hold! In which case your loss may have been as little as £1000 over 3 years! If you don't believe this can happen...I bought my E30 M3 almost 5 years ago...it's probably worth at least as much if not more now than then!
The bottom-line is, as someone else has said above..."Have you enjoyed owning the car?"
A newish (and fairly common car)is rarely going to be a sound financial investment. The big thing you have over, for example me(!), is that you've had the pleasure of owning and driving such a nice car...whilst I haven't!!!
Whether or not that's been worth the depreciation? I can't the answer...because I haven't had the pleasure!
Nevertheless, I understand where you're coming from and if it's any solace just take heart in the fact that you didn't buy an E65 7-Series! You'd have suffered depreciation which would have put your E46 M3's in the shade...notwithstanding the projectile vomiting you'd have suffered, over the last 3 years, everytime you stepped out and turned back to look at it!!!
Worse case scenarios...1)no mark up? 2)Or maybe you could have got £27K for it now privately anyway? I don't know...I don't know anything about Porsche and how their values hold! In which case your loss may have been as little as £1000 over 3 years! If you don't believe this can happen...I bought my E30 M3 almost 5 years ago...it's probably worth at least as much if not more now than then!
The bottom-line is, as someone else has said above..."Have you enjoyed owning the car?"
A newish (and fairly common car)is rarely going to be a sound financial investment. The big thing you have over, for example me(!), is that you've had the pleasure of owning and driving such a nice car...whilst I haven't!!!
Whether or not that's been worth the depreciation? I can't the answer...because I haven't had the pleasure!
Nevertheless, I understand where you're coming from and if it's any solace just take heart in the fact that you didn't buy an E65 7-Series! You'd have suffered depreciation which would have put your E46 M3's in the shade...notwithstanding the projectile vomiting you'd have suffered, over the last 3 years, everytime you stepped out and turned back to look at it!!!
Deutscher said:
Previous M3 was the same - in fact probably worse. The only M cars that seems to have held their value well are the E30 and Mcoupe (breadvan).
If you enjoyed owning it, then why worry?
You maybe right in the figures for your old car, but if the car is being sold through a main agent, my experience of porsche dealers is they like huge margins, more often than not to give big p/x prices so there appears to be less depriciation!
M3's are still 'good news' and remain a strong seller, but they are very price sensitive, you can't get a value for your car from the little info you have given! colour, mileage and spec are so so important to price it right!
Dealers will pay less for your car as we spend far more in prep costs than sole traders and indead yourself.....
Spec, colour combination, history and condition look at others on the market and depending how quick you want to sell it, price accordingly.
Also look at your geography, people will have far more choice in places like London than more remote towns and cities, you would not belive the difference only a few miles will make!
derin100 said:Indeed. I believe it is possible to lose nearly £30K in one year on a new top spec 7 Series.
Nevertheless, I understand where you're coming from and if it's any solace just take heart in the fact that you didn't buy an E65 7-Series! You'd have suffered depreciation which would have put your E46 M3's in the shade...notwithstanding the projectile vomiting you'd have suffered, over the last 3 years, everytime you stepped out and turned back to look at it!!!
angrys3owner said:
What warranty thing? have they put the cost of extended warranties up like everyone else?
I reckon the problem with the e46 M3 is just as people have said - how common it is!
Suspension and steering exclusion above 60k, no cover at 100k+. £250 excess per claim. £1800pa above 60k!
check bm3w.co.uk
Genuinely I am disgusted - I know I don't have BMW any more, but I had three, and think they are totally taking a liberty here.
Glad I am out.
BMW are making changes to their extended warranty for all vehicles as below.
Effective Monday 1st Feb 2006 the Insured Warranty product will change as follows
*There will be two different products, split by mileage band, 0 to 60,000 and 60,001 to 100,000 miles.
*There will be no product available for vehicles that exceed the 100,000 mileage at the time of purchase, however all warranties still retain unlimited mileage cover, so if you renew at 99,999 you are covered for that year.
*A new combined M series and Alpina product will be introduced.
*A customer excess of £100 will be introduced for all products with the exception of M / Alpina and 7 series, where a £250 customer excess will be applied.
*Levels of cover will be introduced as follows
For all products, battery, exhaust and MOT cover will be removed (catayltic converter remains covered)
Additionally, for 60,001 to 100,000 mile products, steering and suspension cover will be removed, with the exception of the steering pumps, racks and boxes.
FAQs
Q: If I renew my warranty prior to Feb 1st, will I be able to retain my existing cover as presently in place ?
A: YES. Providing you renew your warranty before Feb 1st, your cover will remain for that year on the current policy.
Q: If I make a claim after Feb 1st on my existing warranty, will the changes be applied?
A: NO. Cover applies as per the existing warranty.
Q: My vehicle is over 100,000 miles, can I purchase an additional product?
A: NO. BMW will offer no extended warranty for vehicles over 100,000 Miles.
Q: Can I purchase the current warranty after Feb 1st 2006 ?
A: NO.
Q: My vehicle is over 60,001 miles, can I purchase the cheaper option?
A: NO. BMW computer systems will only permit you to order the warranty option available based on your current mileage at the time of renewal.
Q: Does the excess apply to any of the other BMW warranties, ie Cherish.
A: No, other products remain unchanged.
Q: Will the excess be applied by claim or once per year?
A: Excess applies to each and every claim that is made. If there are multiple defects on the same claim, then the excess only applies once for the entire repair.
An example of the costs of this change is
0 - 60,000k Miles
Mini £543
1 Series £568
3 Series, Z3, Z4, X3 £608
5, 6 Series, X5 £894
7 & 8 Series £1584
M Power, Alpina £1050
60,001k - 100,000k Miles
Mini £627
1 Series £641
3 Series, Z3, Z4, X3 £672
5, 6 Series, X5 £934
7 & 8 Series £1353
M Power, Alpina £1868
Glad I am out.
BMW are making changes to their extended warranty for all vehicles as below.
Effective Monday 1st Feb 2006 the Insured Warranty product will change as follows
*There will be two different products, split by mileage band, 0 to 60,000 and 60,001 to 100,000 miles.
*There will be no product available for vehicles that exceed the 100,000 mileage at the time of purchase, however all warranties still retain unlimited mileage cover, so if you renew at 99,999 you are covered for that year.
*A new combined M series and Alpina product will be introduced.
*A customer excess of £100 will be introduced for all products with the exception of M / Alpina and 7 series, where a £250 customer excess will be applied.
*Levels of cover will be introduced as follows
For all products, battery, exhaust and MOT cover will be removed (catayltic converter remains covered)
Additionally, for 60,001 to 100,000 mile products, steering and suspension cover will be removed, with the exception of the steering pumps, racks and boxes.
FAQs
Q: If I renew my warranty prior to Feb 1st, will I be able to retain my existing cover as presently in place ?
A: YES. Providing you renew your warranty before Feb 1st, your cover will remain for that year on the current policy.
Q: If I make a claim after Feb 1st on my existing warranty, will the changes be applied?
A: NO. Cover applies as per the existing warranty.
Q: My vehicle is over 100,000 miles, can I purchase an additional product?
A: NO. BMW will offer no extended warranty for vehicles over 100,000 Miles.
Q: Can I purchase the current warranty after Feb 1st 2006 ?
A: NO.
Q: My vehicle is over 60,001 miles, can I purchase the cheaper option?
A: NO. BMW computer systems will only permit you to order the warranty option available based on your current mileage at the time of renewal.
Q: Does the excess apply to any of the other BMW warranties, ie Cherish.
A: No, other products remain unchanged.
Q: Will the excess be applied by claim or once per year?
A: Excess applies to each and every claim that is made. If there are multiple defects on the same claim, then the excess only applies once for the entire repair.
An example of the costs of this change is
0 - 60,000k Miles
Mini £543
1 Series £568
3 Series, Z3, Z4, X3 £608
5, 6 Series, X5 £894
7 & 8 Series £1584
M Power, Alpina £1050
60,001k - 100,000k Miles
Mini £627
1 Series £641
3 Series, Z3, Z4, X3 £672
5, 6 Series, X5 £934
7 & 8 Series £1353
M Power, Alpina £1868
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