[Chad20]

I currently own a 2004 545i with 69000 miles on it and am considering trading it in for a 2011 535i gray sport package multi contour seats and navigation and harmon kardon for 18,000$ only issue is it has 128,000 miles. should i even consider just cause the 10,000 plus savings ? i have no idea on reliability on the f10 yet.

[JesseIan]

30k+ a year is rough, highway or not. I wouldn't, but I get weird about higher mileage cars if I wasn't the one to make them that way.

[noixd]

Here we go with the chad show again!

[ezmaass]

My God, Chad... didn't we just all tell you not to buy the current car you have? And didn't you JUST buy it about a month ago or something? Aside from a few "free spirits" who couldn't care less what trouble you got yourself into, this board overwhelmingly told you to avoid your last purchase - but you did it anyway. I have no doubt this "conversation" will go the same way.

[Chad20]

the one i bought was a great decision ezmaas i do like it i just figure why not upgrade? i got such a good deal on mine i have loads of positive equity. i drove in a buddies 535i and liked it so why not?

[Chad20]

Originally Posted by JesseIan

30k+ a year is rough, highway or not. I wouldn't, but I get weird about higher mileage cars if I wasn't the one to make them that way.

you dont think 30k a year would be good considering its all freeway ?

[twelve535i]

Originally Posted by Chad20

you dont think 30k a year would be good considering its all freeway ?

No one here is going to encourage you to buy a car that has been driven that much.

Sure, you get a cheap 535i, but what about the repair bill if something goes wrong? It's going to be very costly.
I'm sure you've heard stories about bimmers going on 150k miles problem free, but those cars probably aren't driven 30,000 miles per year.

[gIzzE]

30,000 mile a year is better than a 10 year old car that has done 13,000 miles a year.

It will be fine imho, but depends how many miles you are going to put on it, put 30k on it in the next couple of years and it will be worth sweet f a.
So needs to be a price that you can write off pretty much over the next 2-3 years.

[DaIceCreaMan]

No one knows your financial status but you, so if this is the car that you want and it's what you can afford, then get it. Just make sure you get a really good extended warranty and have the car taken to a dealer for their inspection service to see if everything is good on it.

[top6491]

I had a 2005 545i (which I loved to death) until it had almost 100K mies on it. By then I had put about $6K into repairs and was looking at more. The cooling system goes around 100K and you have to basically replace everything. While that 545 engine will make the 535i look anemic (I have a 2012 535i that I bought brand new now), and it has better suspension (if like my 2005 model) you will be paying for repairs soon no matter which car you end up with. Since you've only had the 545 for a month you probably are not as intimate with it's performance like I was after owing one for 5 years, but the F10 is not an E60: looks better, but doesn't perform better. You really need to love what you'd going to be driving, because it will cost you more money down the road either way.

[noixd]

go back to work Chad!!!

[ezmaass]

Chad, as I've said to you in the past, the only sound way to own an old and/or high mileage 5-series (like your 2004 545) is the following:

1. Own it outright - no loan. If you can't afford to own this car without a loan, you certainly can't afford to pay for the repairs. There's a reason why MOST banks have lending criteria that limits age and mileage. Keep in mind that "afford" doesn't mean you'll scrape together the cash - the word is meant to be in context to your complete financial picture.

2. Have plenty of free cash for repairs. One trip to BMW, or your independent mechanic, may run you several thousand dollars. Oh, and you may be hit with another one literally a month later. If your financial situation doesn't allow for that kind of flexibility, you own the wrong car.

If you do it any other way, you're going to end up in trouble. I think your comment about the 2004 545 being a "great decision" is VERY premature considering you've owned it for what, a few months now?

[BMW FOREVER]

do you have pics of the car in question?

[Chad20]

Originally Posted by top6491

I had a 2005 545i (which I loved to death) until it had almost 100K mies on it. By then I had put about $6K into repairs and was looking at more. The cooling system goes around 100K and you have to basically replace everything. While that 545 engine will make the 535i look anemic (I have a 2012 535i that I bought brand new now), and it has better suspension (if like my 2005 model) you will be paying for repairs soon no matter which car you end up with. Since you've only had the 545 for a month you probably are not as intimate with it's performance like I was after owing one for 5 years, but the F10 is not an E60: looks better, but doesn't perform better. You really need to love what you'd going to be driving, because it will cost you more money down the road either way.

Ya I decided not to get it cause the mileage and the fact it sold in the first day it was listed .I'll just wait until the right one comes along . I'm enjoying my 545i but I'll be transferring to an Elk Grove dealership in around 6 months for work so my commute will bump to 45 mins per day and the fuel economy on the 545i is not very good .

[Chad20]

Originally Posted by ezmaass

Chad, as I've said to you in the past, the only sound way to own an old and/or high mileage 5-series (like your 2004 545) is the following:

1. Own it outright - no loan. If you can't afford to own this car without a loan, you certainly can't afford to pay for the repairs. There's a reason why MOST banks have lending criteria that limits age and mileage. Keep in mind that "afford" doesn't mean you'll scrape together the cash - the word is meant to be in context to your complete financial picture.

2. Have plenty of free cash for repairs. One trip to BMW, or your independent mechanic, may run you several thousand dollars. Oh, and you may be hit with another one literally a month later. If your financial situation doesn't allow for that kind of flexibility, you own the wrong car.

If you do it any other way, you're going to end up in trouble. I think your comment about the 2004 545 being a "great decision" is VERY premature considering you've owned it for what, a few months now?

I can agree with everything your saying to be honest if I had never owned a BMW to begin with id have a lot more money in the bank but it's too late now after owing one I can't go back. If you were as smart with your money as you present yourself to be you would be driving a prius and not a BMW/moneypit

[noixd]

Oh chad! Your hilarious! I don't think mechanics should be driving bmws!

[BigK]

I don’t want to sound like I’m encouraging you but why make money if you don’t spend it? If you can spend on something that makes you smile everyday then that’s the best value you can get for your money. Just don’t get yourself in a situation where what you bought makes you regret every day, or at least prepare for it.

I think you already made up your mind before asking the question here, no one here knows how this car was driven therefore can’t give you any accurate advice.

[ezmaass]

Originally Posted by Chad20

I can agree with everything your saying to be honest if I had never owned a BMW to begin with id have a lot more money in the bank but it's too late now after owing one I can't go back. If you were as smart with your money as you present yourself to be you would be driving a prius and not a BMW/moneypit

Chad, have some will power or you'll end up broke. This is a lame argument. Wouldn't it be much nicer just to shop for a newer car that's not over 100k miles when you're actually in a position to afford it? A BMW is a luxury - something that's supposed to come after you've reached a certain level of success in life. There's no harm in postponing BMW ownership, climbing the ladder in life, getting yourself into a good financial position, and then purchasing.

Why do I drive a BMW and not a Prius? Because I like BMWs. But I can also afford it - after all of my other financial obligations are taken care of (house, retirement savings, education fund for children, taking care of my family, etc), there's money to do it. And I can also afford to just take the money from the bank and buy it - and that's a luxury, so I wouldn't turn my nose up at anyone who uses a loan... but a loan on a 10 year old BMW or a BMW with 120k+ miles on it says "financial disaster" all over it. The banks that are willing to let you hang yourself like that are crooks.

And anyone who tells you, "you only live once" as an excuse or justification for doing something stupid is just giving you bad advice. Yes, you only live once - and it can be a TERRIBLE existence if you make poor decisions. Here's what you need to do:

1. Sell your 2004 545i before it becomes a financial burden.

2. Buy a newer, more reliable car that's inexpensive to repair and will run care-free for the most part. Your choice - there are plenty to choose from - an Accord, Camry, Civic, Corolla, etc. Buy something that's newer but not new and that you can drive for 5 years.

3. Take care of business. Nose to the grindstone - focus on your career and getting somewhere. You make money by building skills and become more valuable to employers. Once you do that, and you make more than enough to cover your minimum living expenses, you sock away your money - you'll need it for everything from buying a house, paying for a wedding, children (if they're in your future), retirement, etc. Money makes money when properly invested.

4. Keep saving. Once you start getting paid more and stashing away some money, you're going to be tempted to SPEND more. This is a problem throughout society. Fight the urge. Live well below your means so you can save and get ahead.

5. Once you've taken care of the BIG obligations in life (including having a nice emergency fund, a place to call home, savings, investments, a fully funded 401k and/or IRA, etc), now you can start thinking about luxuries - like a BMW.

If you've done this right, you don't need to be 50 years old before you're back in the seat of a BMW - a nice, NEW, paid-off BMW. In fact, if you do it right, you'll be in a much healthier spot financially, able to afford more luxuries, than if you continue down the path you're on - which is to get yourself in over your head to satisfy the urge for luxuries before your wallet is ready.

Chad, the decision is 100% yours. Statistically speaking, it's much easier for you to end up a broke guy - and the path of least resistance will get you there in a hurry. The HARDER path, the one that requires you have some will power, work hard, postpone luxuries, and do some financial planning, is the path much less traveled - but it's available to you. YOUR choice.

[m_alnimah]

I did say go for a 535 but that means go for it if you Can (Financially) because if you make the wrong choice you may spiral your way down to the beginning which is being broke! But still it is your choice so think it over as much as possible!

[ARKONE]

Originally Posted by Chad20

I can agree with everything your saying to be honest if I had never owned a BMW to begin with id have a lot more money in the bank but it's too late now after owing one I can't go back. If you were as smart with your money as you present yourself to be you would be driving a prius and not a BMW/moneypit

There is a huge difference between being moneysmart and owning a BMW.

If you actually price out a BMW, they tend to be about the same if you can get a good deal. My personal example:


I bought a 2011 328Xi CPO (w/ 17,500 miles) for just $21,500. It was a hell of a deal and this was in 2012. I drove it for a year and a half and it had 35k miles when I sold it privately for $20k. Net cost to run the car for 1.5 years was $100 + insurance + gas. My dad bought a 2011 Honda Insight brand new for $21,000. At the time I sold my car, it was worth $14,500. His cost to run the car for 1.5 years was $6,500 + insurance + gas + maintenance.


Sure I spent more on gas and insurance, but my actual cost was LESS than him. I drove a nicer, faster, better-equipped car, however he was driving a new car, while I was driving a gently used second-hand car.


Even now, people see my car and they imediately think I am spoiled or I wasted money since I am only 19. However, I have already met all my financial obligations. I paid my tuition and have money set aside for the rest of my duration in college, have an emergency savings fund that I can live off of for 3-4 months W/O working, and I can pay for all my expenses. I do have a slush fund for fun which primarily goes into my car for parts, however, I NEVER stretch myself too thin. I have no kids, house, wife, or other things that require a financial commitment.

When I went to buy my car, the dealer tried pushing me a lease on an M5, while I could afford it, it would not put me in a comfortable financial position, which is why I bought a used-CPO 5-series.

Now you're talking about buying a 5-series that has OVER 100k miles in a few short years. If something were to go wrong, you are instantly looking at a repair bill for a few hundred at the least but it can easily go into the thousands. My 2011 328 started getting a grinding noise when I turned the wheel and a clunking noise. The bill was for $3,700.

Unless you are ready to drop some major dough if something goes wrong, save your money and buy a newer, lower mileage BMW.

[613Bimmer]

Originally Posted by ezmaass

Chad, have some will power or you'll end up broke. This is a lame argument. Wouldn't it be much nicer just to shop for a newer car that's not over 100k miles when you're actually in a position to afford it? A BMW is a luxury - something that's supposed to come after you've reached a certain level of success in life. There's no harm in postponing BMW ownership, climbing the ladder in life, getting yourself into a good financial position, and then purchasing.

Why do I drive a BMW and not a Prius? Because I like BMWs. But I can also afford it - after all of my other financial obligations are taken care of (house, retirement savings, education fund for children, taking care of my family, etc), there's money to do it. And I can also afford to just take the money from the bank and buy it - and that's a luxury, so I wouldn't turn my nose up at anyone who uses a loan... but a loan on a 10 year old BMW or a BMW with 120k+ miles on it says "financial disaster" all over it. The banks that are willing to let you hang yourself like that are crooks.

And anyone who tells you, "you only live once" as an excuse or justification for doing something stupid is just giving you bad advice. Yes, you only live once - and it can be a TERRIBLE existence if you make poor decisions. Here's what you need to do:

1. Sell your 2004 545i before it becomes a financial burden.

2. Buy a newer, more reliable car that's inexpensive to repair and will run care-free for the most part. Your choice - there are plenty to choose from - an Accord, Camry, Civic, Corolla, etc. Buy something that's newer but not new and that you can drive for 5 years.

3. Take care of business. Nose to the grindstone - focus on your career and getting somewhere. You make money by building skills and become more valuable to employers. Once you do that, and you make more than enough to cover your minimum living expenses, you sock away your money - you'll need it for everything from buying a house, paying for a wedding, children (if they're in your future), retirement, etc. Money makes money when properly invested.

4. Keep saving. Once you start getting paid more and stashing away some money, you're going to be tempted to SPEND more. This is a problem throughout society. Fight the urge. Live well below your means so you can save and get ahead.

5. Once you've taken care of the BIG obligations in life (including having a nice emergency fund, a place to call home, savings, investments, a fully funded 401k and/or IRA, etc), now you can start thinking about luxuries - like a BMW.

If you've done this right, you don't need to be 50 years old before you're back in the seat of a BMW - a nice, NEW, paid-off BMW. In fact, if you do it right, you'll be in a much healthier spot financially, able to afford more luxuries, than if you continue down the path you're on - which is to get yourself in over your head to satisfy the urge for luxuries before your wallet is ready.

Chad, the decision is 100% yours. Statistically speaking, it's much easier for you to end up a broke guy - and the path of least resistance will get you there in a hurry. The HARDER path, the one that requires you have some will power, work hard, postpone luxuries, and do some financial planning, is the path much less traveled - but it's available to you. YOUR choice.

If I ever meet you in real life I will personally give you a cookie. This is golden advice that could be followed by anyone, not just Chad, to live a good safe and issue-free life. Thanks again ezmaass, you're the bomb.

Chad,

We can't force you into making a certain decision on this topic because, well, we are miles and miles away from you typing these messages from behind a computer screen. However, I want to tell you from the bottom of my heart that ezmaass isn't talking out of his ass here, you should follow his advice. If you always try to get and do things the easy way, nothing good will ever happen to you in life. However, if you sacrifice some time and put some serious effort into things like work or a relationship, etc. you will thrive and thank us later on for giving you this advice.

Please think about it, the choice is yours.

Good luck!

[VMRWheels]

30K/year is overdriven (fwy or not). It's not a total deal-breaker, though, you must be open/willing to face extended repair and maintenance time