[Chad20]

Is it safe to buy a BMW from insurance auctions? I found a 2004 545i black/black 66,000 miles one owner clean title for asking price 12,900 from a dealer who purchases strictly from insurance auctions . All their vehicles are very clean from what I can tell .

[The X Men]

Doesn't insurance auction mostly sell cars with salvage titles? Once a while, you will find one with a clean title, but you need to do your homework and find out how that car ended up at a insurance auction.

[Bimmer5]

Just my two cents but if you are struggling to find a 5 series at such a cheap price and that's the only way you can get into one maybe you need to wait. You are setting yourself up for a headache.

[Chad20]

Originally Posted by Bimmer5

Just my two cents but if you are struggling to find a 5 series at such a cheap price and that's the only way you can get into one maybe you need to wait. You are setting yourself up for a headache.

I can afford one I'm stuck between one with 66k miles 1 owner but from dealer who's cars are mostly clean but from insurance auctions asking 12,999 or one with 73,000 miles asking 14,500 from a mercedes dealership . Both one owner . I just figure why not save a few thousand?

[Chad20]

Originally Posted by The X Men

Doesn't insurance auction mostly sell cars with salvage titles? Once a while, you will find one with a clean title, but you need to do your homework and find out how that car ended up at a insurance auction.

I'm gonna check the carfax and inspect the car thoroughly

[The X Men]

Originally Posted by Chad20

I'm gonna check the carfax and inspect the car thoroughly

Carfax doesn't always tell the whole story. You need to somehow find the maintenance history of that car.

[Chad20]

Originally Posted by The X Men

Carfax doesn't always tell the whole story. You need to somehow find the maintenance history of that car.

Ya I will get all the maintenance before I buy it . The only thing that worries me is it sounds too good to be true . The kbb is almost 16,000$ yet they are asking 12,900 yet they told me it's a clean title .its immaculate though . They are a very small building located on the suburbs of a city , next to a bunch of other small warehouse businesses , their location alone seems suspicious . I looked up insurance auctions nearby them and there is actually one within a few miles south of them . All their cars are in extremely good condition but are priced really low . The owner told me they are appointment only and because of their location they sell cars cheaply to attract people .
Sorry for the random jumble I'm at work lol

[noixd]

here we go again!

[CyclePath]

Follow your instincts. There's usually a good reason why you feel that there's so much that is off about this deal.

[noixd]

His instincts are to floss and cop the whipp!

[CmdllbF11]

Originally Posted by noixd

here we go again!

:

[CmdllbF11]

Originally Posted by Chad20

Is it safe to buy a BMW from insurance auctions? I found a 2004 545i black/black 66,000 miles one owner clean title for asking price 12,900 from a dealer who purchases strictly from insurance auctions . All their vehicles are very clean from what I can tell .

Uncle Ezmaass....

[noixd]

Chad go get a brand new Hyundai Accent!

[Chad20]

Originally Posted by noixd

Chad go get a brand new Hyundai Accent!

I think I'd rather ride my bicycle lol my sister bought one and not even a year later she now wants a BMW

[Chad20]

Originally Posted by CyclePimps

Follow your instincts. There's usually a good reason why you feel that there's so much that is off about this deal.

I posted a pic of the dealers small lot . Is it just me or is it a little sketchy lol

[ezmaass]

Chad...

1. There's no such thing as a free lunch. There's a reason why one product is priced significantly below another. Hint - it's not the good will of the seller. The seller isn't uneducated - they know what the asking price is for the car in good condition. The lower price is a reflection of VALUE, where value consists of quality of the merchandise and also the buyer's risk.

2. Keep your 328. It's the smartest (and easiest) decision. You don't even need to go to a dealer to make it happen! Put all of this extra energy and time into something that MAKES you money instead or blows it.

3. See 1 and 2 - just figured there should be 3 points to make here.

[noixd]

Originally Posted by Chad20

I think I'd rather ride my bicycle lol my sister bought one and not even a year later she now wants a BMW

Then what are you waiting for. Go and get the car from the auction!!

[Chad20]

Originally Posted by ezmaass

Chad...

1. There's no such thing as a free lunch. There's a reason why one product is priced significantly below another. Hint - it's not the good will of the seller. The seller isn't uneducated - they know what the asking price is for the car in good condition. The lower price is a reflection of VALUE, where value consists of quality of the merchandise and also the buyer's risk.

2. Keep your 328. It's the smartest (and easiest) decision. You don't even need to go to a dealer to make it happen! Put all of this extra energy and time into something that MAKES you money instead or blows it.

3. See 1 and 2 - just figured there should be 3 points to make here.

Ok so you think I just just be content with the 328i then why are you in a f10 huh ? See you don't want a 328i just as I don't yes I can't afford and f10 so I'm buying an e60

[pillpusher84]

send me the vin #s and i will run the carfax for you ... atleast we will see if there is anything to worry about that was reported .. i have a dealer account so no charge

[Boulder Bill]

Originally Posted by Chad20

Ok so you think I just just be content with the 328i then why are you in a f10 huh ? See you don't want a 328i just as I don't yes I can't afford and f10 so I'm buying an e60

He is in a F10 550 because 21 is likely a relatively distant image in his rear view mirror, and he paid cash for the car. No loan, no lease. Just a guess, but I bet I'm right.

As has seemingly been said several times here, your time will come. But only if you make the smart and prudent plays now. The ones I, EZmaas, and many others made when we were your age.

Hell, be happy with your 328. I'm pretty sure I had a well used Monte Carlo at that stage of my life.

[ezmaass]

Originally Posted by Chad20

Ok so you think I just just be content with the 328i then why are you in a f10 huh ? See you don't want a 328i just as I don't yes I can't afford and f10 so I'm buying an e60

Chad - it's not a fair comparison. Many of the people here, myself included, aren't 21 first of all. I'm also pretty well established in my career - I'm an executive at a software company, and I can buy multiple new F10's every year in cash if I wanted. I'm not saying that to brag but to make a point (which I've been trying to make with you for some time) - you need to be patient. Nice things follow success, not the other way around.

When I was your age (man I feel old using that phrase!) I would have been very happy with the 328. It's a NICE car for any 21 year old to be driving, first of all. Beyond that, it's a nice car period. It may not have all the bells and whistles of a 5-series, I hear you - but like I said above, be patient... and nice material things will follow success in life.

It's not bad that you desire a nicer car. What's bad is stretching yourself to buy one. Being able to pay for something (or make payments on it) isn't necessarily "affording" it as you'll come to find out. The credit crisis and housing collapse in 2008 (and what we're still recovering from) is evidence of it.

What's the rush? Keep the 328 (make sure it's paid off if it isn't) and drive it until it won't go any longer. It'll honestly last you as long as you wish if it's maintained. If you jump into an old e60 545i right now, you're going to experience a few unpleasant realities:

1. You'll eventually "get bored" of that car, too - but you'll have blown your cash on it.

2. You'll learn just how EXPENSIVE it is to repair and maintain an old German V8 luxury car. Most older "wealthy" people would still cringe at the idea of maintaining an e60 545. Instead of taking your hard-earned cash and using it for fun stuff like vacations, concerts, nights on the town, etc at 21 - you're going to be dumping money hand-over-fist into multi-thousand dollar surprise bills from your local BMW dealer. On the bright side, they'll love you.

3. You're going to be cheating yourself of an opportunity to get ahead in life. As I've said in previous posts, NOW is the time to set yourself up for a better financial future and instill some good practices (investing, savings, retirement, etc). You WILL (I promise) come to regret not doing this down the road.

So, again... what's the rush? There's just very little upside and lots of downside to any decision to buy an old 545 in your shoes. I think a lot of people have tried here to talk you out of it and save you lots of pain and grief. You can do what a lot of 21 year olds do and not listen to sage advice... and learn through your own experience. OR, you can learn from others' experience and be ahead of the game. Your choice, Chad!

If you like reading (honestly, even if you don't), pick up a book called "Rich Dad, Poor Dad." Read it carefully before making any decision.

[Herofmine]

You must pass State Salvage Inspection if you purchase any car from insurance auction, and you will get rebuilt title.