[Chad20]

Originally Posted by The X Men

Why stop with a 08 5 series? You can probably get a 15 years old Porsche 911 for the same price

Lol some people just are not as rich and successful as you are , sorry I can't afford a brand new one zero miles. I think I'm doing alright for 21 though

[bkM3]

Originally Posted by Chad20

It did seem suspicious to me also . Although the car was in LOS ANGELOS , so my only guess is someone very wealthy did a 1 year lease on it cause of all the nice options I mean the car essentially has every single option you can get .the 2nd owner section does worry me , I checked the car thoroughly for anything related to an accident and couldn't find anything, car tracks straight too.

as far as i know, bmw does not do 1 year leases. plus, this was 7 months

[Chad20]

Originally Posted by bkM3

as far as i know, bmw does not do 1 year leases. plus, this was 7 months

I'm going to call the original dealer who sold the car and see what information they can give me about that

[noixd]

most likely the original buyer couldn't afford to make the payments on the car and the lien holder auctioned the car off.

[The X Men]

Originally Posted by Chad20

Lol some people just are not as rich and successful as you are , sorry I can't afford a brand new one zero miles. I think I'm doing alright for 21 though

Buying old German luxury sport sedan with high mileage is a very good way to get yourself into deep debt.

[SoDigito]

Wow, the OP got some sound advice from so many members here. Having owned a BMW E46 with well over 150k miles, I could no agree more with the overwhelming majority here. It's up to the OP to learn from our collective experiences or make the same mistakes all over again.

[ezmaass]

Chad, for 21 it sounds like you're doing alright. But don't make the mistake of buying a high mileage BMW. You know who should buy a 550 with 118k miles on it? Some grumpy old man who refuses to buy a new car, pays for the car in cash, drives it 5 miles a day (maybe 3 days a week), and doesn't mind the occasional $2k repair bill... or better yet, does the repair himself. By the way, this guy also has tons of cash in the bank, and when he's upset at the car, he writes it off and does it all over again.

But this car isn't for a 21 year old guy. If you have $20k in cash to spend and you're going to buy a used car, spend no more than $15k and put the rest aside for a rainy day fund for that car. Otherwise, if you're going to empty your wallet (still don't recommend this, but if you insist), buy a $20k NEW car that's under warranty, and don't worry about rainy days as much - plan for tires, brakes, oil changes, and gas. But don't buy massively depreciated BMWs with high mileage. They're going to be money pits no matter how nice the paint and leather looks.

A friend of mine had an older Audi A8... transmission went bad. $8k. Yes, $8k. That's fine if you're up for that kind of thing. You take $8k out of the bank, mutter angry remarks under your breadth at the service manager, and move on. But if you're a 21 y/o guy who blew your load on BUYING that old A8 (... or BMW 550... or any expensive German car), you're up the creek without a paddle.

I don't know the rest of your financial picture. I'm guessing at 21 you're not sitting on a six figure bank account. I'm also guessing you don't yet own a house. And you may not be maximizing your retirement savings. Most guys look back on their 20's, once they're a lot smarter, and wish they could go back and give themselves advice like... "don't blow your money on that money pit of a car." You may feel good (for a while) cruising around in a highly spec'd 550, but it won't last. The first repair or two will start to bring you down off that high. And you'll (at some point) look back and say, "why did I do that?"

Take it from me... you're young, and you have time to enjoy a 5-series. Do yourself a real big favor while you're 21 and INVEST... SAVE... be smart about your money. Your future self will thank you (and us on this forum). I didn't buy my 550 until about 5 months ago... and I have a 7 figure net worth and a sizable 6 figure income. I was "slumming around" in my 6 year old 335 until I finally forced myself to make the move (and considering I owned the car from new, you could say I was getting bored with it, too). But buying the 550 was then a happy occasion, though, since I wasn't worried about what it costs... you just enjoy it. You save and invest. Work on your career. Work on your income. Be frugal about your decisions while you're younger. And then reap the rewards. And no, I'm not some old dude, either - I'm in my 30's. A solid 10 years of nose to the grindstone will set you up for life... much harder to play catch up when you're 10 or 15 years further down the road.

So again... keep the 328. Enjoy it. If it's paid off, even better. If it's not, pay it off as QUICKLY as possible and drive it until the wheels literally fall off. It's a solid car and will last you a long time. Don't worry about the next car anytime soon... seriously... years. You're young and having a 328 at your age, even if older, should be a real nice thing. Focus on building some wealth. Focus on how you're going to make some real money and what you want to be doing for the next 20 years. It's hip when you're in your 20's to drive around older cars... especially something as classic as a 3-series. So, you can keep that car forever, and chicks will still dig it. Do this all right, and you'll be too busy to think about buying another car - just nose to the grindstone. When you look up in 10 years, the ability to buy a new 550 in cash without breaking a sweat will be your reward.

Remember this when you see a BMW (or any similar car driving down the road)... There are two kinds of guys driving around in BMWs... one that's in-debt up to his eyeballs, barely affording the car, and doing "whatever it takes" to be seen in one... the other who's financially sound, can buy the car in cash (if they wish), has considerable money in the bank, etc. The first guy is trying to look like he's the second guy, and the second guy is laughing at the first. Aspire to be the second guy.

[Chad20]

Originally Posted by ezmaass

Chad, for 21 it sounds like you're doing alright. But don't make the mistake of buying a high mileage BMW. You know who should buy a 550 with 118k miles on it? Some grumpy old man who refuses to buy a new car, pays for the car in cash, drives it 5 miles a day (maybe 3 days a week), and doesn't mind the occasional $2k repair bill... or better yet, does the repair himself. By the way, this guy also has tons of cash in the bank, and when he's upset at the car, he writes it off and does it all over again.

But this car isn't for a 21 year old guy. If you have $20k in cash to spend and you're going to buy a used car, spend no more than $15k and put the rest aside for a rainy day fund for that car. Otherwise, if you're going to empty your wallet (still don't recommend this, but if you insist), buy a $20k NEW car that's under warranty, and don't worry about rainy days as much - plan for tires, brakes, oil changes, and gas. But don't buy massively depreciated BMWs with high mileage. They're going to be money pits no matter how nice the paint and leather looks.

A friend of mine had an older Audi A8... transmission went bad. $8k. Yes, $8k. That's fine if you're up for that kind of thing. You take $8k out of the bank, mutter angry remarks under your breadth at the service manager, and move on. But if you're a 21 y/o guy who blew your load on BUYING that old A8 (... or BMW 550... or any expensive German car), you're up the creek without a paddle.

I don't know the rest of your financial picture. I'm guessing at 21 you're not sitting on a six figure bank account. I'm also guessing you don't yet own a house. And you may not be maximizing your retirement savings. Most guys look back on their 20's, once they're a lot smarter, and wish they could go back and give themselves advice like... "don't blow your money on that money pit of a car." You may feel good (for a while) cruising around in a highly spec'd 550, but it won't last. The first repair or two will start to bring you down off that high. And you'll (at some point) look back and say, "why did I do that?"

Take it from me... you're young, and you have time to enjoy a 5-series. Do yourself a real big favor while you're 21 and INVEST... SAVE... be smart about your money. Your future self will thank you (and us on this forum). I didn't buy my 550 until about 5 months ago... and I have a 7 figure net worth and a sizable 6 figure income. I was "slumming around" in my 6 year old 335 until I finally forced myself to make the move (and considering I owned the car from new, you could say I was getting bored with it, too). But buying the 550 was then a happy occasion, though, since I wasn't worried about what it costs... you just enjoy it. You save and invest. Work on your career. Work on your income. Be frugal about your decisions while you're younger. And then reap the rewards. And no, I'm not some old dude, either - I'm in my 30's. A solid 10 years of nose to the grindstone will set you up for life... much harder to play catch up when you're 10 or 15 years further down the road.

So again... keep the 328. Enjoy it. If it's paid off, even better. If it's not, pay it off as QUICKLY as possible and drive it until the wheels literally fall off. It's a solid car and will last you a long time. Don't worry about the next car anytime soon... seriously... years. You're young and having a 328 at your age, even if older, should be a real nice thing. Focus on building some wealth. Focus on how you're going to make some real money and what you want to be doing for the next 20 years. It's hip when you're in your 20's to drive around older cars... especially something as classic as a 3-series. So, you can keep that car forever, and chicks will still dig it. Do this all right, and you'll be too busy to think about buying another car - just nose to the grindstone. When you look up in 10 years, the ability to buy a new 550 in cash without breaking a sweat will be your reward.

Remember this when you see a BMW (or any similar car driving down the road)... There are two kinds of guys driving around in BMWs... one that's in-debt up to his eyeballs, barely affording the car, and doing "whatever it takes" to be seen in one... the other who's financially sound, can buy the car in cash (if they wish), has considerable money in the bank, etc. The first guy is trying to look like he's the second guy, and the second guy is laughing at the first. Aspire to be the second guy.

Thanks for your response, you talked me out of the 16k 550i . I don't want to be in over my head . Everyone is telling me not to buy . I'm still considering the 545i just cause I'm getting it for 6,000$ from my lot 128k mileage . Even with that extremely low price and keep in mind I live in the Bay Area where cars aren't cheap . Would you consider it ? I can keep my 328i as my dd and use the 545i for a year or two and sell them both for a newer one with lower miles . I just got a raise at my job and want something for my work. Our tech said the 545i checks out, and he is an enthusiast e60 owner

[ezmaass]

Originally Posted by Chad20

Thanks for your response, you talked me out of the 16k 550i . I don't want to be in over my head . Everyone is telling me not to buy . I'm still considering the 545i just cause I'm getting it for 6,000$ from my lot 128k mileage . Even with that extremely low price and keep in mind I live in the Bay Area where cars aren't cheap . Would you consider it ? I can keep my 328i as my dd and use the 545i for a year or two and sell them both for a newer one with lower miles . I just got a raise at my job and want something for my work. Our tech said the 545i checks out, and he is an enthusiast e60 owner

Keep the 328. Drive it and enjoy it. Save yourself $6k.

[twelve535i]

EZmass seems like a person that genuinely wants to help others. His posts are well thought out and offer GREAT advice

If you insist on getting the 545i anyway, you should run Carfax and Autocheck. There are many instances where they both show different histories.

[Chad20]

Originally Posted by twelve535i

EZmass seems like a person that genuinely wants to help others. His posts are well thought out and offer GREAT advice

If you insist on getting the 545i anyway, you should run Carfax and Autocheck. There are many instances where they both show different histories.

I completely agree I'm stubborn when I want something and I'm still not sure how he convinced me lol I'll have my dealer check both thanks twelve535i

[CmdllbF11]

I'd walk away. I'd always buy used via a BMW dealer rather than an independent dealer. The fact it doesn't appear to be serviced by BMW either raises alarm bells for me.

If you're looking at any 5s, look at 525/530d. The 550i will drink you dry.

Good luck whatever you decide

[Chad20]

Originally Posted by ezmaass

Keep the 328. Drive it and enjoy it. Save yourself $6k.

Ok what about an 05 545i sport pack,nav,parking sensors,black/black. 100,000 miles. Clean title 2 owners. For 8,000$ lmao I'm not giving up easy!

[BigK]

You have to factor in the ownership cost down the road. Things like repair.

[RobbyMack]

Congrats on the raise. I firmly believe you shouldn't listen to what other people tell you to do with your own money. If a old bmw will make you happy so be it. Who am I to judge? If you were my son I'd tell you this is a rather bad idea, but you are free to make your own choices as long as you accept the consequences of those choices. Good luck let us know what you end up deciding.

[noixd]

Originally Posted by Chad20

Ok what about an 05 545i sport pack,nav,parking sensors,black/black. 100,000 miles. Clean title 2 owners. For 8,000$ lmao I'm not giving up easy!

Mo money mo problems!

[ezmaass]

Originally Posted by Chad20

Ok what about an 05 545i sport pack,nav,parking sensors,black/black. 100,000 miles. Clean title 2 owners. For 8,000$ lmao I'm not giving up easy!

Haha... the only car I'm going to suggest you own is the one you already have. Prioritize your finances.

1. Emergency / Unemployment Fund - 6 months of your current salary in cash ready to go if you need it.

2. No Debt - if you have any debts whatsoever (credit cards, student loans, etc) pay them off.

3. Retirement - you need to save 15% pre-tax (minimum) of your paycheck in a retirement account - 401k, IRA, etc. If possible, max out your savings to the IRS limit.

4. Housing - if you plan to own a home, get a solid down payment together (20%+) and prioritize paying off the remaining mortgage - 15 year mortgage if possible.

5. Investments - start a post-tax investment account and plan to contribute no less than 10% of your paycheck post-tax to it.

6. Short Term Savings - make up individual savings buckets/accounts for short to medium range purchases or expenses - wedding, car purchase, home renovations, etc. Even if you don't pay in cash for these items, you have it - remember, in the worst of times, every loan from a bank has fine print where they can "call the loan" - make you pay immediately. Have the cash liquid.

7. Education and Children - at some point you may have kids or additional education expenses for yourself. A number of great vehicles exist for tax-advantaged education savings.

I'd suggest you prioritize your finances now. An old money-pit of a BMW should be very low on the list... #6 to be exact here... and then you're still paying in cash and have quite a bit to fall back on from numbers 1 - 5 if things go sideways.

If you do these things right you'll be in great shape later in life. Losing a job, an illness, etc, while always bad, won't easily turn into a catastrophe like it does for so many who aren't in good financial shape. And if you're lucky and never contend with those issues, you'll certainly find yourself in a great place down the road to stop working, relax, travel, etc - no debt, a paid-off home, a big retirement nest egg, and the ability to buy whatever car you want whenever you want it (within reason).

Keep your eye on the ball. The ultimate luxury in life is not needing to work for a paycheck... not a BMW. True freedom is "financial freedom." With it comes less stress, less grey hair, longer life, and general happiness. But a lot of people want "nice things" and are willing to sacrifice their freedom, sanity, relationships, etc in return for them... when all that's REALLY needed is a bit of delayed gratification... setting themselves on the right path so they can have both nice things and freedom.

Anyway, sorry for the long response here (again)... but you're 21 and are in a very unique position to set yourself up RIGHT for life. Don't screw it up. If you listen to this advice and FOLLOW it diligently, you'll be much happier down the road. Like I said, most guys WISH they could talk to their 21 year old selves and convince them to do things differently.

[The X Men]

Originally Posted by Chad20

Ok what about an 05 545i sport pack,nav,parking sensors,black/black. 100,000 miles. Clean title 2 owners. For 8,000$ lmao I'm not giving up easy!

For $8000 bucks, I say go for it. Just make sure you have plenty of money in the bank for repairs and a second car because the 545i will be spending a lot of time in the shop.

[Boulder Bill]

If my kids were 21, I would send them to EZMaass to get advice on financial decisions. That way, they wouldn't just immediately conclude that I didn't know what I was talking about.

I concur with every recommendation he has made; he just made them more eloquently and took the time to articulate the details.

I would most certainly heed his suggestions.

Bill

[CmdllbF11]

Originally Posted by ezmaass

Haha... the only car I'm going to suggest you own is the one you already have. Prioritize your finances.

1. Emergency / Unemployment Fund - 6 months of your current salary in cash ready to go if you need it.

2. No Debt - if you have any debts whatsoever (credit cards, student loans, etc) pay them off.

3. Retirement - you need to save 15% pre-tax (minimum) of your paycheck in a retirement account - 401k, IRA, etc. If possible, max out your savings to the IRS limit.

4. Housing - if you plan to own a home, get a solid down payment together (20%+) and prioritize paying off the remaining mortgage - 15 year mortgage if possible.

5. Investments - start a post-tax investment account and plan to contribute no less than 10% of your paycheck post-tax to it.

6. Short Term Savings - make up individual savings buckets/accounts for short to medium range purchases or expenses - wedding, car purchase, home renovations, etc. Even if you don't pay in cash for these items, you have it - remember, in the worst of times, every loan from a bank has fine print where they can "call the loan" - make you pay immediately. Have the cash liquid.

7. Education and Children - at some point you may have kids or additional education expenses for yourself. A number of great vehicles exist for tax-advantaged education savings.

I'd suggest you prioritize your finances now. An old money-pit of a BMW should be very low on the list... #6 to be exact here... and then you're still paying in cash and have quite a bit to fall back on from numbers 1 - 5 if things go sideways.

If you do these things right you'll be in great shape later in life. Losing a job, an illness, etc, while always bad, won't easily turn into a catastrophe like it does for so many who aren't in good financial shape. And if you're lucky and never contend with those issues, you'll certainly find yourself in a great place down the road to stop working, relax, travel, etc - no debt, a paid-off home, a big retirement nest egg, and the ability to buy whatever car you want whenever you want it (within reason).

Keep your eye on the ball. The ultimate luxury in life is not needing to work for a paycheck... not a BMW. True freedom is "financial freedom." With it comes less stress, less grey hair, longer life, and general happiness. But a lot of people want "nice things" and are willing to sacrifice their freedom, sanity, relationships, etc in return for them... when all that's REALLY needed is a bit of delayed gratification... setting themselves on the right path so they can have both nice things and freedom.

Anyway, sorry for the long response here (again)... but you're 21 and are in a very unique position to set yourself up RIGHT for life. Don't screw it up. If you listen to this advice and FOLLOW it diligently, you'll be much happier down the road. Like I said, most guys WISH they could talk to their 21 year old selves and convince them to do things differently.

Blimey @Ezmaass, that's some full on financial advice there lol.

OP, be 21. Spend 8k on the 545i. It's not that much (in the context of what you appear to say- not really either for most BMW owners). Enjoy your purchase and learn lessens if any need to be learnt.

Post some pics when you've bought it and happy Bimmer hunting