[Chad20]

Went into a mercedes of walnut creek ca dealership today to negotiate on a 04 545i 73k miles sport package l7 nav.black/black they were asking 14,500 I offered 12,500 they stayed strong and offered me 14,500 !! 12.99 interest rate.
Shouldn't these dealerships negotiate ? They said they have 2 appointments the following day that will pay full price . I think 14,500 is too much . What do you guys think?

[Boulder Bill]

Wait for the call.

[Chad20]

Originally Posted by Boulder Bill

Wait for the call.

Lol ya that's what I'm doing now cause no way in hell I'm paying that much for an 11 year old BMW

[psyxologos]

Why do you want to buy such an old car at such a high price?

[twelve535i]

You might get better help on the E60 forums

[noixd]

Go get some better credit kid!!!!!

[ezmaass]

CHAD! Dude, you're turning into a hopeless case, my friend.

If you even THINK about buying this car again, you need to slap yourself in the back of the head - 20 times in a row!

Look - your forehead says "SUCKER" on it, and the dealer knows it. They see a 21 year old kid, dying to own an e60, walking in and looking to buy an 11 year old MONEY PIT. Why do they need to negotiate with you? $14,500 is too much?? Hell yeah. Let me put it another way - ANY AMOUNT that you need to borrow to buy this car is TOO MUCH.

Two other appointments tomorrow willing to pay full price? GREAT. Sounds like BS, but even if it were true - good! Let some other sucker own this thing. As I've said before, the only guy that should be buying an 11 year old 5 series is someone (a) doing it in cash, and (b) has the luxury of time, patience, convenience, and money on their side to deal with repairs.

You are a complete lunatic (sorry to have to get this blunt about it) if you consider borrowing money to buy this car. 12.99%?? You might as well buy the car on a CREDIT CARD with that rate. Tier 1 credit is getting 0% - 2.9% right now at most dealers. But even if your credit was great, very few banks will want to lend you money on a used car that's more than 7 years old. Why, you ask? Because they're smarter than you, and they would never consider OWNING an 11 year old BMW - and that's exactly what they need to consider if you ever defaulted... inheriting ownership of this thing. "No thanks" is the response of all but some very specialized lenders, and you can expect the rate to be sky high as a result.

STICK with your 328! It's 3 years newer, way more reliable, less expensive to repair, and keeps you from taking out some terrible loan. Listen to reason, Chad!

[P1]

I see you sold your 328i for $9K in the other thread. NICE. Now that you have $9K in the bank, I don't suggest buying another BMW. And if you have any loans that you need to pay off from your 328i, then pay those off first.

How about a VW Golf? I personally really like the CC, and would love to own one. Every time I see one, I do a double take.

[Chad20]

Originally Posted by ezmaass

CHAD! Dude, you're turning into a hopeless case, my friend.

If you even THINK about buying this car again, you need to slap yourself in the back of the head - 20 times in a row!

Look - your forehead says "SUCKER" on it, and the dealer knows it. They see a 21 year old kid, dying to own an e60, walking in and looking to buy an 11 year old MONEY PIT. Why do they need to negotiate with you? $14,500 is too much?? Hell yeah. Let me put it another way - ANY AMOUNT that you need to borrow to buy this car is TOO MUCH.

Two other appointments tomorrow willing to pay full price? GREAT. Sounds like BS, but even if it were true - good! Let some other sucker own this thing. As I've said before, the only guy that should be buying an 11 year old 5 series is someone (a) doing it in cash, and (b) has the luxury of time, patience, convenience, and money on their side to deal with repairs.

You are a complete lunatic (sorry to have to get this blunt about it) if you consider borrowing money to buy this car. 12.99%?? You might as well buy the car on a CREDIT CARD with that rate. Tier 1 credit is getting 0% - 2.9% right now at most dealers. But even if your credit was great, very few banks will want to lend you money on a used car that's more than 7 years old. Why, you ask? Because they're smarter than you, and they would never consider OWNING an 11 year old BMW - and that's exactly what they need to consider if you ever defaulted... inheriting ownership of this thing. "No thanks" is the response of all but some very specialized lenders, and you can expect the rate to be sky high as a result.

STICK with your 328! It's 3 years newer, way more reliable, less expensive to repair, and keeps you from taking out some terrible loan. Listen to reason, Chad!

Esmass be reasonable calling me a lunatic is a bit far! I don't see what the issue is here I make 3k+ a month and am only starting . My first week I sold more cars than anyone at my dealer . Money is not an issue (not to brag) I really appreciate your advice . You might be one of the smartest most sound guy on the forum, but understand I'm 21 and it's time for me to have some fun for all my hard work . I sold the 328i I'm glad I did it was too high mileage and cost me 4k a year to maintain . I think an e60 with 50k to 80k mileage shouldn't break my bank . I'm being very reserved here . A 12-14k car won't break anyone's bank , everyone my age is buying $30k cars and up . My payment will be less than 200$ a month . I have extremely minimal bills and am saving to open my own business currently and even spending 4k a year on my 328i I'm still saving
ALOT ! Pin saving to open a thrift store and buying storage units at auction . I have a plan trust me ! I'm not saving just to show off an e60 trust me noone is impressed with a 10 year old car ! I'm buyijg
It for the simple reason that I love the way it
Drives . To say I'm a lunatic is a bit
Of an extreme !

[P1]

Originally Posted by Chad20

Esmass be reasonable calling me a lunatic is a bit far! I don't see what the issue is here I make 3k+ a month and am only starting . My first week I sold more cars than anyone at my dealer . Money is not an issue (not to brag) I really appreciate your advice . You might be one of the smartest most sound guy on the forum, but understand I'm 21 and it's time for me to have some fun for all my hard work . I sold the 328i I'm glad I did it was too high mileage and cost me 4k a year to maintain . I think an e60 with 50k to 80k mileage shouldn't break my bank . I'm being very reserved here . A 12-14k car won't break anyone's bank , everyone my age is buying $30k cars and up . My payment will be less than 200$ a month . I have extremely minimal bills and am saving to open my own business currently and even spending 4k a year on my 328i I'm still saving
ALOT ! Pin saving to open a thrift store and buying storage units at auction . I have a plan trust me ! I'm not saving just to show off an e60 trust me noone is impressed with a 10 year old car ! I'm buyijg
It for the simple reason that I love the way it
Drives . To say I'm a lunatic is a bit
Of an extreme !

You work at a dealership? Can't you get a car at cost there? Or get one from the auction?

[Chad20]

My dealer rarely gets 545is and when they do they are usually high mileage :/
I was offered an 04 545i 128k mileage lemon for $8k they did the alternator bracket seal valve cover control arms and new battery . I declined though . Resale would be impossible .

[Noggie]

you want fun, and a 545i?

Sorry, but if you are looking for fun at that amount of money, go find yourself a good condition E46 M3, that is fun, I just came from 6 years in one of those.

[Bimmer5]

I have to agree with twelve535i, why are we discussing 11 year old E60's in a F10 forum.
These posts about them are getting quite tiresome.

[4DRS55]

Hello sir

1. 12.99% interest is way too high (find a co-signer if you can)
2. Look into a nice low mileage E39 ( much better balanced car, and in my opinion you get everything a e60 has to offer and a better drivers car)

If you want grunt
E39 m5 or a E39 540i

Ps If you love the E60, than go for one, but do not get a loan with a interest rate of 12.99%.

[Chad20]

Originally Posted by Bimmer5

I have to agree with twelve535i, why are we discussing 11 year old E60's in a F10 forum.
These posts about them are getting quite tiresome.

I'm sorry if I'm taking up your forum space. I post on f10 because I know most of the guys on here have already owned an e60 , and have a longer history with them and bmws in general .

[Chad20]

Originally Posted by F10N55

Hello sir

1. 12.99% interest is way too high (find a co-signer if you can)
2. Look into a nice low mileage E39 ( much better balanced car, and in my opinion you get everything a e60 has to offer and a better drivers car)

If you want grunt
E39 m5 or a E39 540i

Ps If you love the E60, than go for one, but do not get a loan with a interest rate of 12.99%.

My e90 with over 100k mileage interest rate was 7.99 so I'm not sure where the dealer got 12.99 unless they were trying to suck 5% out of me . This is why I left .

[Chad20]

Originally Posted by Noggie

you want fun, and a 545i?

Sorry, but if you are looking for fun at that amount of money, go find yourself a good condition E46 M3, that is fun, I just came from 6 years in one of those.

It's funny you say that cause I have been looking at those lately !

[armanm]

Originally Posted by Chad20

It's funny you say that cause I have been looking at those lately !

Dont waste time with that 11 year old e60, Look into the e46 M3 or the e39 M5. I personally prefer the E39 M5 over the E60

[ezmaass]

Chad, sorry - you're not a lunatic... but you're borderline.

Yes, you're young and should have fun - but don't confuse that with careless decision making. The payment won't kill you, I agree. But the maintenance may very well.

If you need to take out a loan to buy this car, you can't afford it. That's why most traditional banks won't lend you money on cars over 7 years old. Once you start getting into 11 year old cars, they're normally in the "buy it in cash or not at all" category for most banks... hence why, at least in part, you're seeing a 12.99% interest rate. The interest rate is a reflection of what the bank perceives as its risk.

Put yourself in the bank's shoes - "If this guy can't afford to buy this $14k 11 year old car without a loan, how will he pay the $8k repair bill when the transmission fails?" What a lot of people have been telling you here is that the e60 is going to be expensive to maintain. You're complaining about $4k you spent last year on your e90. Well, it happens - it's a 7 year old BMW. That bare-bones 328i was probably less than $35k - $37k new. Now you're talking about getting into an 11 year old e60 that was probably twice the price and 4 years older. You think the bills to maintain it are going to be less than your e90??

It's about the total cost of ownership - not the purchase price. If something really bad happened, would you have $5k sitting around to pay for it? And what if that came back-to-back with another big issue?

Yes, there are guys your age buying $30k cars, so $14k doesn't seem bad. I'd otherwise agree, except I'd sooner tell you to spend $30k on a new car with a warranty than spend $14k on an 11 year old car with potentially very large, unforeseen repair costs. Let's say your loan on this car was $200/mo as you said.... and then there was a $5k repair (or a few adding up to this in a year)... you've now spent $7,400 in the year on this car only worth $14k (if that). That's equivalent to over $600/mo! You can certainly finance a new $30k car for less than $600/mo, and you can lease a $30k car for probably $300/mo. In both cases, you're ahead financially. You have a new car with a warranty, and you've paid less into it for the year... plus, you know exactly what your operating expenses will be... not caught off guard.

[///SAL]

Originally Posted by Chad20

Esmass be reasonable calling me a lunatic is a bit far! I don't see what the issue is here I make 3k+ a month and am only starting . My first week I sold more cars than anyone at my dealer . Money is not an issue (not to brag) I really appreciate your advice . You might be one of the smartest most sound guy on the forum, but understand I'm 21 and it's time for me to have some fun for all my hard work . I sold the 328i I'm glad I did it was too high mileage and cost me 4k a year to maintain . I think an e60 with 50k to 80k mileage shouldn't break my bank . I'm being very reserved here . A 12-14k car won't break anyone's bank , everyone my age is buying $30k cars and up . My payment will be less than 200$ a month . I have extremely minimal bills and am saving to open my own business currently and even spending 4k a year on my 328i I'm still saving
ALOT ! Pin saving to open a thrift store and buying storage units at auction . I have a plan trust me ! I'm not saving just to show off an e60 trust me noone is impressed with a 10 year old car ! I'm buyijg
It for the simple reason that I love the way it
Drives . To say I'm a lunatic is a bit
Of an extreme !

Get a m5 kidd lease it out

Im 25 yrs old and on the 3rd bmw

Guys hes young and wants another bimmer, let him be we all went thur that phase. But once again dont buy that. And im sorry to say this but if you get a loan for a car less than 20k your nuts u gonna pay double by the end of the loan. Think twice, sign once