Thoughts on the value of this m3

[Jacques]

Hello M3 world. My name is jack I have been in the market for a good while now looking to get a e93. Long story short i have a friend who is in need to sell his car or else it will be repo'd by the bank.(warned him it was to much for the car) He offered to sell me his car but i dont really have a good idea of how much to offer him.. The car is a 08 smg, Fully loaded, with 19" rims. car has only 3477 miles on it. Now for the bad, apparently fire hydants like to jump infront of cars while driving down an empty street. so the front driver head light was busted and the bumper was a in pieces.No air bags blew. he had that repaired. There currently is a very deep long scratch going from the front passanger fender till about right before the rear passanger wheel. Give or take an inch wide. and last where there are three buttons near the smg shifter. The button to the far right some how fell off?....I dont ask question i just take info from him... what do you think this car will private sale for?
Thanks to all in advance
Jacques

[1sikbmr]

WTF that guy trashed the shit out of that car... He probably beat on it also and didn't do the proper 1200 mile break in... Ask for service papers to prove that wrong. That guys got some serious issues buying a car like this and then not paying for it... Find out how much is left to pay for it and then go from there... There is a possibility you could walk away with a sweet deal and then there is the possibility you could be stuck with a lump of shit... Find out how much it would be to fix the damage also... Good luck...

[FruitCake]

I'll give u 5 bucks

[jonasaurus]

I guess even before offering an amount you may want to do some more due dilligence into the condition and treatment of the car. Sounds likes its lived a painful 3477 miles!

[Jacques]

bmw repaired the car through insurance. Most likely did not do the 1200 mile break in. He was able to afford the car at first then lost his job. He owes about 51k on the car.

[smmmurf]

40k in that shape
if it were fixed up properly, probably 48k

unless it's salvage then 25k

[Jacques]

To be honest I was thinking more like 33-37k LOL.....Im a pretty good sales man so i think i can get it.. But how will this work with the bank if its even possible.. He owes 51k say we agree on 40k and i write the bank a check, They will just hand over the title to me and he gets stuck with the remaining balance?. or will a bank make me purchase at the auction

[toper]

bank needs to get paid, so somebody is gonna have to eat the difference...make sure it's your friend lol...

[PKL]

This is a joke. This is why some make fun of this forum.

[ManAndMachine]

I dont think banks do short sales on cars LOL.If he continues non payment,the bank will send the repo man to retrieve the car and send it to an auction as is.Good luck

[Jacques]

Originally Posted by PKL

This is a joke. This is why some make fun of this forum.

do explain why this is a joke?...... second bank can not repo the car it is locked away at anothder location.. I should really refer to him as a neighbor since that is what he is. Iv known him for sometime. so force of habit to say friend. We had a beer or two when i throw some bbq's but not someone i speak to on a weekly base..

[Kayani_1]

+1

I think if you can get the car from him for couple of thousand less then 40K and invest $2K to fix it properly. The car might be able to sell for at least $44K to 45K. Which is a nice profit in my opinion. All the damage you are describing is superficial and not serious.

Unless of course the car has a salvage title in which case it is no more then $25-29K.


As for him selling the car to you. Yes if he sells it to you he will owe the bank the difference. If bank reposes it then it will be sent to auction. Either way your friend is fucked.......lol

Originally Posted by smmmurf

40k in that shape
if it were fixed up properly, probably 48k

unless it's salvage then 25k

[PKL]

Originally Posted by KTM505SX

I dont think banks do short sales on cars LOL.If he continues non payment,the bank will send the repo man to retrieve the car and send it to an auction as is.Good luck

Originally Posted by Jacques

do explain why this is a joke?...... second bank can not repo the car it is locked away at anothder location.. I should really refer to him as a neighbor since that is what he is. Iv known him for sometime. so force of habit to say friend. We had a beer or two when i throw some bbq's but not someone i speak to on a weekly base..

Let the guy deal with his own problems. If he can't afford to pay the car will be repossessed. Why would you want anything to do with this?

[Jacques]

Great deals come in all forms. If anything he would appreciate me taking it off his hands at least during nego. He can refuse the offer given to him. in auction its what ever they get. So im pretty sure he feels he is getting a good deal.

[mdosu]

$1 bob.

[saeedg48]

Either buy it from him for a reasonable cheap price or find your way in after it gets re-pode'.

Once you purchase the vehicle get it fixed and in shape. Their good cars that can take a beating it's probably in better shape than you think.

[Jacques]

The plan i had with this car was to turn it into a 100% track car. I own a 06 325xi as my D.D and im more then happy with it. I Think the m3 would make for a great track car. I used to auto-x with an mr2 i owned in st.maarten, Now that im back in the states and have proper tracks to drive on I want to get more into it. I work in the auto industry so i can always tell my boss im going to an event for the company . Just wondering you still need insurance on a full track car to enter a course? In st.maarten insurance is not something they are strick on.

[GreasyGinzo]

If I get this right you want to buy the car from him on the DL without a title to just use for a track car? In that case I would give him $10K and either move away or at least never have the car anywhere near your neighborhood. Also it doesn't sound like you know this guy very well so how do you know you can trust him? What is he going to tell the bank? Assuming he would not rat you out and just tell the bank it got stolen you are now racing a stolen car. If you are on a forum asking how to make this work then don't get involved.

[MysticBlue]

If the bank is owed 51k then someone is going to have to pay the bank 51k. Why would the guy take 40k for it? He would have no car and still owe the bank 11k. This makes no sense. The car is worth less than what is owed on it. No reason to get involved. If you are talking about paying him some amount less than that and "hiding" the car from the bank then what you are talking about is stealing a car. It's called theft.

[sameh]

Something fishy about this post!!!

[JCtx]

First, you have to make sure car is worth 'x' dollars, before you offer that.
Next, bank will be short; no doubt about that, as no way car is worth $51K now in that condition.
Next, since bank will be initially f***ed, they could reposses car, auction it, and then file a deficiency judgment against your 'friend' for the difference. OR if you're interested, you could talk to the bank and see if they take your money vs title and then file the deficiency judgment against the guy, but it'd have to be a hell of a deal to even consider that. Since it's not, and there're a ton of cars for sale, pick a better one man. Good luck.

[dpsfm3]

$35K WITH BANK CERTIFICATION THAT THERE WILL NOT BE ANY REMAINING LIEN/LOAN ON THE CAR.

THE CAR IS UNDER WARRANTY SO YOU'RE COVERED FROM A MECHANICAL PERSPECTIVE.

The other questions that come to mind are:

a) what else is really wrong with the car?
b) why does an '08 car only have 3,xxx miles on it? I can do that in 1 month.
c) aside from getting a great deal, are you really happy with the color combo and options on the car or are you just buying it just bc it's an M3? I would hope you really like the car the way it is and not simply just to own an M3

good luck