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  • Worth it???

    Ok, so I'm new to this forum, I'm NHskibm on bimmerforums, e46fanatics, and e30tech.com. At this exact moment in time however I only have a E30 iX that I've been restoring (recently sold an E36 and am about to sell an E46 - both highly modded).

    My DREAM car is an E30 M3 Cabrio. When I have the $$ to do so I plan on doing whatever it takes to get one.

    But for now I have my E30 iX, a deposit on a 135i, and a lead on a 1988 M3.

    The car is Diamont Schwartz, Black leather.

    Vehicle has 100k on it. A rattle by the exhaust, I'm guessing a hanger needs to be replaced, and since I know the seller - he's a bit of an ass, well pretty much a complete ass - I doubt the true condition of it mechanically.

    It has blemishes on the body, but nothing major, and the interior needs to tlc, but no rips and tears if I can remember correctly.

    Car is in FL, it was originally a NY car and was garaged undriven for like 10 years until it went to FL and is this guy's DD.

    He wants $6500.

    My thought is to get it, fix it up, drive it for a while and either keep it and begin an engine rebuild etc etc or release her to you fine folks to do such things (I live in NH so I LOVE my iX and the 135i will get DD duty).

    I was going to offer $5500 which he might take. Is this worth it? I don't have pics so please don't ask.

    Based on work on 3 previous cars I'd venture to say that $3,000 - $5,000 would make this thing pristine ($5000 if I go with a full repaint and not touch up).

    Would I get the 10500 out of the car? Or the 11500 if I pay his price? Of course keeping to $5,000 with no major problems.

    Thanks!

  • #2
    Welcome to the forum.

    Keep in mind that there could be hundreds of small items that need to be replaced (bushings, fuel lines, coolant hoses, FPR, distributor, rotor, thermostat, radiator, water-pump, coolant sensors, oil temp sensor, ignition leads, ignition coil, oil cooler, etc.).

    There may be issues with the gearbox and diff needing a rebuild (or a replacement installed). Wheel hubs, shocks, may been worn, etc. You can drive these cars without doing the required preventative maintenance, but sooner or later parts will start to fail, leaving you frustrated and maybe stranded. Also, all of these items won't add much to the resale value, as they are all classified as preventative maintenance.

    If you buy new wheels, tires, fix/paint the body work (hopefully there isn't rust, as that can be a lot of work/money to fix), then you have to budget more money. The M3 is a great car, but I think that if someone wants to own one that is kept in good condition so that it offers reliability similar to a newer car, then they need to be prepared to spend $5K to $10K (not including mods, paint, body-work). Annual upkeep is also going to be about $2K (as there could be unforseen issues if the car is driven regularly).

    If you decide to purchase the M3 you mentioned, I recommend checking it out thoroughly before purchasing it, so that you know how much it is going to cost you to fix it up.

    Cheers, Daniel.
    - 1987 M3 (e30)
    -- BeastPower Motorsports: www.beastpower.com
    - -Eisenmann Exhaust Systems: www.eisenmann.us

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    • #3
      Just general maintenance/upkeep will dig deep into your "fund." These cars are 20 years old, and virtually all the wear items will need to be replaced if the previous owner hasn't done so. This might leave you with enough money to get some wheels and tires, and some simple goodies. If $5000 is your budget on the car, don't even think about adding a paint job to your list.

      The general thought was $15k rule, but that has gone up in recent years. So, if you are buying a $5500 car, then expect to spend around $9500 for a well put together car. These aren't cars that you can put some quick cash in and expect a big return. Many people have spent years getting their cars to a certain point. I say buy it for the love of the car, not for a quick flip.

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      • #4
        Thanks for the responses so far!

        I do love the car. I've completely restored an 1989 325ix which has been a fun project. I picked it up for $1800 and have put about $15k into the car replacing just about everything, but in stages.

        This M3 is in MUCH better condition than my iX was in and luckily I have bav auto and turner in my backyard so to speak, as well as some great used parts contacts. Also lucky enough to have friends that own mecahnic and body shops that let me have the run of the places!

        I guess my question is in regards to used parts, new parts, etc. If this car needs all the little things as described how hard is it to find the stuff. While the iX is unique with drivetrain and suspension for the most part 325i stuff works, how much different is the E30 M3 from other M3's?

        For example I had a E36 328is factory M-tech. there are very FEW differences between that car and a same year M3.

        Basically I'd buy the car for the joy of restoring her to former glory, enjoy her for much of the summer (going to do ED for my 135i in August) and then sell her hoping to recoup whatever I put into her.

        Not really looking to make money, but looking for an interim project (my iX is almost done) that I could get back in the end and pass her on to a new home.

        Comment


        • #5
          If you're serious about it, have a proper PPI done, including compression and leakdown tests. You could also drain the oil (and refill) to look for flakes in the oil to see if a bearing might be on its way out. It would be nice to know what, if any, engine work and maintenance has been done on the car, especially anything major. Over 100K you're starting to look at the possibility of spun bearings and timing chain issues.

          For ~6K, if you get a car without rust and no major mechanical problems, I'd say its a good deal. That said, if you spin a bearing because the engine wasn't maintained, that right there eats up > $5K for a rebuild.

          Hoping to recoup what you put in, is pretty risky. You'd need to get a really good deal on the car up front.

          Good luck.

          Brendan
          sigpic
          Track Car Build | COM Sports Car Club

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          • #6
            Bad plan.

            M3's can be scary expensive if the maitenance isn't done. To get it up to snuff where you can expect to get $10k+ out of it would kill your $5-6k budget pretty darn quick.

            Good luck on the e46 sale. I was this || close to buying it... :(

            -Chris
            Chris L.

            Spray paint and tire shine doesn't equate to a "restoration!"

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            • #7
              I rarely see an M3 in "running" shape with 100k sell for anywhere near 5500. Sounds like it could be a steal unless the car is totally thrashed.

              Comment


              • #8
                Have you driven the car yet? What did you think of it honestly?

                "Ass" owners and daily driving the car turns me off instantly. Wouldn't you rather find one for 10K that needs less work but is ultimately ready to enjoy or just mod?

                Spend the next few weeks and see if you can find at least two more to drive. That will give you a good idea of what else is out there. If your close to Turner, chances are they have at least one customer in driving distance that is selling.
                Steve
                "Technology is the only replacement for displacement" - TRD

                (For business related questions please contact my other user name '[email protected]')

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                • #9
                  If the car has a clean title, has not been involved in any accidents, and has no rust (being a FL car), at that price, I wouldn't think twice about buying it.
                  These cars are only going up in value. Get it, and slowly bring it back to a nice condition, like you did with the IX.
                  Heck, if you decide to pass on it, let me know, I'll fly down and get it.....:cycle:
                  Good Luck.

                  Dan
                  Last edited by M drei 88; 01-02-2008, 09:00 AM.
                  Dan

                  12/87 Zinnoberrot
                  3/87 Henna

                  Comment


                  • #10
                    Where are you located?

                    Comment


                    • #11
                      Originally posted by chutrain View Post
                      Where are you located?
                      "(I live in NH so I LOVE my iX and the 135i will get DD duty)"
                      Dan

                      12/87 Zinnoberrot
                      3/87 Henna

                      Comment


                      • #12
                        Originally posted by Brendan View Post
                        If you're serious about it, have a proper PPI done, including compression and leakdown tests. You could also drain the oil (and refill) to look for flakes in the oil to see if a bearing might be on its way out. It would be nice to know what, if any, engine work and maintenance has been done on the car, especially anything major. Over 100K you're starting to look at the possibility of spun bearings and timing chain issues.

                        For ~6K, if you get a car without rust and no major mechanical problems, I'd say its a good deal. That said, if you spin a bearing because the engine wasn't maintained, that right there eats up > $5K for a rebuild.

                        Hoping to recoup what you put in, is pretty risky. You'd need to get a really good deal on the car up front.

                        Good luck.

                        Brendan
                        Thanks. Didn't think about the compression test. I've been lucky I guess with all previous car purchases, the engine and tranny have always been in amazing shape. This could be the one that is shot.

                        Originally posted by UNHCLL View Post
                        Bad plan.

                        M3's can be scary expensive if the maitenance isn't done. To get it up to snuff where you can expect to get $10k+ out of it would kill your $5-6k budget pretty darn quick.

                        Good luck on the e46 sale. I was this || close to buying it... :(

                        -Chris
                        I still have it. Sorry we didn't get hooked up on it. There is still time though. I do have insurance on it, I took it up there on that nice day on Sunday for him to test drive. First time it has seen winter driving since all mods and repaint, someone better buy it or I'll be :shit: .

                        A kid in Maine is about to "steal" it from me for $16k and I'm letting him give me 14 now and 2 later with a prom note... I'd love to get more, or at least all now!

                        Originally posted by ShiftBMW View Post
                        I rarely see an M3 in "running" shape with 100k sell for anywhere near 5500. Sounds like it could be a steal unless the car is totally thrashed.
                        That's what I was thinking. I know with other E30's getting parts is easy and relatively inexpensive. But it sounds like the M3 as always is its own beast. And I should know better as the iX is also its own beast.

                        Originally posted by Sbailey294 View Post
                        Have you driven the car yet? What did you think of it honestly?

                        "Ass" owners and daily driving the car turns me off instantly. Wouldn't you rather find one for 10K that needs less work but is ultimately ready to enjoy or just mod?

                        Spend the next few weeks and see if you can find at least two more to drive. That will give you a good idea of what else is out there. If your close to Turner, chances are they have at least one customer in driving distance that is selling.
                        I didn't actually, but can next time I'm in FL - the guy works on a property we own, not for us, but he's always there. Good call on finding one in "mint" shape to drive and compate.

                        Originally posted by M drei 88 View Post
                        If the car has a clean title, has not been involved in any accidents, and has no rust (being a FL car), at that price, I wouldn't think twice about buying it.
                        These cars are only going up in value. Get it, and slowly bring it back to a nice condition, like you did with the IX.
                        Heck, if you decide to pass on it, let me know, I'll fly down and get it.....:cycle:
                        Good Luck.

                        Dan
                        I will let you know if it is in good shape and I pass.

                        Originally posted by chutrain View Post
                        Where are you located?
                        Exeter, NH

                        Originally posted by M drei 88 View Post
                        "(I live in NH so I LOVE my iX and the 135i will get DD duty)"
                        :thank you


                        Yeah, I'm not really looking to make any money on this. Just another project for now until I get my 135i as my iX is nearing completion.

                        I thought I could rescue this beloved car from this dipshit in FL and make her all pretty again and then pass her on to someone to love and keep forever (although I may keep her).

                        I'd get it to keep myself, but right now it would be a project just to have a project and then pass on to get the 135i. The iX is my only car (with the E46 going) and like all 20 year old cars that have been restored I don't want to drive it at all. It's killing me to drive it this winter already. So I definitely want a NEW car with warranty and all that I don't care about as much.

                        Who knows I might get this and dump the iX, but not likely, I'd rather pass this m3 coupe on to someone and keep saving to have the $50k i expect to give someone someday for their mint e30 m3 cabrio, that's how bad I want one.

                        Thanks again guys for all the input!

                        Comment


                        • #13
                          NIce to see someone with the same name on different forums....

                          indeed, like the IX.. (actually even more so) the M3 has unique parts.

                          A running 1988 M3 with 100K for $6500 is a steal of a deal. Heck, it's still a decent deal with a blown motor! Have it checked out, and go for it.

                          As others mentioned, I would get the car.. fix or update maintenance items, and then do paint since this is more of a daily driver.
                          Mark Williams
                          Dallas, TX

                          Nothing says "welcome to the neighborhood" like a search... oh wait... looks like they are all gone! :rastajake:

                          sigpic

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                          • #14
                            thank you for all your input guys but unfortunately i offered him $5500 and he informed me that the car had been repoed!!!

                            The dumb ass took out money on it and now the car is gone!

                            He lost it last week!

                            Who knows what kind of deal could have been had last week???

                            Comment


                            • #15
                              Maybe the guy sold it to this guy? :lostme:

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