Take a Chance or Run Away?

[schmitthaus]

I found a 2002 M3 convertible with about 105k miles and all of the options I desire with a price around 9k, which seemed low to my eye. I called the used car lot and the guy there said they were listing it at wholesale because the check engine light is on and they've done some first-level research on the codes, yes multiple codes, with no joy resolving. They're selling cheap to get it off the lot. I checked the Carfax and everything seems to be in order except for a few emissions failures over the years; each with a subsequent pass. I've thought about calling the dealer back to get a listing of the codes to research but wanted to come over here first.

Am I off my rocker for purchasing this car on the hopes I can get the issues resolved with the amount of money I'd expect to pay for upgrades on a lesser model? Should I just run away and not look back at this money pit?

Thank you for the sanity check!

[COVID-19]

I would run away. You probably will end up with other maintenance stuff.

[heinzboehmer]

Sounds sketch. Won't hurt to call and see what the codes are though. Check engine light might be an easy fix, but as stated, you will probably have to do a ton of maintenance.

[Titaniu//M]

$9k dosen't sound that cheap for a car of that spec, especially considering the issues. I would either offer them a few grand less, or wait and pay a bit more for a car that is in better shape.

[r4dr]

Are they willing to tell you what the codes are?

[Cbouts]

Offer 5k and see if he bites. could most likely resolve the other issues for another 4k if you are already comfortable spending 9,000.

[schmitthaus]

Thanks for the feedback so far. I called and waiting on the codes to be sent. Once I get those, post them, and get some research done I hope to be comfortable starting with a low offer and see what transpires. Also, since I'm not local to the car I was going to have a remote PPI done as an independent sanity check if a price is agreed.

[sina]

since I'm not local to the car I was going to have a remote PPI done as an independent sanity check if a price is agreed.

You obviously shouldn't get a PPI unless you are serious, but keep in mind that it's likely an independent PPI will give you some more leverage on negotiating the price as well. I think most places who do a PPI will run quotes on all the issues they find as well, so those are easy things to point to when trying to get the price down.

[Speed Monkey]

Ahhhh grasshopper, your Kung Fu is strong! The first rule on buying a car that can send a fella into financial ruin is to buy the best and latest model M3 that falls into your budget. M3 sports cars are plentiful (relatively), so just be patient and find a good one. Don’t fall for the shiny object and get bitten in the ass.

[schmitthaus]

You obviously shouldn't get a PPI unless you are serious, but keep in mind that it's likely an independent PPI will give you some more leverage on negotiating the price as well. I think most places who do a PPI will run quotes on all the issues they find as well, so those are easy things to point to when trying to get the price down.

Spot on, I would only do a PPI if I was negotiating a price and ready to come get the car. I saw that you're in Portland and that's where the car is located so any advice for places to perform a PPI? I just started looking around Yelp today.

[r4dr]

Spot on, I would only do a PPI if I was negotiating a price and ready to come get the car. I saw that you're in Portland and that's where the car is located so any advice for places to perform a PPI? I just started looking around Yelp today.

What part of Portland? AR Auto Service is in Lake Oswego and they're very, very familiar with BMW M cars. To the point where a lot of folks I track with up here in Seattle take their cars all the way to Portland to have them worked on at AR...

[sina]

Spot on, I would only do a PPI if I was negotiating a price and ready to come get the car. I saw that you're in Portland and that's where the car is located so any advice for places to perform a PPI? I just started looking around Yelp today.

I don't have too much experience with shops, but Rhom Innovations is highly regarded. AR also has a great reputation.

[old///MFanatic]

Well with codes that the lot can’t (or aren’t willing to invest in) to fix it’s a good chance it’s Vanos related. And that can be anything from relatively inexpensive rebuilt solenoid unit, to bigger high dollar issues.
It’ll be nice to see the codes (if all still present), but honestly unless this thing is a gem and comes with hardtop it’s still not that great a price. M3 convertibles don’t command the price the coupes do. ‘02 model year takes another little hit.
A lot would have to be found out before it would be worth it in my eyes.

[dilmorecg]

Is it the LSB/Cinnamon one you are talking about? Good color combo. You may be right with trying to get the set-up/mods cost vs. fixing the codes issues. I think it depends on the codes and what needs to be fixed. ie. Cinnamon interior vs Vanos (If thats what the problem is) is probably a comparable cost...if you do it yourself. I agree with a PPI. Did they tell you what the codes are?