Used car buying advice needed.
I am in the market for a sedan that I can drive when I can't use the 911. This is by no means a needed car since I already have a Honda van and a Sequoia SUV. I've narrowed it down to a 2001-2003 M5. Pretty rare, temperamental cars, but since I doubt I'll put more then 2k a year on it, I willing to take the risk. The car in question is a 2002 black on black with 66k. It is stilled covered by a aftermarket warranty the owner (who is a car salesman) for another two years. It is actually a decent warranty that I bought when my BMW went out of its original. He is asking $30k for it, maybe $29. The books NADA, KBB, say this is inline, but my friends in the used car industry check the auctions and the are telling me this is way too much. They are wholesaling in the low $20's.
My question is, what does this say about what the car is worth? They are pretty rare cars, (maybe 1-2 thousand that year). How do you decide what is the right price, or if you like the car, just buy it? I can't see 6 year old V8's that get 12 mpg being a huge commodity when gas hits $4/gallon. As a comparison, my 2002 BMW X54.6is was blue booked at about $31k. I listed it for a while with no takers. It was wholesaling at the auction for $27k. Thats what they gave me at trade in. Opinions welcome.
By the way, the M5 is a crazy car. So different then the 911. 400hp and the ability to chirp the wheels in the first 3 gears.
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