Is Buying A Used BMW A Mistake?

hey guys welcome back mark with exotic

our play place today we're gonna talk

about whether there's good value in

buying a used BMW with all the talk

about how unreliable things can be how

expensive repairs can be on these cars

as well as overall just inherent

problems do you really want to own one

of these cars out of a warranty I mean

really do you there's a lot of options

for some great buys out there of course

when you pick up magazines like this

you're always looking through the latest

and greatest what's the newest hottest

car out on the marketplace there's lots

of great cars it doesn't take long to

figure out that you know you could spend

a fortune on any given model year buying

the cars that you really like to own

just spend some time down at the local

car show you'll find out very quickly

how many great cars how many cars there

are out there and how many cars you'd

love to buy new but the problem is

buying a car new can be very very

expensive and so unless you really have

the resources to buy a new car every

year or buy a couple of cars every year

how can anybody really afford to do that

aside from being a multi-millionaire

many times over it's very expensive and

very cost prohibitive to buy a car new

constantly always upgrading there are

people that do that because there's

people that don't want to spend the

money on repairs after the fact they

don't want to worry about roadside

issues they don't want to worry about

finding a good mechanic that can work on

these things they just want to deal with

a new car any issues they're gonna take

it to the dealer the dealer is gonna pay

for it on their dime and people just

don't want to be bothered with issues

like that but all those conveniences

come at a cost

so you have a new car say for example

you buy yourself a brand new m5 while

that car right now you can get for about

a hundred and thirty thousand dollars

well that's not an insignificant amount

of money how about a new m4 well they

start around a hundred and ten thousand

dollars one hundred five hundred ten

thousand dollars Canadian I mean the

list goes on and on you

even have to limit yourself to BMWs how

about the Lamborghinis look at a new

work on while those cars if you want the

all-wheel-drive version they a better

version of it that car is gonna cost you

probably around $300,000 Canadian so as

you can tell very very expensive cars so

does it make sense to buy new all the

time but also does it make sense to buy

used I mean with the new cars of course

you have protection you have the

warranty and if you're leasing you

always want to buy new anyway because

the lease is protected by the warranty

and at the end of the day after three or

five years warranty and lease are up

then you let the car go you don't even

worry about it you just keep rolling

through to the next lease but not

everybody leases for business

applications and not everybody wants to

go that road so if you want to buy a

used car is it worth it so in short I

wouldn't say buying a used BMW or a use

Lamborghini or use Porsche or a used any

kind of car is always worth it for

everybody it's not for everybody there's

people out of professional whatever it

is they might be a doctor they might be

a lawyer maybe an accountant there's

professionals and a lot of them don't

have the time a lot of them don't have

the want or the know how to turn a

wrench and fix a car themselves so for

those folks that have financial

resources don't have the time to fix

things they just want to have a car that

simple get in and go it breaks they take

it to the dealer but for a lot of people

like you guys and like myself we don't

always have the resources and even if we

do have the resources we don't always

want to spend the big dollars for that

brand-new car and I'll give you some

great examples let's go to my garage and

I'll show you a couple of examples of

why I buy my cars generally used because

the value is immense let's go take a

look guys let's go

so here's a couple of reasons why I buy

my cars used right here we have the

Great East 60 m5 with a wonderful v10

engine inside there of course you can

see that is the Magnificent v10 engine

of course that is one option the other

option of course is I over here I have a

Lamborghini Guyardo well first

understand that this guy Arda when it

was new was about two hundred and

seventy-five thousand dollars this car

the m5 was not that much but it was

about a hundred and thirty thousand

brand-new so if you had 130 to 270 even

say that's four hundred thousand dollars

in cars combined right here four hundred

grand that's the equivalent of an

average house here in Alberta so a lot

of money but guess what I didn't pay

$400,000 I only paid about 40 for this

when I bought it a few years back with

by the way it had warranty on it so I

didn't have an issue with warranty and

this car here had very very low

kilometers local Canadian car and I knew

where it was from and there was some

history that followed this car too so

you know there's history you had some

good maintenance records associated with

this and with this car this one was

owned by a doctor this one was owned by

a stockbroker so I had two cars with

some good history to them and combined

I'm only into these cars combined for

about a hundred and forty grand hundred

fifty thousand dollars combined versus

four hundred thousand dollars so where's

the value lacking now so if you're

willing to tolerate some of the possible

failures with these cars you could save

yourself a fortune and that's what I did

here and that's my overall perspective

so let's talk more about that so my

assumption with all of this is even if

you have a major breakdown what if you

blow a gearbox or the engine spins a

bearing or something even breaks or

tires or smaller repairs you maybe that

cost you five grand maybe ten grand for

a bunch of repairs you have to be

prepared for that because it's a used

cars mechanical and it will break down

now with any luck some of these cars are

reliable now I've seen historically the

Lamborghini Guyardo is actually slightly

more reliable than the e60 m5 but that's

besides the point the point that I'm

trying to make is you buy yourself a

hundred and thirty thousand dollar car

like the e60 m5 and if you're okay with

not the latest and greatest in tech

because of course it's a couple

generations behind in terms of

technology as well if you're okay with

that you can get yourself a premium

high-end car one hundred thirty thousand

dollar car for today twenty grand

twenty five thousand maybe thirty for a

really low mileage beautiful example of

that same car so what if you break some

parts so what if you have to change a

couple of actuators throttle actuator z'

okay so think of the money that you've

saved so you buy that car for thirty

you've saved a hundred grand so you've

got to put ten fifteen grand into it you

know in the next you know two to three

years is that really gonna break the

bank you're driving a car that was worth

a fortune when it was new and it's only

a couple of few years old same with the

Lamborghini that car two hundred and

seventy five thousand dollars and now

you can go out there okay so you gotta

put a set of brakes in it let's say you

even have to do a clutch for ten

thousand dollars you've got a two

hundred and seventy five thousand dollar

car for now you can find those cars with

similar cases mine one hundred and ten

hundred and twenty thousand dollars will

get you a nice car a nice early Guyardo

like that so you put another ten into it

say you're even 150 into it with the car

and a few repairs one hundred and fifty

from 275 that's virtually half of the

car new and you're driving an exotic and

to be honest you drive a guard or other

than those diehards like myself who can

recognize that it's you know a couple

generations old

most people don't know and a lot of

people don't care it's a Lamborghini it

draws fanfare doesn't matter whether you

got a guy Ardo Murcielago Aventador of

course there's higher-end cars that are

worth a lot more you know we all know

that but it doesn't mean it Garner's

more more attention it doesn't mean it's

even a better car it just means it cost

a lot more it's the premium version of

the brand all I'm saying is

don't dismiss the used cars and BMWs are

very expensive when they're new so the

discussion always comes up about how

unreliable they are and the cost of

maintenance and the breakdowns and a lot

of people really get hung up on that and

to be honest with you I have an e 60 m5

not because I'm a glutton for punishment

but because I like the driving dynamics

of the car it's a spectacular car to

drive for carb its size and girth

there's not much out there like it even

today you know what honestly the thing

that I look at it is like okay I've

saved a hundred grand on the price of

that car new and like I said if I have

to spend a few bucks on repairs so be it

I don't get worried about that now

there's a caveat here and buying a used

BMW understand that it is still a

hundred and thirty thousand one hundred

forty thousand dollar car when it breaks

it will get expensive so if you're

extending yourself financially to buy

even that used car at say twenty or

thirty grand if you're extending

yourself to just barely afford that well

then think twice about that all I'm

making a point is you can still get a

nice premium car for a fraction of the

dollars that you did new and you're able

to do it with relative ease even if you

have some dollars put aside you can as

you can swallow some of those big

repairs without even worrying about it

and to be honest with you that's how I

own the e60 m5 I know they're not the

most reliable cars and I know a

Lamborghini Guyardo has a weak clutch

inherently that's just the nature of

that beast but I don't let those details

bother me because I know what a new

version costs and I know the money I

saved and as long as you put a few

dollars in the bank you're cruising

you've got yourself the one of the best

of the brand for fractions of the

dollars so that is the way I look at it

so in essence isn't worth buying a

premium car like a v10 m5 or an m6 or an

m3 or m4 the new ones the brand new cars

of course it costs one hundred and ten

grand now you can find them for about

fifty to sixty thousand dollars is it

worth buying them used maybe with 5060

thousand kilometers on them I say hell

yeah guys

step up sign the papers let's get her

done and that's primarily because of the

sheer value again don't forget put some

of those dollars aside for the souls

repairs because you will have some

repairs and upkeep to take care of but

don't get so hung up on it as long as

you can afford the base car and a few

repairs which you have to expect you

will be able to afford it and you'll be

able to afford it with less of that

guilt on the back you don't have that

monkey on your shoulder worrying about

the dollars that it cost you to buy that

car new it's just a lot cheaper to buy

them used and you know what tolerate

some of the repairs it's to be expected

but it's not a big deal if you budget

for it so in short is it worth buying a

BMW a Lambo a Ferrari any of those cars

is it worth buying them used hundred

percent that's where cars like the

Honda's and the Lexuses and everybody

talks about those cars I don't think

they're worth buying use then the reason

I say is because they hold a certain

value is the value there again it's a

perceived value I don't think it's worth

buying those cars used because people

charge an arm and three and a half legs

to sell them even on the used market

with a hundred and twenty hundred fifty

thousand kilometres oh it's a Honda

it'll run forever well that's maybe true

to a point but to me there's no value

there a car like that is just as

throwaway as a BMW or a Benz it's just

there's less going on there it's a

simpler car so are those kind of cars I

would actually buy new just because

people over gouge on a used car purchase

but the premium brands like the Benzes

and the beamers and the Lambos and Jags

all those cars you can find phenomenal

deals on the used car market and it

truly is the way to buy it in my opinion

used new is great for those that have

endless resources but what about the

whole sea of great used cars out there

there can be some phenomenal buys out

there for fractions of the new car price

thanks again everybody for watching mark

here again checking out with exotic car

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