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 play place make sure you give it a like thumbs up as well don't forget to share it with your friends and social media and hit that little subscribe button down below with that notification battle right beside it lets you know when the next great video is out so thanks again everybody hope to see on the next one catch you soon bye [Music] [Music]

Channel: ExoticCar PlayPlace

Views: 133,173

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Id: acWhT0gWNk8

Length: 13min 44sec (824 seconds)

Published: Sat Mar 09 2019