Depreciation....

[Dragonsbreath]

Hi all. My first post having just found this forum. I bought a Z4M Roadster 5 days ago from Cooper BMW, Chelmsford & just thought I would share my experiences...

I've had MANY cars in the last 35 years & never ever been "well off", always balancing the cost of the mortgage with my car costs. In 2000 My Z3 2.8 went into the dealer & I was lent a Z3M Coupe for 3 days. I loved that car but had no pennies to buy it. In 2006 I managed to buy the 2003 AC Schnitzer UK Motorshow Z4 3.0 for £21,500 & ran it for a year. I tend to get bored quickly so sold it August 2007 for £19,750 - which I thought pretty good. For over 30 years I have watched the horrific depreciation on Italian cars & swore never to buy one - However - I replaced the Z4 with a Fiat Grande Punto 130 Sporting diesel (£9000). Very impressed with the performance, £110 insurance & 48mpg, so I decided to buy an Alfa Brera 2.4 diesel for £19,950 with the intention of immediately flogging the Fiat. I could not get any interest in the Fiat at all. So I decided to sell the Brera. Funny old thing, despite this s****y Government pushing for us all to buy "Green" cars, the price of diesel went through the roof, completely offsetting any mpg advantage.

So last week I started looking at the possibility of buying another Z4 3.0. I 'phoned a few Main Dealers & was generally offered about £12,500 - £13,500 for the Brera & £3500 (!!!!!!FFS) for the GPS.

Then I found (Autotrader) a 20,000 mile (56)Z4MC for less than £19,000 (CC Cars of Oldham). They agreed in principal to a straight trade (swap) for both my cars & I nearly did it. However, I spotted a (56) Z4MR at Cooper BMW, Chelmsford for £19,450. Initially they wanted both my cars & £1K. I said no, but I WOULD accept a straight swap. Within 2 minutes the deal was done. I hadn't physically seen the Z4M & they had not seen my cars. That was last Friday & incredibally Coopers got the car MOT'd & Taxed for me to deliver my cars & collect the M on Saturday. Mightily impressed.

There was a small downside though: I spotted that there was no locking wheelnut key in the car, but a techie provided one from his personal master set. Also there was no "roll-up" toolkit. That concerned me becaue there was therefore no Towing Eye. A quick call to BMW UK sorted it.

I was a bit worried about the tales on this forum of only 17mpg having had an RX8 (Briefly!) that struggled to 20mpg! Today I brimmed the tank & over 133 miles (including "playing" with the acceleration I have returned 26.8mpg. I will never look back.

Unfortunately this tale will be of no consolation to those of you who paid £30K+ 12 months ago, but the Z4C/R is now one of the performance car bargains of the decade.What I don't understand is how the dealers can today ask more for a bog standard 3.0 than a lower mileage M car?

As a tip for you all, my Brera was insured through Swiftcover.com @ £210 inc Protected Bonus. Incredibly, Swiftcover will also insure a second car registered to the policyholder with a SECOND full NCD. My Fiat cost me £115 in addition to the Brera! Sadly, Swiftcover insisted on a Tracker fitment (£450-£500 + annual subscription) on the Z4M so I have shopped around & the M is insured (don't laugh) with Norwich Union via KWIK-FIT Fully Comp with Protected Bonus for £33.09 a month. This also includes a £3 a month premium to cover up to £500 of your Excess (mine is £750, so if I had either Fault or No Fault bump I only pay £250..). That £3 premium also more than covers the £400 excess for vandal damage. A bargain methinks.

Forget depreciation & enjoy your fantastic cars. I am so grateful that circumstances enabled me to buy this car. I intend to keep it for many years, having lost tens of thousands of pounds over the last 10 years.

Lovin' it!!!

 

[pvr]

Nice story

Oh - I paid 43k for my 2007 M, having achieved a 13% discount on list which I thought was very good at the time. I am not going to give the car away, so it is a keeper for a bit as well until the prices have leveled off.

 

[mmm-five]

I paid £26,500 at the end of November 2008 for a December 2006 which was originally a £47k car (according to original invoice).

It's probably worth 50p and a conker now, but it'll be a 5 year plus car for me - unless something major like a recession happens

 

[gannet]

Welcome to the forum and nice story...

Pics?

 

[senwar]

I actually saw a couple of 56 plate M coupes on Autotrader earlier this week for sub £19k.

I was pretty bloody gobsmacked!

That is an astonishing piece of metal for the money, it really is. If people are in the market for these cars, even if it was a 'fun toy' car, then now is a brilliant time to buy.

When I bought mine in March 07, I paid £40k (that included 2k finance contribution) on a book price of £44,600. I based my figures on selling the car in March 2010 and expected to get about £23k-£25k for it then. Not a cat in hells chance....

I never thought in my wildest dreams that they would depreciate as rapidly as they have. But they have - and I just ignore that now and enjoy the car. I still aim to sell in March 2010, and would like to get as close to £20k as I can (I have a few extras) unless the market picks up, then I want a lot more!

Anyway, welcome mate, you've got a great motor and sounds like you got a decent deal

 

[Breaker]

It's the way of certain performance cars, especially the 2 seater variety. I too saw an add in a local BMW website for a 58 plate 3.0si Coupe, very low mileage for sale nearly £1200 more than a 2007 M Roadster with low mileage!
Cost of ownership is a big factor now for buyers. I've been offered more lately for my Z4 3.0si against a low mileage 2008 Z4M Coupe from a local dealer than I was at the beginning of the year. Same M car but lower price as it's just no shifting! Wasn't looking, but they asked me if I was interested. I'm not. Pleased with mine.

I think if we hold on to ours they may level out soon, even with the new one coming out.

 

[Dragonsbreath]

I paid £26,500 at the end of November 2008 for a December 2006 which was originally a £47k car (according to original invoice).

It's probably worth 50p and a conker now, but it'll be a 5 year plus car for me - unless something major like a recession happens

 

[Breaker]

Looks like the M roadster has gone. This is the 3.0si for sale.

http://www.cotswoldbmw.co.uk/usedbmw/view_model.html?dolnDealerID=16259&currentCh=WBADU52050LF69425

and this is an M Coupe at another dealer that is in the next city!

http://www.rybrookworcesterbmw.co.uk/usedbmw/view_model.html?dolnDealerID=33512&currentCh=WBSDU92000LF78889

 

[Dragonsbreath]

It's the way of certain performance cars, especially the 2 seater variety. I too saw an add in a local BMW website for a 58 plate 3.0si Coupe, very low mileage for sale nearly £1200 more than a 2007 M Roadster with low mileage!
Cost of ownership is a big factor now for buyers. I've been offered more lately for my Z4 3.0si against a low mileage 2008 Z4M Coupe from a local dealer than I was at the beginning of the year. Same M car but lower price as it's just no shifting! Wasn't looking, but they asked me if I was interested. I'm not. Pleased with mine.

I think if we hold on to ours they may level out soon, even with the new one coming out.

Bite their hands off pal. Within 3 months there will be a general election & you will look back as all the Road Tax rises etc. are reversed. Prices will continue to drop on £400+ Road Taxed cars, but when the tax situation is reversed who is the winner? :wink:

 

[Breaker]

It's the way of certain performance cars, especially the 2 seater variety. I too saw an add in a local BMW website for a 58 plate 3.0si Coupe, very low mileage for sale nearly £1200 more than a 2007 M Roadster with low mileage!
Cost of ownership is a big factor now for buyers. I've been offered more lately for my Z4 3.0si against a low mileage 2008 Z4M Coupe from a local dealer than I was at the beginning of the year. Same M car but lower price as it's just no shifting! Wasn't looking, but they asked me if I was interested. I'm not. Pleased with mine.

I think if we hold on to ours they may level out soon, even with the new one coming out.

Bite their hands off pal. Within 3 months there will be a general election & you will look back as all the Road Tax rises etc. are reversed. Prices will continue to drop on £400+ Road Taxed cars, but when the tax situation is reversed who is the winner? :wink:

Not going into the debate again, but I can't see any point myself! :wink:
Anyway, if they drop the road tax they will put something else like fuel duty up! You don't actually think we ever get anything from any Government do you? :roll: :wink:

 

[Dragonsbreath]

I actually saw a couple of 56 plate M coupes on Autotrader earlier this week for sub £19k.

I was pretty bloody gobsmacked!

That is an astonishing piece of metal for the money, it really is. If people are in the market for these cars, even if it was a 'fun toy' car, then now is a brilliant time to buy.

When I bought mine in March 07, I paid £40k (that included 2k finance contribution) on a book price of £44,600. I based my figures on selling the car in March 2010 and expected to get about £23k-£25k for it then. Not a cat in hells chance....

I never thought in my wildest dreams that they would depreciate as rapidly as they have. But they have - and I just ignore that now and enjoy the car. I still aim to sell in March 2010, and would like to get as close to £20k as I can (I have a few extras) unless the market picks up, then I want a lot more!

Anyway, welcome mate, you've got a great motor and sounds like you got a decent deal

Hello Senwar, I'm sure you remember me? Without a complete change of Government ( remember, hardly any of the Cabinet ever drove or held a drivers licence: Gordon Brown is one eyed. Alastair Darling was originally responsible for the CSA. All current Ministers revel in their ability to get pissed in the House of Commons then 'phone for a Government (taxpayer funded) car to deliver them back to their (taxpayer funded) Central London flat - usually within 1000 mtrs of Admiralty Arch. If you are named Mandy, bent as a nine bob note with a bottom like the torpedo exit on a nuclear submarine & promise Gordon that you won't reveal his college history, you will do well. Virtually NONE of the current Cabinet have ever diven or hold a Driver's Licence. They are a total waste of space.

Edit [sp3ctre]: *DELETED* This is not the place for accusations, true or otherwise. Please keep these sort of comments offline

These things catch up eventually.

 

[pvr]

Maybe a subject for off-line discussions?

 

[cj10jeeper]

Interesting story of the purchase Enjoy the car

I can actually see what the 3.01 would right now fetch more than an ///M (taxs, servicing, more hardcore, so less market, etc.) It will be interesting to see where it all levels out in a couple of years. I for one believe all, but especially non ///M's, still have a fair bit of dropping to go yet, especially with a new model on the horizon.

 

[Herminator]

Interesting story of the purchase Enjoy the car

I can actually see what the 3.01 would right now fetch more than an ///M (taxs, servicing, more hardcore, so less market, etc.) It will be interesting to see where it all levels out in a couple of years. I for one believe all, but especially non ///M's, still have a fair bit of dropping to go yet, especially with a new model on the horizon.

Now you're just giving me ideas....
Sell my Z now and wait 2-3 months for a coupe to come into price range :evil:

 

[Andy]

Some interesting parallels here.. 06 Z4MR, also covered with Norwich Union - through a broker. Didnt know about the £3 thing though, might investigate. Came from an 02 Alfa Spider as I love the italian motors too.

I often think about the depreciation issues, but to be honest i've almost had my car two years now and paid £31k for it, 6months old. If it's worth £19k now (I know it's not, but don't make me cry) I definitely think the last 20-odd months of driving such a sensational vehicle where even a small journey is a huge event - is definitely worth £6k a year.

 

[Dragonsbreath]

Some interesting parallels here.. 06 Z4MR, also covered with Norwich Union - through a broker. Didnt know about the £3 thing though, might investigate. Came from an 02 Alfa Spider as I love the italian motors too.

I often think about the depreciation issues, but to be honest i've almost had my car two years now and paid £31k for it, 6months old. If it's worth £19k now (I know it's not, but don't make me cry) I definitely think the last 20-odd months of driving such a sensational vehicle where even a small journey is a huge event - is definitely worth £6k a year.

Just go on the "Kwik Fit" car insurance site or use "GoCompare.Com". For just £3.00 a month you can insure your Excess to the maximum value of £500 - irrespective of blame. I think it's an incredible deal....

 

[Dragonsbreath]

Some interesting parallels here.. 06 Z4MR, also covered with Norwich Union - through a broker. Didnt know about the £3 thing though, might investigate. Came from an 02 Alfa Spider as I love the italian motors too.

I often think about the depreciation issues, but to be honest i've almost had my car two years now and paid £31k for it, 6months old. If it's worth £19k now (I know it's not, but don't make me cry) I definitely think the last 20-odd months of driving such a sensational vehicle where even a small journey is a huge event - is definitely worth £6k a year.

No car on this planet is worth £ 6000 a year - unless you are running a plumbing/electrical company & ripping off householders at £200/hr. This happens in Norfolk & I get mightily p****d off when I see it. Over the past 6 weeks I have decided which forum members are ripping Joe Public off. It's fairly obvious, as a busy businessman would not bother himself posting on forums. I rest my case & understand that "Senwar" will want me banned for telling the truth about him.

 

[Andy]

Mines definitely worth 6k a year to me, with the original warranty and the fact that they were a lot scarcer 2yrs ago.

I dont rip people off, i work very hard for my money which means I enjoy my hobbies more but i too am a busy self employed businessman and love this site

We're a very happy community here and whilst i've never seen anyone banned in the good time i've been watching, deliberate accusations of things have no need to be in the public domain and im sure others will be disappointed that your interesting leading story is turning into malice

Shouldn't you still be out enjoying your car ?

 

[Andy]

*whoops*

 

[mmm-five]

Even if mine costs £6k a year, it'll still be cheaper than running an e34 M5 for the same period.