Value M3/4, Bay Area, California (archive)

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The 1998 M3/4 5 speed is estoril blue, has 35,000 miles, was purchased as a certified car in December 2000, and driven 5000 miles by the present owner. I know the present owner, so no worries about being ripped off. The car has every option available, except fold down rear seats. The BMW 6 CD changer is in the trunk, and the current owner had the BMW alarm added. It has keyless entry. The car has a left front DOT-R fender, but no other sign of DOT-R (that I can find). The car had the sticker when it was certified by PeterPan BMW. The current owner has had no body work done to the car. Condition is virtually showroom perfect except for: Two right side wheels have curb rash (admitted goof by the current owner), two minor scratches in the paint (see it from 10' if looking for it), some wear on the left side bolster for the driver. That is it. The car was just serviced from top to bottom. The dealer also replaced the head gasket, something that others have said is a major warning sign, and normally I would agree. But, a well respected shop in Berkeley, CA said such a repair is no surprise to them. Not so uncommon with the 328 series the shop owner says. Says it is about a 6 - 7 hour job. This work was done under warranty. I drove the car before this repair and it drove fine. Perhaps a coolant leak to the outside? The BMW warranty is good for 100k miles and to December 2003. It drives fine, is tight, and runs as expected.

The bay area seems to command higher prices than many other parts of the country, but the asking price of $36,500 is certainly high, even here. I know that. But how much too high? The car is PRECISELY what we want, and this combination of features, color, doors, transmission type, warranty, and buying from a known person must be worth something, and I know only I can ultimately decide that. But, it would help to tell the seller that realistically, the value of this car, in this area, really is something other than $36,500. The value shown by some sources, such as Edmunds, I think, are fantasyland. Maybe not, but if someone in the bay area has purchased an M3 recently and is willing to disclose the price, it could help me become a first time BMW and M3 owner at a fair price. As an aside, I am aware of another car that is all but identical to this one, where I would think the prices should be lower, for the same asking price. It has less miles and is in superior shape, but may be a basis for comparision.

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