Ultimate Driving Machine
Photo credit: wadan
I agree with Mark, it appears that 7m7y is the new hangout for BMWphiles (and, the occasional pickup truck owner). My wife thinks like Mark: she went for the ‘green experience’ with a hybrid Lexus SUV …
It is apparent that we have a bunch of BMW fans here! Looks like BMW did its job on producing great products and a strong branding effort. They did create the entry level luxury car market.
About my particular ride, it is a 2002 BMW 325i. This car was purchased back in 2005 – I did not buy brand new. In fact, I haven’t bought a brand new car yet. This was actually an interesting purchase. I was about to graduate with a Masters degree after toiling for 3 years on a part time basis. I just feel that I need to reward myself with something nice
The trouble was that I don’t have much time to go look at vehicles and I want to get the car right after I graduate. During that time eBay started eBay motors and I decided to browse around and found that cars are actually cheaper compared to local used car dealers! And yes, I bought my car on eBay, back in 2005. The process is quite simple, I don’t have a chance to kick the tires but did hire an independent inspector – he definitely did a better job than I would have. The savings from buying on eBay covers the cost of transporting the car and also a 4-year warranty ( haven’t got to use it yet).
The car was purchased at $16,500 back in 2002 where it already clocked about 75,000 miles. It is now almost 4 years later and accordingly to Edmunds , it has 3 values:
Trade in: $7,500
Private Party: $8,800
I’m using the Private Party value in my net worth calculation.
At that time, I did finance the whole cost, including transportation and the warranty. It was a $18,000 5-year loan at 6.75% but I did pay it off early last year in 2008 using a HELOC which lowers my cash flow requirement and also at a lower interest rate.
I’ve no immediate plans for my next vehicle but it is hard to step down. Maybe a “green” vehicle can offset the driving experience.