Is this as foolish as I'm thinking it is? 2002 M3 *UPDATE PURCHASED*

[PricklyPete]

So I don't need a new car...heck it's debatable that I need a vehicle at all (walk to work most of the time). That being said, I have a 2005 Toyota Tacoma that I use on occasion during the week...and on the weekends. It has been a fine vehicle, reliable, and cheap on maintenance (of course it should be reliable and cheap with only ~60K miles on it). Problem is I really do not enjoy driving it. I've needed it in the past for off-road purposes...but don't any more. It is a manual...but it is as clunky as they get and the truck handles...like a truck.

Well I've been getting an itch to buy a more "sporty" vehicle. Since I barely use my car...I'm not wanting to invest a lot...so I'm looking in the $15-18K range that is close to the value of my truck. I don't mind throwing some money in...but since I barely drive...I really don't want to throw a lot toward it (not to mention I just spent a nice chunk on my wife's car less than a year ago). I started with thoughts of a used 350Z or MX-5...but was thinking I want something I can haul my wife, dogs, and bikes with...Mazdaspeed 3, GTI, R32...these all seemed like possible good ideas. To be honest though, I've been wanting to buy a M3 for a long time...so I just searched and found some early 2000 models in my price range. I specifically found a 2002 with 76K on it for around ~17K. I've sent an email to arrange a test drive....but if it all checks out...am I being a complete, impulsive idiot for even considering?

Negatives that I can think of:
1) Bound too cost a lot more in maintenance/repairs
2) Likely much less reliable in the long run than my truck
3) Will likely cost more to insure than my truck (need to check with agent)

Positives that I can think of:
1) Should be a blast to drive (test drive pending)
2) refer to 1

So what do you guys think...

Cliffs:
1) 2002 BMW M3
2) Idiot?



UPDATE: Test drive on post 40 if you can read through my rambling....but here's the good stuff...the pics:

 

[SSSnail]

Do et!!!

You're in Cali now right? Do et!

 

[jlee]

Wife, dogs and bike with an M3?

I know it's a completely different animal, but check out a Forester XT - IIRC a Cobb Accessport will give you another 35hp/45tq and WRX springs will bolt in if you want it to handle better. I'm guessing you don't have a need for AWD, though?

On the other hand...maintenance costs on the M3 shouldn't be too bad if you hardly ever drive it, right?

 

[PhoKingGuy]

I think you'll be do for a service II soon on it, so make sure you have a good BMW mechanic take a look at the upper part of the engine to make sure it hasnt been thrashed to hell.

Other than that, theres not much quite like it.

 

[PricklyPete]

Do et!!!

You're in Cali now right? Do et!

Actually...Cali plans got put off for at least a year. I'm headed down to Miami/Ft. Lauderdale for at least a year starting at the beginning of November.

 

[PricklyPete]

Wife, dogs and bike with an M3?

I know it's a completely different animal, but check out a Forester XT - IIRC a Cobb Accessport will give you another 35hp/45tq and WRX springs will bolt in if you want it to handle better. I'm guessing you don't have a need for AWD, though?

On the other hand...maintenance costs on the M3 shouldn't be too bad if you hardly ever drive it, right?

Well my wife has a regular sedan...so most trips and whatnot will happen with her car. It even has AWD if ever needed...although the two places I'll likely be living in the next ~5 years is FL and CA...so don't really need that. Even though my wife does have a practical car, I'm a little hesitant to get a completely impractical car like a MX-5 that I can barely haul another person in. I'm not really interested in the Forester...but I could be talked into a WRX hatch...never much liked the sedans.

 

[jlee]

Well my wife has a regular sedan...so most trips and whatnot will happen with her car. That being said...I'm a little hesitant to get a complete impractical car like a MX-5 that I can barely haul anything in. I'm not really interested in the Forester...but I could be talking into a WRX hatch...never much liked the sedans.

I thought about a WRX hatch for a while, but 06+ (2.5l turbo vs 2l) cars were out of my price range. I decided to go with the FXT and am really happy so far. Then again, I have snow to deal with.

 

[punjabiplaya]

sounds like you just want a car to have fun in. go for it, you only live once.

 

[PricklyPete]

I thought about a WRX hatch for a while, but 06+ (2.5l turbo vs 2l) cars were out of my price range. I decided to go with the FXT and am really happy so far. Then again, I have snow to deal with.

I'm definitely not opposed to Subaru's...definitely not...they just aren't exciting me enough...well when just browsing. As I've said...I don't really have any incentive to do this other than just being really, really bored with my truck. The M3 just got me excited...I've pretty much enjoyed every BMW I've driven with a stick and an inline 6 engine.

 

[MikeMike]

http://www.autotrader.com/fyc/vdp.j...=&doors=&max_price=&cardist=10&standard=false

yea, thats a bit out of your budget... but you can find some NICE corvettes (i think C6's are in the low 20's if not lower... and C5 Z06's are low 20's)

 

[jlee]

I'm definitely not opposed to Subaru's...definitely not...they just aren't exciting me enough...well when just browsing. As I've said...I don't really have any incentive to do this other than just being really, really bored with my truck. The M3 just got me excited...I've pretty much enjoyed every BMW I've driven with a stick and an inline 6 engine.

I know the feeling, dude...I have an '05 Tundra which is now for sale. Too boring.

It's well worth having a car that gets you excited...you only live once!

 

[exdeath]

Go for a 2004+. No rod bearing recall, rear subframe issues fixed (I think?) and LED tails.

 

[DivideBYZero]

As an owner of a 2001 E46 M3 that I have had for over four years, I say buy it. Buy it now.

My car had the Rod bearing recall and has had no issues, and there have been no problems with rear subframes (this is largely isolated to the US, AFAIK) and I drive it pretty hard when I want to.

 

[Gibson486]

15-18K is not alot? I really did pick the wrong career.....

 

[PricklyPete]

Go for a 2004+. No rod bearing recall, rear subframe issues fixed (I think?) and LED tails.

2004+ are still going for decent cash I believe. Maybe I'll do some searching to see...not really wanting to spend much on this.

 

[PricklyPete]

15-18K is not alot? I really did pick the wrong career.....

It's not a lot given I will probably get nearly 15K for my truck.

 

[PricklyPete]

As an owner of a 2001 E46 M3 that I have had for over four years, I say buy it. Buy it now.

My car had the Rod bearing recall and has had no issues, and there have been no problems with rear subframes (this is largely isolated to the US, AFAIK) and I drive it pretty hard when I want to.

DbZ and exdeath...what is the rear-subframe issue? I'm sure it is all over M3 forums which I plan on searching later today...but what is the general issue?

 

[JulesMaximus]

Look for a complete service history. If there is no service history keep looking.

 

[PricklyPete]

http://www.autotrader.com/fyc/vdp.j...=&doors=&max_price=&cardist=10&standard=false

yea, thats a bit out of your budget... but you can find some NICE corvettes (i think C6's are in the low 20's if not lower... and C5 Z06's are low 20's)

In a lot of ways I'd love a corvette...but they are a bit more impractical than the M3. As much as I'd love a corvette, 350Z, MX-5, etc...I think I'd regret it the next time I need to use it and have no place to throw the two dogs...or convenient way to attach my bikes. I do love the chevy small block though. I've considered maybe the GTO...but honestly...the look doesn't excite me...and I want something that excites me.

 

[PricklyPete]

I think you'll be do for a service II soon on it, so make sure you have a good BMW mechanic take a look at the upper part of the engine to make sure it hasnt been thrashed to hell.

Other than that, theres not much quite like it.

Look for a complete service history. If there is no service history keep looking.

I would definitely get it checked out. I don't want this thing to become an immediate nightmare.

 

[Vette73]

In a lot of ways I'd love a corvette...but they are a bit more impractical than the M3. As much as I'd love a corvette, 350Z, MX-5, etc...I think I'd regret it the next time I need to use it and have no place to throw the two dogs...or convenient way to attach my bikes. I do love the chevy small block though. I've considered maybe the GTO...but honestly...the look doesn't excite me...and I want something that excites me.

G8 or a 4 Door Corvette (CTS-V)?

 

[DivideBYZero]

DbZ and exdeath...what is the rear-subframe issue? I'm sure it is all over M3 forums which I plan on searching later today...but what is the general issue?

It's not been a big issue with the E46 AFAIK, but it WAS an issue with the E36. From what I read you should ensure that the bushings are good, as these appear to have an impact on the subframe, which you would do anyway if you are looking after a car. In fact I made a point of asking my BMW dealer to check my rear trailing arm bushes (RTAB, another point to check) as they are prone, like any bushing, to wear. Bushings are a wear item that many people don't consider if they only keep a car till it's three years old. That said, my car is nine years old and the bushes are fine, YMMV.

 

[DivideBYZero]

Look for a complete service history. If there is no service history keep looking.

THIS.

In fact, insist on a full BMW dealer stamped service history or walk away. Ensure all TSB's have been applied and that the 1200 mile service has been performed and on time. If the 1200 mile service has not been done or was done late, run away as fast as you can.

 

[PricklyPete]

G8 or a 4 Door Corvette (CTS-V)?

If it is going to be a "fun" car for me...I really want a manual...so that drops the G8 because the GXP variant is hard to find and out of my price range (as much as I'd LOVE a G8 GXP if I could find it for under 20K). I like the new CTS and CTS-V...but the older design just didn't do it for me.

 

[PricklyPete]

It's not been a big issue with the E46 AFAIK, but it WAS an issue with the E36. From what I read you should ensure that the bushings are good, as these appear to have an impact on the subframe, which you would do anyway if you are looking after a car. In fact I made a point of asking my BMW dealer to check my rear trailing arm bushes (RTAB, another point to check) as they are prone, like any bushing, to wear. Bushings are a wear item that many people don't consider if they only keep a car till it's three years old. That said, my car is nine years old and the bushes are fine, YMMV.

Thanks for the info...I'll definitely take a look and get the car fully inspected by a professional.