Son just bought a 11 year old 3 series for near £40 grand?!!

worried_jim

agrinnall wrote: »

Did you provide the money that he used to pay for it? If not then it's got sweet FA to do with you what he spends his money on. He's a big boy and can make his own decisions. Fortunately he probably understands cars far better than you do, and he may well have an appreciating asset while your tin box is depreciating into the ground.

A bit harsh but probably true, possibly an astute investment, one that will bring him much happiness as he uses it and it increases in value, wish my shares gave me so much pleasure!

motorguy

whitecloud663 wrote: »

My son just bought a 2004 BMW 3 series M3 CSL for £36,000 :S

As soon as he told me I literally had a heart attack and thought he was scammed as well as completely foolish for paying such a high amount!

Make matters worse he showed me the car and took me for a ride. Its probably the most flimsy German car I have ever been in. It doesn't even have air conditioning and the seats are extremely uncomfortable!! Lets not even go into the ride quality, felt like my run down Vauxhall Corsa I had 20 years ago!

Why is a luxury car that doesn't have basic things like air conditioning priced so stupidity high? I just don't get it! Absolute blasphemy

Hes probably been quite smart. Values of those are on the up.

If he'd bought a new Focus diesel he'd have given £20K for it, and it would have been worth about £8K in three years at best.

The CSL will at very least hold its money, but most likely go UP in value significantly.

motorguy

DaveTheMus wrote: »

http://www.pistonheads.com/doc.asp?c=161&i=27571

Those three little letters at the end is where the money goes...CSL.

If he takes good care of her then he won't lose much when it comes time to sell.

Values are on the UP. I'd say he'll at least break even or make money come resale time.

arcon5

A parent has every right to have concerns about their children, even if no control over his final decision.

motorguy

Tilt wrote: »

I agree. There are better cars to be had at that age for a LOT less.

Thats a subjective viewpoint.

There are various reasons why the CSL is the price it is. I guess you dont grasp the notion of classic when it comes to cars.

motorguy

Hintza wrote: »

Don't blame the car, it is your son who needs to be certified.

How much were these things new?

You serious?

:eek:

tim9966

There are plenty of cars that at first glance my appear average, but are in fact anything but.


How about £25K for a 27 year old Ford Sierra, but it's an RS Cosworth http://www.autotrader.co.uk/classified/advert/201311210063538


or £50K for a 20 year old Vauxhall Carlton, but it's the Lotus version which makes all the difference.
http://www.autotrader.co.uk/classified/advert/200740295691841/


If he keeps the mileage down, and keeps it in excellent condition your sons car will just increase in value. Might be worth £50K in 10 years time.

Iceweasel

whitecloud663 wrote: »

My son just bought a 2004 BMW 3 series M3 CSL for £36,000 :S

As soon as he told me I literally had a heart attack and thought he was scammed as well as completely foolish for paying such a high amount!

Make matters worse he showed me the car and took me for a ride. Its probably the most flimsy German car I have ever been in. It doesn't even have air conditioning and the seats are extremely uncomfortable!! Lets not even go into the ride quality, felt like my run down Vauxhall Corsa I had 20 years ago!

Why is a luxury car that doesn't have basic things like air conditioning priced so stupidity high? I just don't get it! Absolute blasphemy

I think that you have seriously misunderstood what real performance BMWs are all about. First off 2004 ones are scarce.

A 2004 3 series with 4 doors (more convenient than2?) with comfortable (non-sport) seats, with gentle bump absorbing suspension, with full air-con/climate control, and without the M-Sport alloy wheels (which themselves cost a fortune for genuine original ones) should be worth around £1000 - there are plenty to choose from.

Your son has made an investment in a car which will retain it's value at worst and is likely to increase in value - if he looks after it and doesn't change any of the original features.

Everything about it that you don't like is what makes it valuable.

The_Loan_Stranger

Surely it's all relative (no pun intended) really, if your son is financially comfortable and he derives pleasure from owning and driving the vehicle whats the problem? Admitedly if he has hiked himself up to his eyeballs in debt then it is a different story, but let's assume for these purposes he hasn't i can't see it's a big problem as long as he looks after it and services it properly and keeps it safe from some scumbag who takes a fancy to it, he should be able to get years of enjoyment from it if he so chooses. Although barring any disasters i can't see him loosing shed loads of money on it, i certainly wouldn't bank on making anything on it when he comes to sell, remember prices of desirable cars can go down as well as up!

gilbert_and_sullivan

Exactly Loan Stranger, the thing being that the cost of keeping these older unusual spec cars in condition is simply staggering, they have to be in original almost concours condition, if the OP's son gets away with £2/4k a year average in maintenance body touch ups and repairs alone over his ownership he'll have done very well.
The other problem is that not using them causes them to deteriorate in different ways to using them, between a rock and a hard place.

To be fair the car being more basic than the normal models has plus points, what isn't fitted can't go wrong, but even simple things like ball joints and brakes will be unique to to the very highest performance models and staggeringly expensive, and you have to keep it OE to keep its classic value intact, if engine or gearbox require work the costs will be seriously high.

We saw many people invest in classics and sports cars before, the market can crash as well as climb.