Currently heading towards my first 'real' car purchase, freaking out a little as my current high score is under $4k, and now I'm looking at spending up to 25k.
Anyway, test drove a 2002 E46 M3 yesterday, super clean car, two owners, barely 100k miles, nice all around.
The dealer had it inspected by a well reputed shop specializing in European cars, everything checked out except a cat - which they replaced.
My buddy (whom I normally bounce automotive ideas off of and owns a BMW himself) is suggesting that I get my own PPI, despite my having seen the report from the first garage.
Am I dumb for feeling paranoid about going for a second inspection with no reason to distrust the first?
Now I'm paranoid that even if I do get a second PPI, they'll miss something and I'll be boned.
Awesome.
I don't blame you one bit, and don't think you're being paranoid. $25,000 is a big commitment, especially if there is a chance that you could wind up paying exorbitant repair bills on top of it.
Not trying to be a jerk, but $25,000 for a 13 year old sport sedan seems high. In all fairness I haven't looked up any values but, it's pretty safe to assume it's been beat on and that's a lot of cash.
A brand new (as in 0 miles) factory warranty, etc., 2016 Mustang starts at $23,800 for the 300 hp V6. That's 300 hp @ 6,500 rpm and 280 lb/ft @ 4,000 rpm that nobody else has flogged on for 100,000 miles... 
Maybe not as sexy as a Bimmer flagship but, I'd assume it would be just as fast and engaging to drive.
In reply to The_Jed:
True, but it'll only be worth $8k in 13 years. 
In reply to petegossett:
You've got me there!
You'd probably have to be pretty lucky to get $8,000 for it in 13 years, judging by the price of base model Mustangs that are 13 years old now. That's something I had not considered.
A clean 2002 M3 should not be $25k. Assuming a cash transaction for a 14 year old car, I'd recommend shopping enthusiast sites and getting your own PPI. $15k will get you a nice E46 M3 with 100k miles if you shop around.
Tyler H wrote:
A clean 2002 M3 should not be $25k. Assuming a cash transaction for a 14 year old car, I'd recommend shopping enthusiast sites and getting your own PPI. $15k will get you a nice E46 M3 with 100k miles if you shop around.
My thoughts exactly.
On a 2002 M3 I would make sure the following is checked on the PPI:
- rear subframe mounting points
- rod bearings.
Neither are easy to check, so it will not be cheap.
Have the dealer check for bearing change records.
In reply to Slippery:
I wouldn't check them, I'd change them. In addition to the standard cooling system and bushing overhaul, M3s need new rod bearings and subframe reinforcements. They just do. That's why I recommend spending a premium from an enthusiast, where you should be able to find one that's had all this addressed (with proof,) versus paying a premium to a dealer. A clean PPI is just a snapshot in time.
One of my favorite magazine publications did an E46M3 buyer's guide that didn't pull any punches a while back.
I just bought a one owner 2002 M3 (SMG) with 79k miles ~2 weeks ago. Intake, exhaust, tune, PSS10 coilovers, comp package brakes, Turner sways, strut bar, extra wheels, tires, etc. Tyler's market assessment is spot on.
Gah, wasn't clear.
My budget is up to 25k, the car in question is 17k.
And - locally at least - it's the only 6-speed clean titled not hacked up/modified coupe I've found with less than 200k on it.
