Is this really such bad idea?? ( High mileage E36 M3 sedan)

I need the opinion of the community.

So here is the lowdown. I have a potential lead on an E36 M3 sedan than may be for sale shortly from a coworker. I haven't seen the car in person yet, but photos look clean. What I know so far is the following:

1997 M3 Sedan

5sp manual

white w/ black interior

cooling system completely gone thru within last 10k

rear subframes reinforced

all bushings replaced within last 10k

new shocks and springs (believe he said Koni's)

top end of motor refreshed within last 10k

straight body

And here is the last details........miles........ 260,000

So should I run far, far away, or does all the maintenance make me ignore the super high mileage? The car would be used as a dd commuter, and track/autocross toy. What would be a fair price to offer? ( Northern California)

Let the arguing begin!!

I'd ask for a compression test, but with all that stuff replaced, it looks like it should be good for a few more miles.

Gut feeling says, $5k-ish sounds fair because of the mileage.

If nothing leaks and the oil was changed on time I wouldnt think too hard about it. It looks like all of the main weak points have been addressed and these cars are pretty solid to begin with. My E36 has 217k miles and runs like a top. Do it.

That type of preventive maintenance speaks to an owner who is a knowledgeable, caring enthusiast type person. I say if the compression is OK go for it.

My E36 M3 is a beater with 180K on the clock, but the driveline is the one thing I still trust. The rest of the car (paint, interior, electronics, etc) are going to crap. If sight unseen I was to warn you away from this car it wouldn't be because of the mileage, it would be because it's a nearly 20 year old E36. But if you are the type who will continue to put time and money into fixing all the little irritating things that go wrong, you're fine.

Yeah, from the sounds of it, the car has had all the typical items addressed. He did mention that he was going to replace the shifter bushings, but everything else was in good shape. Until I see it in person, I won't know for sure.

Given all that is somewhere around 5k a fair price? What would you offer?

Any yes, a compression test is definitely going to happen.

Sounds like a good buy at the right price.

How long has he owned the car? It sounds like he cares about the car and it may be his "baby". If that's the case, an asking price may be tough to determine. I'd try to get him to tell you what he wants for it first, then work from there. As for "value" - $5K sounds about right.

Mine is still running strongly at 175000 miles or so. The interior hasn't held up very well, and there is some rust where it was repaired a long time ago. But the motor is strong.

I wouldn't hesitate. E36 M3s are terrific cars.

I'd buy it for 5k. I'm not scared of high mileage when the car has been maintained/cared for.

Well, I'll know some more in the next few days. See what happens!

While I would certainly consider the car, with 260k on the clock, I would think $4k would be more realistic.

That was my thinking. I figured if it is as clean as he says, I would like to keep it around 4k, but up to 5k at most. I also just found this little guy online, and I'm super tempted:

http://cargur.us/2xpKs

There does come a point where no matter how well maintained, a drivetrain will still physically wear. With 260k km on it, I would argue that it is close at hand to being at the "worn" point.

And I've had experience with meticulously maintained half ton gm trucks going 600,000kms. I would argue that those are built for better overall durability due to their nature than the M3. Of course, the us-spec E36 M3's motor wasn't very high strung, and if it hasn't had the living bejeesus revved out of it constantly its whole life, it may still be in ok shape.

Just food for thought.

In reply to HiTempguy:

That was my first reaction when I heard about the car. Part of me doesn't care how well "maintained" it is. At some point things are just worn out. I'm going to take a look at it just for kicks, and if it is descent and can be had for cheap, than maybe I will change my opinion.

On the other hand, I do like the idea of the one I found in Washington, less than HALF the miles . . . . tempting. . .

I'm with Hi Tempguy on this one. That car may have been well cared for but everything has a finite life span. I think 260k miles is a heavy toll on any vehicle. If you could get it dirt cheap and planned on a major component failing, plus be ok with that, I say go for it. If this is your daily and you're depending on it after spending every dime you could scavenge to purchase? That would be quite risky.

IMO - I'd be in for $4k max and only if its a decent rust free example. Realistically, its got 260k on it, so who in their right mind would buy it after you? I think its great that they did all the maintenance work on it. Just be prepaired to be the last owner of this car and a $4k + maybe $500-$1,000 a year for the next 3 years as it approaches 300k.
Of course I think you should do it, but for less buy-in that the others have said. Its OK to walk or run from this one.

Is this car in NJ and does the seller have an unusual first name, Irish last name and a Pantera in the garage?

In reply to Giant Purple Snorklewacker:

Not that I'm aware of?? The car is here in northern california

Im probably crazy but I say go for it. Even with a bunch of miles it will still be an awesome car to run

fornetti14 wrote: Realistically, its got 260k on it, so who in their right mind would buy it after you?

I would use this as a huge, huge bargaining chip. The market for quarter-million mile vehicles is tiny.

fornetti14 wrote: Realistically, its got 260k on it, so who in their right mind would buy it after you?

I'm jumping on this bandwagon. I looked at an E46 330Ci, original owner, 246k. He did everything - third cooling system, subframe repaired, second steering wheel, second left door panel, third center armrest. I mean, seriously. He wanted normal price and justified it on the condition and care. I wanted it, but in the end I realized that finding someone else to pay would be more challenge than I wanted. So if you are ok buying it, putting however much money into it, and comfortable getting $1000 when you want it gone and don't want to search months for the one right buyer then go for it. Otherwise the price needs to reflect the reality of the miles.

fornetti14 wrote: IMO - I'd be in for $4k max and only if its a decent rust free example. Realistically, its got 260k on it, so who in their right mind would buy it after you? I think its great that they did all the maintenance work on it. Just be prepaired to be the last owner of this car and a $4k + maybe $500-$1,000 a year for the next 3 years as it approaches 300k. Of course I think you should do it, but for less buy-in that the others have said. Its OK to walk or run from this one.

I agree with this. I can tell you from experience that selling vehicles with that kind of mileage is very frustrating regardless of condition, so I would hit him with a low price and move on if he doesn't bite. I've done that and had them come back later.

I don't get it. If it's a good running car that's been maintained properly, what's the issue.

You could pay a lot for a clean, low milage M3 and pop the motor at the track. If this car will see the track, it is perfect. I paid $4000 for my track M3 w/ 100,000 miles. It was rough, but again, perfect for my purpose, a track car. I dumped a ton of money into the car, but I know what I have and it is exactly the way I want it. Buy it, and start looking for a replacement S50, S52 or S54. That's the only real area of concern on a high mileage track car. I got a spare trans for $400.

If I pop my motor, I'll probably go S54.

I'd get it inspected by a reputable shop. I'd feel better with their recommendations. And you might be able to use it as a bargaining chip.