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      01-19-2013, 08:41 PM   #1
uhn2000
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Might have to sell - need advise.

Well this weekend I got some very unexpected (great) news on the business side; looks like I might have to go overseas and spend a large majority of my time outside of Canada. Wife (+son) might join me at some point if it turns into a longer term gig but with the ///M potentially sitting there and collecting dust for a minimum of 12 months I am thinking of selling. No point taking a depreciation hit with no pleasure associated. If I had to walk away when do you guys think would be the best time to do it? I am still kind of in shock on the whole thing and the ball is in my court on whether to take it or stay - yes I negotiated a car in my package

Now? Spring? Just post it and wait? Its a virgin still with only 1500km!!!

Thanks all...
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      01-19-2013, 08:50 PM   #2
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wow. Congrats on your new job prospect.

If you are gone for that long, then obviously, there is no point to keep the car. If I were in your shoes, I would ask the dealer to see how much of a major hit if I have to sell it back to them.
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figure 10% off of what you actually paid may be a possible offer from the dealer but anything greater than that, you should try to sell on the open market.
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      01-19-2013, 09:45 PM   #3
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My opinion you will lose at least 25 % just look at resales Pfaff had one for resale at 85 K ....... I would have your prospective employer overseas pay the 2 k to ship it to wherever, insure it, then drive it in a new country.... If you are there long enough you might get a better resale. The above is assuming you own it out right if not your lender would not allow you to export it from Canada unless you have it secured.
Congratulations on your new adventure...
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      01-19-2013, 09:49 PM   #4
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Great option by AM47. If selling is a necessity, then I would do sooner rather than later because of the depreciation.
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      01-19-2013, 10:03 PM   #5
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Quote:
Originally Posted by bobblehead View Post
wow. Congrats on your new job prospect.

If you are gone for that long, then obviously, there is no point to keep the car. If I were in your shoes, I would ask the dealer to see how much of a major hit if I have to sell it back to them.
I
figure 10% off of what you actually paid may be a possible offer from the dealer but anything greater than that, you should try to sell on the open market.
Great idea, I just reached out to them.

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Originally Posted by AM47 View Post
My opinion you will lose at least 25 % just look at resales Pfaff had one for resale at 85 K ....... I would have your prospective employer overseas pay the 2 k to ship it to wherever, insure it, then drive it in a new country.... If you are there long enough you might get a better resale. The above is assuming you own it out right if not your lender would not allow you to export it from Canada unless you have it secured.
Congratulations on your new adventure...
I know Pfaff well and that M5 was a 2012 with 12,000km on it, no full leather either. I am going to the middle east to open a branch office over there. I highly doubt that my car can be imported there but definitely something to look in to.
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      01-20-2013, 07:56 AM   #6
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I think you'd be surprised at how easy the global economy has made shipping and exporting/importing cars. I'd absolutely consider that option #1.

If you had to sell I'd wait for warmer weather for this type of car.
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      01-20-2013, 08:05 AM   #7
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OP mentioned he has already asked and will receive a company paid car.

I guess if he really wants to, he can keep the M5 (shipped it) and give to wife to drive later on when the rest of the family joins him.
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      01-20-2013, 08:20 AM   #8
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I swapped my March 2012 one with 7000 miles two months ago against a new SL500. Paid 85k new for the M5 and best I could get was 55k. Merc dealer passed it over to BMW who marketed it for 60k. I also offered it back to Park Lane as a straight buy back and they offered the same 55k. I cant see many people buying one of these cars privately and I wouldn't fancy the risk of selling it that way either. So brace yourself for a big hit and just make sure you go on a few great drives before you hand it over! Good luck and congrats on the job!
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      01-20-2013, 11:16 AM   #9
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A one year old car typically goes for 80% of MSRP. You should be able to do a little better than that since your car is not one year old. You should be able to get 5k less than the lowest dealer price on a new one. I would guess 86% of MSRP.

I have some experience selling one year old cars since I'm a serial addict of the new car smell.

However I just noticed you're in Canada but my comments relate to the US.

Also note another poster commented on used M5 prices but yours is 2013 not 2012 so there should be a spread versus other used cars which are 2012.
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      01-20-2013, 06:40 PM   #10
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Quote:
Originally Posted by PeterM5 View Post
I swapped my March 2012 one with 7000 miles two months ago against a new SL500. Paid 85k new for the M5 and best I could get was 55k. Merc dealer passed it over to BMW who marketed it for 60k. I also offered it back to Park Lane as a straight buy back and they offered the same 55k. I cant see many people buying one of these cars privately and I wouldn't fancy the risk of selling it that way either. So brace yourself for a big hit and just make sure you go on a few great drives before you hand it over! Good luck and congrats on the job!
Thanks so much for the input - I am hoping that with the lower KM and being fully loaded it will go for about $15k off MSRP.. which is about 85% off of the retail price. In Canada the market is small and these cars tend to ok with maintaining their value. Cheers mate!

Quote:
Originally Posted by stealth.pilot View Post
A one year old car typically goes for 80% of MSRP. You should be able to do a little better than that since your car is not one year old. You should be able to get 5k less than the lowest dealer price on a new one. I would guess 86% of MSRP.

I have some experience selling one year old cars since I'm a serial addict of the new car smell.

However I just noticed you're in Canada but my comments relate to the US.

Also note another poster commented on used M5 prices but yours is 2013 not 2012 so there should be a spread versus other used cars which are 2012.
I was thinking about 85% as well - will see. Crappy situation to be in but it is what it is. Canada is a little different, tonight going to prepare the pictures and get the posting ready

Thanks so much for the help.
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      01-20-2013, 07:08 PM   #11
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Quote:
Originally Posted by uhn2000 View Post
Great idea, I just reached out to them.



I know Pfaff well and that M5 was a 2012 with 12,000km on it, no full leather either. I am going to the middle east to open a branch office over there. I highly doubt that my car can be imported there but definitely something to look in to.
You should import the car there. If you are going to dubai/saudi, you will have a blast with your M5 with cheap gas.
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      01-20-2013, 11:53 PM   #12
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Quote:
Originally Posted by PeterM5
I swapped my March 2012 one with 7000 miles two months ago against a new SL500. Paid 85k new for the M5 and best I could get was 55k. Merc dealer passed it over to BMW who marketed it for 60k. I also offered it back to Park Lane as a straight buy back and they offered the same 55k. I cant see many people buying one of these cars privately and I wouldn't fancy the risk of selling it that way either. So brace yourself for a big hit and just make sure you go on a few great drives before you hand it over! Good luck and congrats on the job!
I think you just aren't good at selling.

Here's another benchmark:
I sold my 2012 550i which I had for 12 months in October for $70k (that car had a sticker of $84k when new). So somebody paid $15k more for my 550i than they did for your newer lower mileage M5.

You got worked.

The dealers low balled me too. In the end I advertised online and got my asking price. In fact another guy even offered to pay more after I had accepted the deposit from the buyer!
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      01-21-2013, 12:20 AM   #13
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Those #s look like british pounds to me...55000 british pounds= 88000 usd, give or take

He still took a bath on his sale, but just sayin.
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      01-21-2013, 12:35 AM   #14
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Also looks like the british pounds symbol mysteriously disappeared in the quote, before that guy got put down.....again, just sayin.

But then again better shut my yap before i get banned again....hahaha.
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      01-21-2013, 01:10 AM   #15
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Quote:
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Those #s look like british pounds to me...55000 british pounds= 88000 usd, give or take

He still took a bath on his sale, but just sayin.
True, but the ratios still apply. He said he bought at 85k and sold at 55k after 8 months. I bought an 84k BMW 550 (actually i paid 75k for it) and sold it at 70k after 12 months. My dealer also offered me 55k on trade.

So clearly he wasn't good at capturing value. The bid-ask spread on these cars is 10k-15k. Dealerships make much more money on used cars than new ones.
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      01-21-2013, 01:18 AM   #16
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No argument there. Dealers make money on used cars....restaurants make money on drinks.....trophy wives make money on old men...the list goes on and on.
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      01-21-2013, 04:49 AM   #17
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Post where in middle east. Most of the places here you can import that car relatively hassle free and sell it for your original purchase price plus recoup the duty/shipping/insurance.
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      01-21-2013, 01:48 PM   #18
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Quote:
Originally Posted by stealth.pilot View Post
I think you just aren't good at selling.

Here's another benchmark:
I sold my 2012 550i which I had for 12 months in October for $70k (that car had a sticker of $84k when new). So somebody paid $15k more for my 550i than they did for your newer lower mileage M5.

You got worked.

The dealers low balled me too. In the end I advertised online and got my asking price. In fact another guy even offered to pay more after I had accepted the deposit from the buyer!
If you go to a Dealer and try to sell it I really believe you will lose a good 25% off MSRP. Sell it private to get a better price.
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      01-21-2013, 02:35 PM   #19
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Dealers will always buy lower and sell high - that's what they do. That and service/customer management work.
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      01-21-2013, 03:35 PM   #20
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Quote:
Originally Posted by stealth.pilot
Quote:
Originally Posted by MakeEmDrool View Post
Those #s look like british pounds to me...55000 british pounds= 88000 usd, give or take

He still took a bath on his sale, but just sayin.
True, but the ratios still apply. He said he bought at 85k and sold at 55k after 8 months. I bought an 84k BMW 550 (actually i paid 75k for it) and sold it at 70k after 12 months. My dealer also offered me 55k on trade.

So clearly he wasn't good at capturing value. The bid-ask spread on these cars is 10k-15k. Dealerships make much more money on used cars than new ones.
Exactly!
That guy got ripped the F off from selling it to a Dealer.
Even more so selling his car to a Merc dealer.
Should always research around before trading it in.
(After conversion)He brought the car for $135k and sold it for $87k. That is a lost of $48k after just 7000 miles. O_O
No car loses that much value after only 7000 miles.
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      01-21-2013, 04:34 PM   #21
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I think your numbers are incorrect smash, 85k euros=113,177 US$ so if he sold it for 55k euros that means he got 73,232 U.S.$. Which is 39,945$ US after driving 7k miles.

I think he was smoking the dope...
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      01-21-2013, 06:40 PM   #22
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Thanks all, I have looked into importing it and honestly its just not worth all trouble and challenges with sale, insurance, VINs, and taxes. Not to mention when I do get to Dubai I will be travling to Saudi, Lebanon, Jordan, Qatar .. etc. So I might not really be in one place for very long for atleast a year. This week I will be posting it for sale ahead of the spring to season to see if I can get some good value. I am patient and fair guy so willing to entertain a reasonable offer.
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