Hello,

I currently am an owner of a 2004 330XI. I am a new Dad and my wife is thinking about being a stay at home Mom. In order for this to happen, we need to reduce our car payment. I've been looking around for some cheap cars and came across an older 740iL. Here are the stats:

Year:1996
Miles:59900
Asking Price:$12,000

Here are my concerns:
1. I've never purchased a car of this vintage before. Is this car known to be fairly reliable?
2. I only want to drive/own this car for 2 to 3 years. Will this car fit the bill?
3. What should I expect to spend on a monthly basis for maintenance for a car like this?

I love my 330XI. However, I am sick of paying price to own it. If I trade it in and purchase the older 740iL, I would save about $350 a month and have it paid off in 2 years.

Part of me is totally into driving around an older car like this, but I want to make sure it is a reliable car for me over the next few years. What is your thought?

740 might not be a good car to buy. You could get unlucky and have to maintain it, costing lots of $$$.

They are very reliable if maintained.

Also, low mileage + age doesn't warrant that high a price on an e38.

Buy a higher mileage e38, for 3-4k cheaper and then buy an aftermarket warranty for 3k.

The asking price is too high, I paid $11,500 for my '98 over two years ago.

As for maintenance costs, all 10-year-old cars need a laundry list of things -- sensors, gaskets, bushings, hoses, etc, etc, etc.

My advice: I agree with Dolphin, find a '96 - '99 740iL that has already had all of its intake gaskets, sensors, hoses, control arms, water pump, valley pan, etc. replaced. Then you'll drive worry-free.

Go to www.autotrader.com (http://www.autotrader.com) and compare prices.

From what I understand, this car has had top care. It has been well maintained. What would be a fair price for this car?

From what I understand, this car has had top care. It has been well maintained. What would be a fair price for this car?

Don't buy that car. It doesn't matter if it has been well maintained -- that's really a non-issue.

If you buy it you'll just be a few months away from needing to replace a few thousand dollars worth of ... well, all those things I listed before.

But if you have your heart set on buying it, then I'd pay at most $8,000.

Here is a nation-wide search on autotrader.com, http://www.autotrader.com/fyc/searchresults.jsp?num_records=100&search_lang=en&page_location=findacar%3A%3Aispsearchform&search_type=both&distance=0&address=85225&marketZipError=false&style_flag=1&make=BMW&model=740IL&make2=&start_year=1996&end_year=1996&min_price=&max_price=&transmission=&engine=&drive=&doors=&fuel=&max_mileage=&color=&keywords_display=&sort_type=priceDESC&body_code=0&certified=&advanced=&default_sort=priceDESC&awsp=false&keywordsrep=&keywordsfyc=&systime=

Here are the results:
Highest Price: $11,995
Lowest Price: $4,800
Average Price: $7,870

Mileage wear is one thing. Age wear is another. Seals and electronics age regardless of miles.

Find a decent '98 for 7-9k with 90k-ish miles on it, and then buy a warranty with that extra dough. Thats my 2 cents.

Sad truth that it is. Don't get a BMW.
They can suck money just like Hoover. Just for a few years and reliable, go for a Honda or Toyota until things are better.
The 740 unless you get EXTREEMLYlucky will get expensive and you will regret it. I've seen up to $5k a year spent on parts and installation, not maintainance. I knew when I bought mine it could be a money pit but safety and ride were my criteria.
good luck with your new child it couldn't be safer than in your 330

Am I the only person to see the 740 as a good buy even with maintanance costs? Remember guys, we are not trying to make a 10 year old car new again. It's still an older car.


I think you would be happy with an E38. But I do think that price is a bit high.


Yes, I just had to put a new trans in mine. But at 150k, what do you expect? The 4.4 is tuff.

If you are anything like me, the enjoyment of driving even a 96 7 series compared to an 04 3 series will be a huge step up. This car has me smiling every single time I drive it. The maintanance cost really are not huge. The biggest issues are trans, and the cooling system IMO. if you are willing to use good recources and have any mechanical ability, you will be just fine.


But agian, for that price find a 99 and up E38. You will love the car.


But if you want a VERY low cost to run big luxury car, buy a Lexus or similar. But remember, these cars lack spirit.

+1 To all the above posts.

Unless you are extremely mechanically inclined and a DIY type of person with really good automotive skills. This car is not for those trying to save money. The e38 is not an economy car. It has lots of electronics, sensors, modules, and components that can get quite costly when they go bad. When everything is working right on the car-the quality of the ride, handling, and comfort cannot be beat. Owners of e38's have to be extremely diligent with the maintenance and upkeep of the car. These cars do last for very long times with extremely high mileage but at a cost of keeping them extremely well maintained. Hope this helps.

reduce car payments
reliable
cheap
saving money
not working but taking car of newborn
Not my words but his. The car is fantastic and I enjoy it quite a bit but if I have to spend money on window regulators,radiators,powersteering hoses,nav computer, expansion tank, $560 (cost for windshield itself) for a cracked windshield, $800 tires,$500 brake jobs(DIY) and $70 oil changes I won't worry about it. Sounds like that would be a concern to him.
that list is what I've done/going to do so far, I might have to do a $200 steering fix for the servotronic.
Caring for a newborn takes 30 hours a day, I know I've done it twice just like him.

Joonho, beat me to it :-(