No, because its typical. Now if he had been a one-armed Lithuanian midget, that would be intesting. I will say its somewhat evidentiary of what we suspect is happening. Lots of people in the mortgage/RE sales industries are turning loose of their fancy toys. 47k for a 4 year old BMW doesn’t seem like a good price at all. Most vehicles loose 50% after 5 years.

If you are waiting till the prices on those sorts of luxury items comes down, now isn’t the time to bite, in my opinion.

Josh

A co-worker just got a BMW M3 2002 with 25k miles for 36k, car has no issues, pretty good deal I think. Plus I like the body style versus the new body style of the current generation.

2002 740i is an older style BMW, the guy selling has the same problem many RE sellers have, he hasn’t realized the truth yet, the price for that year BMW is about 9K lower. In addition prior model 7-series does not keep its value that well.

As a side note, the BMW 7 series has been one of the most unreliable cars on the market for quite a while. This goes for the new model as well as the previous 740i. The engine in the older 740i was notorious for seizing up and the newer models have lots of electrical problems. It figures a young hot-shot would get suckered into buying a 7 series.

Even money can’t steer you clear from mechanical problems

This comment is nothing new but – don’t these people think to save their money? It’s great that they’ve done well in the boom years – but who cares if they end up with nothing to show for it?

I strongly believe kids should be taught about personal finance in school. People will still do stupid things, but at least they will have some underlying knowledge of the basics of financial responsibility.

By the way, some of the best advice my dad has given me was not to buy too nice of a car too quickly – that it’s a lot easier to move up than to move down.