The Temptation to Buy an 2003 E55...
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Joined: Jan 2002
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From: Florida
The Temptation to Buy an 2003 E55...
Just figured I'd share my internal turmoil...
The salesman at the dealer who sold my brother his '03 E500 called to tell me that he has a black on black E55 there at MSRP. Doing research on the previous E55 and the new E500's I've figured out that from this point on for 2-3 years the 2003 E55s will lose close to $1,000 in value every month. Example: there are 2002 E55s (last year of previous body style) that had an MSRP of $72K and are now up for resale at $45K (lowest price I've seen). This '03 model is a bit of a step on from the last one and shouldn't take quite as bad a hit but its still horrible. As great a car as it is, I cannot justify a $1,400 car payment on top of $1,000 in lost value to an asset per month. It sure is hard for car lovers to endulge is it not? I could make that $1,400 payment on an investment property and spend that $1,000 per month on improvements and see it all back plus appreciation and be way better off financially in the end. I guess I should wait 12-18 months and pick up a used '03 E55 that still has warranty left for around $60K (or less probably).
Kevin
The salesman at the dealer who sold my brother his '03 E500 called to tell me that he has a black on black E55 there at MSRP. Doing research on the previous E55 and the new E500's I've figured out that from this point on for 2-3 years the 2003 E55s will lose close to $1,000 in value every month. Example: there are 2002 E55s (last year of previous body style) that had an MSRP of $72K and are now up for resale at $45K (lowest price I've seen). This '03 model is a bit of a step on from the last one and shouldn't take quite as bad a hit but its still horrible. As great a car as it is, I cannot justify a $1,400 car payment on top of $1,000 in lost value to an asset per month. It sure is hard for car lovers to endulge is it not? I could make that $1,400 payment on an investment property and spend that $1,000 per month on improvements and see it all back plus appreciation and be way better off financially in the end. I guess I should wait 12-18 months and pick up a used '03 E55 that still has warranty left for around $60K (or less probably).
Kevin
Last edited by JaxFL; Nov 2, 2003 at 08:07 PM.
Pole Position
Joined: Jul 2001
Posts: 2,222
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From: CA
If you're buying a car as an investment, there is no way you can justify buying new. The laws of the free market economy simply don't allow it!
If, on the other hand, you consider that you're buying fun, elegant transportation and can afford the inevitable monetary loss, then a brand spankin' new E55 might be right for you. I'm just wondering, though, how long a term that loan will be--my GS payment is more than $1400 a month and that's for a car that costs $25K less!
If, on the other hand, you consider that you're buying fun, elegant transportation and can afford the inevitable monetary loss, then a brand spankin' new E55 might be right for you. I'm just wondering, though, how long a term that loan will be--my GS payment is more than $1400 a month and that's for a car that costs $25K less!
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From: Florida
Originally posted by Iceman
I'm just wondering, though, how long a term that loan will be--my GS payment is more than $1400 a month and that's for a car that costs $25K less!
I'm just wondering, though, how long a term that loan will be--my GS payment is more than $1400 a month and that's for a car that costs $25K less!
Kevin
Re: The Temptation to Buy an 2003 E55...
Originally posted by JaxFL
As great a car as it is, I cannot justify a $1,400 car payment on top of $1,000 in lost value to an asset per month. It sure is hard for car lovers to endulge is it not? I could make that $1,400 on an investment property and turn that $1,000 per month into improvements and see it all back plus appreciation and be way better off financially in the end.
As great a car as it is, I cannot justify a $1,400 car payment on top of $1,000 in lost value to an asset per month. It sure is hard for car lovers to endulge is it not? I could make that $1,400 on an investment property and turn that $1,000 per month into improvements and see it all back plus appreciation and be way better off financially in the end.
But if you think you can afford both (the car payment and the property) then go for it. E55 is a fun car to drive after the M3.
Lexus Fanatic
Joined: Aug 2002
Posts: 7,379
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From: Florida
Not to break the vibe of the car investment discussion, but Benz's have one of the most awful depreciation values in the automotive market. The numbers JaxFL set forth in the 1st post pretty much represent how the rest of the Benz models are priced when resold. My friend just sold his 2000 S430 for a little less than $40K, when priced originally at $74K. That's almost a loss of $20K per year! 
Originally posted by Iceman
my GS payment is more than $1400 a month and that's for a car that costs $25K less!
my GS payment is more than $1400 a month and that's for a car that costs $25K less!
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Lexus Champion
Joined: Sep 2001
Posts: 1,808
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From: California
Originally posted by bitkahuna
Huh? How could you be paying $1400 a month for a GS!? Did you put almost nothing down on it? That's astounding. That's more than my mortgage was! I hate payments.
Huh? How could you be paying $1400 a month for a GS!? Did you put almost nothing down on it? That's astounding. That's more than my mortgage was! I hate payments.
Lexus Test Driver
Joined: Feb 2001
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From: New York
I just read a write up on the E55 and to be honest, the car is fast in the straight away but sucks when it comes to handling. The GS has a better lateral acceleration and stopping from 60MPH numbers. .83 vs .85 for the GS, and 127 vs 117 feet for the GS. Anyway, here is the Autoweek review of the E55 I still think it's a great car, wish the GS were that fast, but suspension and brakes need to be upgraded IMO for the amount of HP the car has. Good luck if you get that beast and post pics 
Edit Note: Having trouble locating the .85g spec for the GS in lateral acceleration. Found .83 but that was on all season 16" tires, looking for 17" summer tires, which I think gives the car .85g. Otherwise my statement above is flawed. So reader beware!
Edit Note: Having trouble locating the .85g spec for the GS in lateral acceleration. Found .83 but that was on all season 16" tires, looking for 17" summer tires, which I think gives the car .85g. Otherwise my statement above is flawed. So reader beware!
Last edited by GS430 GUY; Nov 4, 2003 at 07:33 AM.
