Significant drop in SC430 resale value?
01-11-10, 06:57 PM
#1
Pit Crew
Thread Starter
Significant drop in SC430 resale value?
I just got my '02 SC430 last year and paid $22K with a brand new set of non-runflat tires. I realize that I overpaid for mine a bit, but I researched for a couple of months and there was hardly anything anywhere near me, so when this one popped up local in the color combo I wanted (black/saddle) I went for it. I don't think I did too, too bad. Mileage was a little on the high side at 66K miles. At the time I was close to buying a silver '02 (if I remember correctly) BMW M3 convertible with 45K miles for $23K. I went with the SC430 but have since somewhat regretted my decision because I miss the manual transmission and handling of my '07 Mazda RX-8 and also wish I had more rear seat space for passengers, and the M3 would have probably delivered more on all of that, but the SC430 is certainly a beautiful, beautiful car, and I'm sure much more reliable than the M3 would have been.
Nevertheless, when I made that decision I also made a guess as to which of the two cars would have had better resale value a couple of years down the road. I figured that the SC430 because it was rarer and more reliable would win out. Now it's middle of winter, so this is probably a poor time of year to do this, but I recently checked cars.com and did some comparisons between what '02-05 SC430's are going for and what '02-05 M3 convertibles are going for and I was a bit shocked and disappointed to see that the M3's had held their value (or even gained) and the once rare SC430 had become more common and lost more value.
I'm curious as to the opinions from others here as to whether you're seeing similar things (granted, you may not have done any comparisons to BMW M3 convertibles before), and/or why you think this might be and, perhaps more importantly, whether you think this trend will continue or if the SC430 might gain some ground and, perhaps, overcome the '02-05 M3 convertible in resale value over the long haul.
Nevertheless, when I made that decision I also made a guess as to which of the two cars would have had better resale value a couple of years down the road. I figured that the SC430 because it was rarer and more reliable would win out. Now it's middle of winter, so this is probably a poor time of year to do this, but I recently checked cars.com and did some comparisons between what '02-05 SC430's are going for and what '02-05 M3 convertibles are going for and I was a bit shocked and disappointed to see that the M3's had held their value (or even gained) and the once rare SC430 had become more common and lost more value.
I'm curious as to the opinions from others here as to whether you're seeing similar things (granted, you may not have done any comparisons to BMW M3 convertibles before), and/or why you think this might be and, perhaps more importantly, whether you think this trend will continue or if the SC430 might gain some ground and, perhaps, overcome the '02-05 M3 convertible in resale value over the long haul.
01-11-10, 07:26 PM
#2
I just got my '02 SC430 last year and paid $22K with a brand new set of non-runflat tires. I realize that I overpaid for mine a bit, but I researched for a couple of months and there was hardly anything anywhere near me, so when this one popped up local in the color combo I wanted (black/saddle) I went for it. I don't think I did too, too bad. Mileage was a little on the high side at 66K miles. At the time I was close to buying a silver '02 (if I remember correctly) BMW M3 convertible with 45K miles for $23K. I went with the SC430 but have since somewhat regretted my decision because I miss the manual transmission and handling of my '07 Mazda RX-8 and also wish I had more rear seat space for passengers, and the M3 would have probably delivered more on all of that, but the SC430 is certainly a beautiful, beautiful car, and I'm sure much more reliable than the M3 would have been.
Nevertheless, when I made that decision I also made a guess as to which of the two cars would have had better resale value a couple of years down the road. I figured that the SC430 because it was rarer and more reliable would win out. Now it's middle of winter, so this is probably a poor time of year to do this, but I recently checked cars.com and did some comparisons between what '02-05 SC430's are going for and what '02-05 M3 convertibles are going for and I was a bit shocked and disappointed to see that the M3's had held their value (or even gained) and the once rare SC430 had become more common and lost more value.
I'm curious as to the opinions from others here as to whether you're seeing similar things (granted, you may not have done any comparisons to BMW M3 convertibles before), and/or why you think this might be and, perhaps more importantly, whether you think this trend will continue or if the SC430 might gain some ground and, perhaps, overcome the '02-05 M3 convertible in resale value over the long haul.
Nevertheless, when I made that decision I also made a guess as to which of the two cars would have had better resale value a couple of years down the road. I figured that the SC430 because it was rarer and more reliable would win out. Now it's middle of winter, so this is probably a poor time of year to do this, but I recently checked cars.com and did some comparisons between what '02-05 SC430's are going for and what '02-05 M3 convertibles are going for and I was a bit shocked and disappointed to see that the M3's had held their value (or even gained) and the once rare SC430 had become more common and lost more value.
I'm curious as to the opinions from others here as to whether you're seeing similar things (granted, you may not have done any comparisons to BMW M3 convertibles before), and/or why you think this might be and, perhaps more importantly, whether you think this trend will continue or if the SC430 might gain some ground and, perhaps, overcome the '02-05 M3 convertible in resale value over the long haul.
01-11-10, 07:33 PM
#3
Pit Crew
Thread Starter
01-12-10, 02:43 AM
#4
I just got my '02 SC430 last year and paid $22K with a brand new set of non-runflat tires. I realize that I overpaid for mine a bit, but I researched for a couple of months and there was hardly anything anywhere near me, so when this one popped up local in the color combo I wanted (black/saddle) I went for it. I don't think I did too, too bad. Mileage was a little on the high side at 66K miles. At the time I was close to buying a silver '02 (if I remember correctly) BMW M3 convertible with 45K miles for $23K. I went with the SC430 but have since somewhat regretted my decision because I miss the manual transmission and handling of my '07 Mazda RX-8 and also wish I had more rear seat space for passengers, and the M3 would have probably delivered more on all of that, but the SC430 is certainly a beautiful, beautiful car, and I'm sure much more reliable than the M3 would have been.
Nevertheless, when I made that decision I also made a guess as to which of the two cars would have had better resale value a couple of years down the road. I figured that the SC430 because it was rarer and more reliable would win out. Now it's middle of winter, so this is probably a poor time of year to do this, but I recently checked cars.com and did some comparisons between what '02-05 SC430's are going for and what '02-05 M3 convertibles are going for and I was a bit shocked and disappointed to see that the M3's had held their value (or even gained) and the once rare SC430 had become more common and lost more value.
I'm curious as to the opinions from others here as to whether you're seeing similar things (granted, you may not have done any comparisons to BMW M3 convertibles before), and/or why you think this might be and, perhaps more importantly, whether you think this trend will continue or if the SC430 might gain some ground and, perhaps, overcome the '02-05 M3 convertible in resale value over the long haul.
Nevertheless, when I made that decision I also made a guess as to which of the two cars would have had better resale value a couple of years down the road. I figured that the SC430 because it was rarer and more reliable would win out. Now it's middle of winter, so this is probably a poor time of year to do this, but I recently checked cars.com and did some comparisons between what '02-05 SC430's are going for and what '02-05 M3 convertibles are going for and I was a bit shocked and disappointed to see that the M3's had held their value (or even gained) and the once rare SC430 had become more common and lost more value.
I'm curious as to the opinions from others here as to whether you're seeing similar things (granted, you may not have done any comparisons to BMW M3 convertibles before), and/or why you think this might be and, perhaps more importantly, whether you think this trend will continue or if the SC430 might gain some ground and, perhaps, overcome the '02-05 M3 convertible in resale value over the long haul.
Please take into consideration that in this economy , a lot of people are getting rid of their cars out of need. This depresses the market price. An example is a SC430 owner in Naples, FL. Their home goes down in value by 35% and they are underwater, they have to dispose of assets, their "toy" is the first to go, they need to raise cash and they wind up giving their car away. This scenario is repeating itself all over the US
01-12-10, 09:01 AM
#5
Pole Position
Join Date: Dec 2007
Location: CA
Posts: 219
Likes: 0
Received 0 Likes
on
0 Posts
The economy is really depressing used car values. I bought my '06 when it was 18 months old with only 6k miles on it. Paid $45k; he had paid $67k (including the chrome rims, tint, etc). His business was in trouble and he couldn't afford to keep the toy.
01-12-10, 01:48 PM
#7
Pole Position
Join Date: Sep 2008
Location: cA
Posts: 289
Likes: 0
Received 0 Likes
on
0 Posts
Wow - Talk about two very different cars/driving experiences. I can't imagine expecting M3 driving/handling and ending up in a SC car.
But - as others have already pointed out as long as you are happy in your current ride its too late to worry about value. Good news is that you only spent in the 20's -- imagine if you had gone for an 06-07 and dumped 40+K and got nearly the identical driving/owning experience.
Buying as you did - a 7 to 8+ year old vehicle pretty much ensures that you let the previous owners take nearly all of the depreciation -- all that's left for you to do is Enjoy
But - as others have already pointed out as long as you are happy in your current ride its too late to worry about value. Good news is that you only spent in the 20's -- imagine if you had gone for an 06-07 and dumped 40+K and got nearly the identical driving/owning experience.
Buying as you did - a 7 to 8+ year old vehicle pretty much ensures that you let the previous owners take nearly all of the depreciation -- all that's left for you to do is Enjoy
I just got my '02 SC430 last year and paid $22K with a brand new set of non-runflat tires. I realize that I overpaid for mine a bit, but I researched for a couple of months and there was hardly anything anywhere near me, so when this one popped up local in the color combo I wanted (black/saddle) I went for it. I don't think I did too, too bad. Mileage was a little on the high side at 66K miles. At the time I was close to buying a silver '02 (if I remember correctly) BMW M3 convertible with 45K miles for $23K. I went with the SC430 but have since somewhat regretted my decision because I miss the manual transmission and handling of my '07 Mazda RX-8 and also wish I had more rear seat space for passengers, and the M3 would have probably delivered more on all of that, but the SC430 is certainly a beautiful, beautiful car, and I'm sure much more reliable than the M3 would have been.
Nevertheless, when I made that decision I also made a guess as to which of the two cars would have had better resale value a couple of years down the road. I figured that the SC430 because it was rarer and more reliable would win out. Now it's middle of winter, so this is probably a poor time of year to do this, but I recently checked cars.com and did some comparisons between what '02-05 SC430's are going for and what '02-05 M3 convertibles are going for and I was a bit shocked and disappointed to see that the M3's had held their value (or even gained) and the once rare SC430 had become more common and lost more value.
I'm curious as to the opinions from others here as to whether you're seeing similar things (granted, you may not have done any comparisons to BMW M3 convertibles before), and/or why you think this might be and, perhaps more importantly, whether you think this trend will continue or if the SC430 might gain some ground and, perhaps, overcome the '02-05 M3 convertible in resale value over the long haul.
Nevertheless, when I made that decision I also made a guess as to which of the two cars would have had better resale value a couple of years down the road. I figured that the SC430 because it was rarer and more reliable would win out. Now it's middle of winter, so this is probably a poor time of year to do this, but I recently checked cars.com and did some comparisons between what '02-05 SC430's are going for and what '02-05 M3 convertibles are going for and I was a bit shocked and disappointed to see that the M3's had held their value (or even gained) and the once rare SC430 had become more common and lost more value.
I'm curious as to the opinions from others here as to whether you're seeing similar things (granted, you may not have done any comparisons to BMW M3 convertibles before), and/or why you think this might be and, perhaps more importantly, whether you think this trend will continue or if the SC430 might gain some ground and, perhaps, overcome the '02-05 M3 convertible in resale value over the long haul.
Trending Topics
01-13-10, 04:40 PM
#8
Absolutely!! The SC is still a vert- making it a seasonal car... For example
Purchased my SC430 January 1, 2009
Put approx 10k miles on the car
Sold my SC430 in the middle of June
Profit = $4 grand
Lesson Learned: Purchase Vert in middle of winter (preferrbly during snowy season/blizzard conditions) sell in middle/end of summer = Profit!!
Purchased my SC430 January 1, 2009
Put approx 10k miles on the car
Sold my SC430 in the middle of June
Profit = $4 grand
Lesson Learned: Purchase Vert in middle of winter (preferrbly during snowy season/blizzard conditions) sell in middle/end of summer = Profit!!
01-13-10, 05:50 PM
#10
i would never consider buying a used M3. people buy them for one reason. to run the **** out of them. they're not the most reliable car to begin with. once they've been abused, and 99% of them have been, they're rolling money traps.
01-13-10, 08:57 PM
#11
Driver School Candidate
Join Date: Jun 2003
Location: Florida
Posts: 46
Likes: 0
Received 0 Likes
on
0 Posts
being in the car industry, nov 2008 to jan 2009 was the cheapest ever ever for cars, and then they rose till nov 2009, so i do not think you can buy a vert in jan 2010 and make $4k by june 2010, prices look to be going back down this year.
01-14-10, 07:28 AM
#12
I considered a used 2003-2005 M3 convertible this summer from June-October in lieu of the 2nd SC I bought. Most of the M3's I drove were either too much of cream puffs (like 10k miles and the dealer wanted $40k for them) or they were out of warranty with 40-60k miles, by either year or mileage. I loved the performance, aggressive looks, sound and the SMG transmission, HOWEVER sitting in it (after just selling my beautiful 2002 red/ecru PERFECT SC with 29k miles on it), I looked at the industrial interior on the BMW and it took me back to the early 90's or something. I just thought the interior was ugly, the ergonomics were ancient and the fit/finish was very dull. Now, you forget all that when you are stomping on the gas and taking corners at a rivoting 60mph (on a 30mph corner)! Some of the best deals I found were a 2003 with 60k miles for $25k. I strongly considered it, but insurance and lenders did not give favorable terms either.
In my opinion the SC market is highly variable for each car, each region. Florida market seems to be really high resale. I called many dealers down there about SC's they had overpriced and they would not budget! CA market seems to be very soft. Midwest and Southwest seems to be pretty strong. NE market-soft. I saw an OH dealer sit on a 2005 Pebble Beach with 80k miles no warranty for nine months at $28k. Probably sold for $25k or so. A dealer in OK sat on a car (I was going to buy) for six months which was a 2006 with 52k miles on it white/camel for $28,500. That same car in FL was $32k with similar mileage. Mileage may be more sensitive on these cars than others. I bought my 05 PB from a dealer in San Diego that couldn't sell it. It had 10k lower miles than one here in Dallas, better owner history and cleaner but the one in Dallas sold for $5k more. Same exact car, same year, etc etc.
I think what you are seeing as well is consumers inelasticity and sensitivity to cars that are out of warranty...which means if you don't care about warranty (getting a non CPO, etc) then you can STEAL a clean wholesale car and roll the dice. But...to counter that, in this economy, what if you were to lose your job and had to replace the engine motor mounts on your SC? That would be thousands out of pocket. Granted, we are fortunate we drive dependable cars.
The depreciation scale on the M3 and SC430 have different pivotal points. I've seen the SC take the biggest hits in year one, but then again in year 3 and another big one out of warranty (typically year 4 or 5). The M3 seems to have a couple of larger points. Obviously the first year...$20k right off the top, but then they seem to be pretty stable (maybe BMW doesn't have as solid of a CPO program or not as many M3 verts made???) resale until they hit about 50-60k or the five year mark-then they drop big time. Perhaps the above M3 with 45k mentioned in the example hadn't hit that second wave yet? Or maybe someone's wishful thinking on the seller side was hoping it hadn't!
I would be very careful about buying a M3 for the "hot rod" reason. People do tend to drive them like they stole them and ditch them once they get out of warranty or their lease is up. ESPECIALLY if the car was leased-FORGET IT! I would never buy that.
Just my two cents. M3 is a nice car, but the SC is superior due to dependability, features, interior and comfort. PLUS-don't forget the SC is really like two cars. The M3 ragtop is just a rag top.
In my opinion the SC market is highly variable for each car, each region. Florida market seems to be really high resale. I called many dealers down there about SC's they had overpriced and they would not budget! CA market seems to be very soft. Midwest and Southwest seems to be pretty strong. NE market-soft. I saw an OH dealer sit on a 2005 Pebble Beach with 80k miles no warranty for nine months at $28k. Probably sold for $25k or so. A dealer in OK sat on a car (I was going to buy) for six months which was a 2006 with 52k miles on it white/camel for $28,500. That same car in FL was $32k with similar mileage. Mileage may be more sensitive on these cars than others. I bought my 05 PB from a dealer in San Diego that couldn't sell it. It had 10k lower miles than one here in Dallas, better owner history and cleaner but the one in Dallas sold for $5k more. Same exact car, same year, etc etc.
I think what you are seeing as well is consumers inelasticity and sensitivity to cars that are out of warranty...which means if you don't care about warranty (getting a non CPO, etc) then you can STEAL a clean wholesale car and roll the dice. But...to counter that, in this economy, what if you were to lose your job and had to replace the engine motor mounts on your SC? That would be thousands out of pocket. Granted, we are fortunate we drive dependable cars.
The depreciation scale on the M3 and SC430 have different pivotal points. I've seen the SC take the biggest hits in year one, but then again in year 3 and another big one out of warranty (typically year 4 or 5). The M3 seems to have a couple of larger points. Obviously the first year...$20k right off the top, but then they seem to be pretty stable (maybe BMW doesn't have as solid of a CPO program or not as many M3 verts made???) resale until they hit about 50-60k or the five year mark-then they drop big time. Perhaps the above M3 with 45k mentioned in the example hadn't hit that second wave yet? Or maybe someone's wishful thinking on the seller side was hoping it hadn't!
I would be very careful about buying a M3 for the "hot rod" reason. People do tend to drive them like they stole them and ditch them once they get out of warranty or their lease is up. ESPECIALLY if the car was leased-FORGET IT! I would never buy that.
Just my two cents. M3 is a nice car, but the SC is superior due to dependability, features, interior and comfort. PLUS-don't forget the SC is really like two cars. The M3 ragtop is just a rag top.
01-14-10, 11:39 AM
#13
I drove the new M3, and if the one you were looking at was similar, IMO, the M3 is the best thing since sliced bread. I can afford to buy a used M3. I can't afford to lose my car to the shop so often, or pay the repair bills on that car. I have never known anyone with a BMW, that did not require frequent repairs. I do not know how anyone could drive both cars, and favor the SC if all you are looking at is how well it drives. Nor could I figure out how someone could buy an M3 as a daily driver. I needed a daily driver.
01-14-10, 02:12 PM
#14
Moderator
Well you peeked my curiosity. I went over to the BMW site and started looking at some M3 specs... Very nice... Then I got the shock... I checked their "Black Book" value of my SC430...
Estimated Value 2002 KEXUS SC430 51000 Between $9,450 - $14,790
Can anyone say
Sure I realize this is a wholesale value...and it is in San Diego. This value just convinced me I made the right decision to keep it as my project and pleasure car.
Estimated Value 2002 KEXUS SC430 51000 Between $9,450 - $14,790
Can anyone say
Sure I realize this is a wholesale value...and it is in San Diego. This value just convinced me I made the right decision to keep it as my project and pleasure car.
01-15-10, 03:07 AM
#15
Pole Position
Join Date: Jul 2008
Location: WA
Posts: 266
Likes: 0
Received 0 Likes
on
0 Posts
^^Agree. Even though I bought mine used(05 SC in spring of 2008), I've noticed that the value of my used car has gone down even more than I would anticipated. I'm so used to Honda resale value (mainly Accord, CRV, and Civic) that I would hate the thought of buying the SC new and seeing it's value drop like this.
So like VVTiBOB, I will try my best to hang on to it and keep it as a leisure weekend car. After all, it still has a little uniqueness on the road. Also like some of the folks here who named their SC, I didn't named mine, but it has the most important person name (to me) on the plates - my daughter. She calls it her spy car
So like VVTiBOB, I will try my best to hang on to it and keep it as a leisure weekend car. After all, it still has a little uniqueness on the road. Also like some of the folks here who named their SC, I didn't named mine, but it has the most important person name (to me) on the plates - my daughter. She calls it her spy car
Last edited by howdybob22; 01-15-10 at 03:10 AM.