Should I buy an older X5? Answer NO

[richardb]

Originally Posted by Effduration

Interesting...I doubt most people are going to make videos to reduce ownership costs but you do, so it's fair game.

Excluding Youtube revenue it's been approx $1900 per year to keep an '05 6 cyl X5 in good shape..120k to 180k... and that assumes you do most of the work yourself, I think.

Yes, that is why I share two separate spreadsheets of numbers. I'm aware virtually no one would make videos in an attempt to offset running costs, but wanted to share my experience with it!

Yes it is about $1,900 a year if you do almost everything as a DIY. This cost of ownership should also factor in the fuel costs which I omitted. I think fuel costs would give a better picture for comparison purposes seeing how poorly these suck through fuel compared to almost any other SUV or car choice.

Interesting though, here is what KBB shows for the 5 year cost to own a brand new X5 with depreciation: $71,733 (includes fuel and insurance costs)

https://www.kbb.com/bmw/x5/2020/sdri...intent=buy-new

[crystalworks]

$1900/yr is about what I budget for any used BMW. Fuel excluded obviously. Most years fall well under that, but some years are $3-4000 so it averages. As you pointed out, way cheaper than anything new. But you do have to budget some additional garage time to keep these ol girls in good shape.

Edit: forgot, insurance in considerably cheaper on these old heaps as well. More savings.

[Happy]

Originally Posted by crystalworks

Insurance is considerably cheaper on these old heaps.

Hey! I don’t drive an old heap! Hahaha.. LoL..

[crystalworks]

Originally Posted by Happy

Hey! I don’t drive an old heap! Hahaha.. LoL..

I agree. I was speaking from the perspective of the insurance company and general driving public. Yours is a particularly good example of an X5 that would cost almost nothing to insure, but an older Porsche would be hard pressed to walk away from. Epitome of the sleeper.

[Happy]

Originally Posted by crystalworks

I agree. I was speaking from the perspective of the insurance company and general driving public. Yours is a particularly good example of an X5 that would cost almost nothing to insure, but an older Porsche would be hard pressed to walk away from. Epitome of the sleeper.

$62USD to be exact! Full coverage!

[richardb]

In my experience, anything that is financed and not owned outright will require full coverage and will cost at least an additional $100/month which is a drag.

[crystalworks]

Originally Posted by richardb

In my experience, anything that is financed and not owned outright will require full coverage and will cost at least an additional $100/month which is a drag.

Don't know your age or driving record, but in my experience once you hit 25 and are married, financed or not full coverage cost differences are negligible on most vehicles. Hah, funny (or sad) story, my 2001 Mustang GT used to cost $524/mo to insure. I was literally working to pay my insurance and rent. Ah, to be young. Once I turned 25 (got married and bought a house later that year) my insurance dropped to $150/mo. No policy changes were made and the vehicle was still financed.

The real influence (after 25yo w/ clean driving record) is the market value (and repair costs) of the vehicle being insured. Which is why an "agreed value" policy or clause is important for older vehicles that have either collectible value, or maintenance/modification value above and beyond the value of your average hooptie the insurance companies are used to insuring.

[richardb]

Originally Posted by crystalworks

Don't know your age or driving record, but in my experience once you hit 25 and are married, financed or not full coverage cost differences are negligible on most vehicles. Hah, funny (or sad) story, my 2001 Mustang GT used to cost $524/mo to insure. I was literally working to pay my insurance and rent. Ah, to be young. Once I turned 25 (got married and bought a house later that year) my insurance dropped to $150/mo. No policy changes were made and the vehicle was still financed.

The real influence (after 25yo w/ clean driving record) is the market value (and repair costs) of the vehicle being insured. Which is why an "agreed value" policy or clause is important for older vehicles that have either collectible value, or maintenance/modification value above and beyond the value of your average hooptie the insurance companies are used to insuring.

Yep I am over 25 and married with clean driving record. The difference I'm referring to is say $50 a month for liability/fire/theft vs. full coverage which would be around $150 a month. Wow that is crazy expensive for a mustang! Yes, to be young again.. they pay way too much in coverages but then again are most at risk. Once you own a house, get married and have a baby the driving style turns to old-man really quickly lol.

[crystalworks]

LoL very true Richard. And yes, was crazy expensive. But was a really fun car. Super cheap feeling interior, but made all the right noises with ceramic long tubes, x pipe, and side exit exhaust. My favorite sounding car I've owned.

So much so I've contemplated seeing what spintech mufflers and an x pipe would sound like on Red.

[bcredliner]

Personal cost of ownership is anecdotal. Every buyer has different experiences and used cars are not created equal. Minimizing cost of ownership is directly related to the pre-purchase due diligence. Find a vehicle that has had no more than 2 owners. Find one that didn't spend time in the snow belt. Find one with complete maintenance records. Find one that has a clean Carfax. Find one that has 75,000 miles or less. If over 75,000 miles be sure that all the maintenance that should be done with the extra mileage has been done. Have pre-purchase inspection done at a local independent BMW shop that specializes in BMWs and is well recommended. There will be some costs of operation but the purchase should be less risk--but not always. I agree with those that take the position that it is always risky to buy a used car if you can't DIY. Labor costs and factory parts are way too expensive. Whenever possible purchase a warranty if you don't DIY. Often the reason to buy used is payment related. That is high risk if your purchase limits don't allow you to find a vehicle that meets the above criteria. I think paying the higher cost up front is much better than hoping you won't have a costly problem.