Anyone Ever Take a Look At The Value Of Your e30 Lately?

[HellzMindPlaya]

So I had some issues a while back and I need to reestablish my credit. I was talking about it with my mom and she said maybe I could get a loan against my car title with someplace like United Finance, a finance company around here. Sounds fair enough, off to see what someone thinks my e30 may be worth if I decided to go that rough...

Well my first site I stopped at was Kelly Blue Book. They only go back to 1990 and I have an 89... I figured I would try another place the finance company's website listed, so I checked out Edmunds.com. They only go back to 1990 also...

I figured, what the hell, 1989, and 1990 aren't that big off a difference. I choose the 1990, I choose my color, I put in the miles the car has on it, and I put in that I would like to sell it. (Not really, but I want those values you know.) Well I start out with a car that has a TRADE IN value of $279!!! You must be kidding me... but after it took into account that the car has 225,000 miles (-$139) and that it is only in average condition (-$89) My car is now down to being worth $110.00...

$110... What the hell are they thinking??? FFFFUUUUUU... These numbers are trade in, as I figure that is about all they would give me a loan against my car for... That stupid website says that my car's True Market Value at dealer retail is supposed to be around $1397... I know for a fact that dealers around here are selling these for much more than that... What the hell?!?!

[Raxe]

Those guides are based on formulas, not real world values. An E30 M3 is only worth something like $4000 according to it's Blue Book value but everyone knows you can't get a decent one for less than $15k.

[blunttech]

congrats on dealing with your shit. so many people just bail on financial responsibilities. student loans, co signed loans etc etc. nothing shows your true character like biting the bullet and paying for what you rightfully owe. fuck these debt consolidation,debt relief places. we are all paying for it.

[HellzMindPlaya]

I wish I could say that I dealt with it, sorry..., Work cut hours and I couldn't pay everything, so I did the bankruptcy thing... Now I have to rebuilt it with that on there... If I could have gotten a loan of the whole thing and consolidated it I would have stuck with it and payed it off, but no one wants to really help you when it comes to that point.

Sorry!

[Holland]

My E30 dropped in value today, didn't have to check either, lol.

[gone002]

dude i bought my 1975 2002 for 2000$ in 1986

got it to a crash in 1991 ...(not my fault )
the repair bill can to 2700$
a judge gave me a judgement for 1100$

i said the same thing you did ...wtf!!!!
today with all that i have done to it....id be lucky to get 2k$ for it...face old cars are only worth the love you put into it!!!! no one will ever pay you for your love!

an old timer at a body shop once told me "if you a custom paint job on it and the paint costs 1000$ take 1000$ of the valve, cuz you and only you are gona love it!"

if you are looking for r.o.i buy gold not old bmws! (unless they are hella old garage queens w 15k miles on them)

[AbsorbantNut]

At least it only cost me $300 to buy. But this blows, insurance will rape if you total it.

[Raxe]

If you think it's really worth enough, get a professional appraisal from a respected appraiser. I've got one on my red car for $38,900 from 2006.

Will that hold up? I seriously doubt it, but it's a negotiating tool nonetheless.

[HellzMindPlaya]

Not really looking for return on investment... I know I will likely never get what I would truely like to get for her, but at this point they are impossible to get loans on or against i would imagine as most banks will lend only like 80% of wholesale value. Shit in todays word just about anything that starts, goes forward, and has a functioning reverse gear will bring in a grand! (I got my car for $600 and the girl friend is currently driving a $300 MK2 Golf!)

[whodwho]

At least it only cost me $300 to buy. But this blows, insurance will rape if you total it.

Insurance will try to go by the book but they need to value your car on replacement value and you can't buy a car out of the book so the street drives the price not the book. If you are ever getting screwed by insurance keep fighting back and show them street prices they have to give in some.

Just been there, just did that...long and drawn out but I won the battle!

[AbsorbantNut]

Insurance will try to go by the book but they need to value your car on replacement value and you can't buy a car out of the book so the street drives the price not the book. If you are ever getting screwed by insurance keep fighting back and show them street prices they have to give in some.

Just been there, just did that...long and drawn out but I won the battle!

Sweet! Good to hear, hopefully nothing happens to mine though *knock on wood*

Congradulations on winning as well!

[scabzzzz]

How old are you?

Bankruptcy? Did you really need to resort to that?

[HellzMindPlaya]

I am currently 24 went through the BK when I was 23... I was way too far in dept. I was young and stupid (am still young.) So far in dept that I couldn't see straight, and when you are in that far not many people really want to help you out. Don't ever get a credit card through First Financial. They are the ones who send you a card when you are fresh out of high school, or maybe even to some kids who are still in school.

I wish I wouldn't have had to go the BK route but I really don't have anything to show for it, I gave my car back, gave the motorcycle back, didn't have a house, so no loss there. I just need to start reestablishing my credit so that someday I can have that nice house.

I really didn't want to do what I did, I looked around to see what help I could get, but in the long run a BK is no worse than any other way I had out.

[blocke]

OP if you are trying to rebuild credit, go with either a secured loan through a credit union, or a secured credit card (ideally both). These wont cost you much more than a few dollars in interest..if that. You will have a higher chance of getting the loan because the bank is not putting out any of their own money, and there is no risk to them.

No lending institution is going to give you a loan against an E30. Its all about risk to them. If they give you a loan for whatever you say the cars worth..in the event you default (your credit score will lend them to think that you will), they must be able to get their money back by selling the car at auction. And since E30's prob go for a few hundred bucks or less, they would lose out on the difference. Its all about risk factors.

That's why you always see ghetto ass people driving Chrysler 300's and Dodge Chargers. Its all they can get financed on. Those cars can be bought at auction for thousands back of book, dealers can use the difference to roll the buy fee the finance co. charges just to take the deal.

Don't go the auto finance route. Use secured credit until you can qualify for store cards, and build from there.

[Restoman]

This is the real value of these cars. You and I are enthusiast, we care a bit more, call it nostalgic. In all seriousness these cars can easily cost more to repair at a shop than they are worth to a general buyer.