Has the market increased so much that the $15K rule (for a well-maintained E30M3 under 100K that needs no additional work) is no longer reasonable?
I recently looked at a 88 Silver/Grey M3 in Northern CA with 90K miles. Pre-purchase inspection found at least $2000 worth of work to bring the car to sound mechanical condition. The seller is asking for $15K prior to any work. Don't get me wrong, the car has been well-kept and in extremely good condition. Just worn control arms, flex disc and others need to be replaced.
A current search of M3s for sale turned out:
1990 Silver/Grey E30 M3 70K mi $19000, Houston, TX
1990 BMW Red/Blk M3 133000 $14999, Los Angeles, CA
VIRGIN M3 1988 Diamond Blk/red 91,800 $16,900 Anaheim CA
Very Nice 1988 White 78,000 $16,500 camden SC
Euro M3 Super Clean 1987 Diamnd Black 93,000 $16,000 Toronto
1988 E30 M3 2.5L 1988 White 190,000 $15,000 Fresno CO
1988 M3, wht/red 156k $14500
1988 BMW M3 Alpine White 156,000 $14,900 Seattle WA
Many of the above cars need some minor work. Most say that no work is needed. It seems like cars with under 100K miles are asking for around $17-19K. Cars well over 100K are asking for at least $15K and usually quite a bit more. The last car in Seattle is asking for almost $15K and the AC is not even working!
Has the market price gone up so much on these cars? Does the $15K rule need to be changed to $17-19K rule or are these simply over-optimistic sellers?