This past September, I purchased a brand new 2011 Ford Ranger FX4. Mainly for the reason of finding something a little more practical, and I had a fear of my car at the time. I had a 1999 BMW 328i E46 with a 5-speed manual, it was also my first car. Despite being a muscle car guy, I have a love for BMW cars. And I was very attached to my BMW, even though it had a rough life with previous owners, was starting to rust in a very bad location on the uni-body frame, had a failing VANOS system, every single bushing on the car needed to be replaced, and since the bushings were in bad shape and I could not get them done before subframe damage could be avoided (it was already well in the process of ripping) and the engine was also suffering from very minor blow-by.

So I decided to get a truck, thinking it would be nice to have. I wasn't enthusiastic about buying it and was very hesitant. And I wouldn't have bought it if the dealership didn't talk me in to it so well. I was okay with the purchase I had made for a few days, then I had realized that I made a mistake. I drive, not for the purpose of getting to where I want to go. But for the experience of driving. I drive to enjoy driving, and I find the only thing I really enjoy about this truck is the ability to see over parked cars when pulling out on to a street. I find myself extremely bored driving this truck, I don't pay attention like I did when I drove my BMW. And now driving to me feels like a chore. I used to love driving to work, I used to drive around even by myself just for the sake of wandering the roads aimlessly, but it was fun and I enjoyed it. And even though my BMW had many problems, it kept the car interesting. I liked fixing random things on my car that I had the tools to do. This truck, has absolutely no problems, which also makes me extremely bored and see it as undesirable. And also, where am I supposed to have fun with this? All the trails we have around where I am (we only have a few) are all gouged out by huge lifted trucks and I would for sure get hung up. And if I feel like throwing some mud and dirt around, my TSC still kicks in when it is supposed to be turned off, I found this out during a drive in the first snow fall of this winter. Even if I was to do any mudding or off-roading at all, I know I wouldn't find it fun at all.

So I got rid of something I enjoyed and loved, for something that seems impossible to have any fun driving. I've also noticed I'm not as happy as I was when I had my BMW. So what do I do? My emotional well-being has obviously taken a hit from this.

A solution; get rid of the Ranger. So a few days ago I looked up 2001-2006 BMW E46 M3s for sale. And found a few locally. One is too high priced and is also a private sale, the other is $3000 cheaper, of the same model year, more tastefully optioned and also for sale by a very reputable dealership. I test drove it yesterday, and for the first time in months I smiled while driving. The salesman noticed me to be "glowing" as I drove the car. It isn't my first experience driving an M3, I have a few times before. Upon return to the dealership we started talk on doing a trade, my truck for the M3.

I owe a rather large amount on the truck still ($29,500) and have no equity in the truck as well which is not appealing to a bank about to pay of the entire loan. The dealership is offering me $19,500 trade in value as the truck is still pretty much brand new condition, only having 2500 KM's on it. The dealership is asking just under $27,000 for the M3 which is an '05 with 127,000 KM's on it (79,000 miles, it is from the USA; originally from New York state). So the total loan principal is a bit over $39,000. They are offering a 6 year term as well. Payments bi-weekly at $331.00 which I have no problem with. The money for the loan is well worth it to me for that car. However I got a call this morning. They want a co-signer and $3000 down. The $3k is no problem for me, the co-signer is. So I may not get the car.

So now I have come up with a few ideas. Private sale the truck for as much as I can get, put that towards the loan on the truck I currently have to get a large amount of equity on the truck, and have the rest of the Ranger loan added on to the loan of the M3. Or see if they can get a different bank to get the financing through and see if they want me to have a co-signer.

I appreciate anyone's efforts to read all this, I just want thought and tips on what to do here. I am just so tired of feeling how I do, I miss my car dearly. And the M3 so closely resembles what my car was to me, but it is so much more as well since it is in fact my dream car. And it is in mint condition as well, everything is perfect. I checked the car myself. I truly don't care how much I have to pay for it, I feel like the improvement on my emotional well-being would be well worth every penny.

Thanks all, I appreciate you taking time to read this. Please feel free to share with me your thoughts and tips!

Here's a few photos of the vehicles I am talking about in this thread.

 

That's why there are markets, different people value things differently. It doesn't pay going through life unhappy with your wheels. Good luck with the Beemer.

Private sale will net you the most. People talk about the hassle of it, but I just unloaded two cars inside of a week using Craigslist and personal connections, so I could buy my used Ranger. The spread between trade in and private sale can be huge. One car I was selling had an NADA trade in of $1075 with a retail of $3150. I sold it for $1800, after knocking off $200 for some body dings.

One thing that might make that recommendation a little less attractive is sales tax. I don't know how it works in Manitoba, but where I live you pay sales tax on the net payment, i.e. if you buy something for $30 k and trade in $20 k, the tax is only on the difference, i.e. $10 k, or $700 where I live. If you bought the $30 k vehicle outright you would pay $2100. I don't know if that's enough to change your mind, but it's worth putting in the calculations.

 

Is $29,500 equivlent to US dollars? If so that was alot for the Ranger. And I think your Ranger is really nice. To get rid of it for the M3 is really going to put you in debt.
I would give the Ranger more time. I am sure you will grow to like it. To me paying all that money for the BMW is not worth it.

 

this

 

Why not buy a cheap BMW project car, post the truck for sale and drive the truck/ cheap BMW till u sell it. If u want something newer when the truck sells u won't have the debt. And in the mean time u will be occupied wrenching on the old beemer

 

Don't like your vehicle, get rid of it. Complaining wont make it any better.

 

x2

Find a nice little E30 and sell the truck privately. You'll have money to get the car in perfect running condition and money left over.

 

Just because the truck isn't breaking down, doesn't mean you can't wrench on it. Why don't you mod it? Body lift, suspension lift, tires, wheels, audio equipment, exhaust, tuner, exc. There are countless things that you can do to a Ranger to make it more fun/appealing to drive.

I too enjoy driving, and its hard for me to keep a vehicle stock. I'm constantly thinking of ways to improve it.

But overall, if you don't think you'll be happy with the Ranger no matter what you do then try selling it. If you can afford to take a hit on it (because you will) then go for it. No point in paying for something that you'll never be happy with.

 

I'd regret having a $29,500 mortgage on a Ranger too. Do yourself a favor and stay off the dealer's lots. You're already in way too deep for a vehicle. Buying a BMW is not a necessity, it's a luxury. One you don't need right now, you need to get out from under that $29,500 Ranger deal first. I would never sign a note for $29,500 for any Ranger. if you have some extra bucks, look around for a BMW fixer-upper that you can get cheap, and fix it up. But trading in the Ranger for $19,000 leaves you with a guaranteed $10,000 loss. That's really a bad deal they are offering you.

 

I agree, and either way you cut it you will lose money.

 

This. You come to a ranger site to complain about a ranger after comparing it to a BMW. Apples to oranges IMO.

 

I have a soft spot for BMW's also would i ever drop that much coin on one is i had that much of a loan out heck no. Keep the truck or better solution ill trade you a truck that will break on you and you can fix it haha.

 

 

X2 don't complain about it here. Just switch or do something to it.

 

Well, someone's going to wind up with a nice truck.

 

I absolutely love my Ranger. I purchased it in March of 2011 from a Ford Dealer Certified Pre-Owned with 39k on it. I got it for $17,000 (US) dollars, which I am paying off my Father for now. Only $13,000 more to go. No problems yet, and I already have 51k miles on it...

 

I do not have an answer for you on the Ranger/Loan dilemma.

I drive my ’03 Ranger (25K when I got it in ’08) everyday because I LOVE driving my Ranger. (retired motor-head that I am)
It gives me a feeling of being part of the truck, enjoying every sound, every movement and every feeling that happens on a daily basis (We are not talking about sex guys), of course the wife thinks I am crazy.
Your problem isn’t with the Ranger it is with the fact that you do not have BMW to drive, let face it a Ranger is not a BMW but not everyone wants the Experience of driving one either, (well maybe once).
Once my new sound system in and I hope the new engine, I will take long trips on the weekends just to drive it and show it off, you need to want to drive a truck or it won’t be a good thing to you.

Sorry that you are in the bind you are in, learn to enjoy driving the truck, maybe that is the solution… you need to personalize the Ranger to your tastes. Add some accessories, a new sound system, maybe some bucket Seats (if you don’t have them) chg up some LED stuff and get to know your truck.

Luck on your course.

 

Keep the truck and buy a BMW, best of both worlds and you'll always have a solid backup vehicle if needed.

 

If you have $3,000 to drop on a down payment why not wait until you can get out of the ranger completely. Put the $3,000 on the ranger loan and get that down to a better number like $22,000 and I am willing to bet that the dealer will work with you on getting that loan taken care of.

Then you will be out of the ranger and then you can start fresh with the BMW. I'm not sure how the bank would even agree to finance you for $39,000 on a $27,000 BMW. If you defaulted on that loan the bank would be in the whole $12,000.

 

I would suggest asking this question on a BMW forum.

 

First off, I would get underneath your Ranger and see where they hid some of them there gold pieces in the frame! $30,000 for a Ranger?!? No stock Ranger is worth it.

Of course your driving experience is not going to be the same, it is a pickup, not the ultimate driving machine and cannot be unless you do some serious mods like independent rear suspension, finding a way to set the engine back alot and LOTS of money!

You can do what you want but I would keep the Ranger since I don't know how you are going to get out of it and get a BMW on the side to work on. You can haul parts in your Ranger and since it is new, it should have a good warrantee on it so that should be a load off of your mind for now.

 

That's what they cost up here in Canada....
I paid $27 for mine and it was built for me.

 

Your going to go from bad to worse. You have to pay the money back eventually anyway, so you are just going to bury yourself in an old car, with miles on it and really be screwed. Pay down your ranger as quick as you can. Its new, has a warranty and not likely to give you fits.

I have been a professional BMW wrench for over a decade, you think your last E46 was expensive, an M3 will put you in the poor house. They eat bushing TWICE as fast as a non M, brakes are twice as much, they require a valve adjustment every 25K miles, We charge $1800 for a Inspection 2 that hits around 55K miles, which on any other car is called a 60K mile service. They have equal VANOS issues, clutch issues, and if you have to replace the catalytic converters, which is very likely, the parts alone are going to be $4K.

If you are going to take the short bus to hell, here are some tips

DO NOT buy an 01-03. These were plagued with issues with rod bearings, cats and a host of other early E46 issues. Stick to an 04-06.

DO NOT under ANY circumstance, buy an SMG car. They shift like crap, and break often, hydraulic units are common and are a $3K repair, trans is about $9K when the actuator or syncros go.

DO NOT buy one that has had major accident damage, check the seams between trunk and quarter panels, most of these were involved in single car vs curb/tree/pole backwards accidents.

DO NOT buy a car owned by a 20 something kid thats been modded. Its been trashed, guaranteed. Thats not to say ALL modded ones are bad, but the town virgin is worth more then the town ***** as they say.

DO have every potential purchase inspected by a BMW dealer, or BMW specific independent.

DO have the floor under the car around the rear subframe mounts inspected for cracks. They need to scrub the grime away to the base coat, the cracks start out as a hairline, anything over 25mm required a new rear floor pan welded into the car. I have seen diffs being held in by the exhaust and half shafts after the floor tears.

DO buy the nicest, newest one you can afford. Its better to pay more for a low mileage stock car, then one with twice the miles thinking your saving money, because you won't. The cheapest BMW is the most expensive BMW.

I can't check VIN#'s on any Canadian cars, but any in the US I can run on BMW's computer. If you have any questions, fee free to PM me.

Mike.

 

I am now dumber for reading all of that. You are comparing a ranger, that's right a ranger, to a BMW. Duh. You payed way too much for a small truck. Why wouldn't you just pick up a F150? It has power and rides like a dream. You should find a hobby instead of driving around aimlessly.

 

Go easy on him. Everyone has been stuck in a difficult place before ni one way or another. If it makes you feel better, I have a friend who is a Realtor that I had to help him out of an 02 S class last year with 198K miles on it, and he still owed $15k. I was able to get him a good enough deal on a CPO E class that between what he got trade in, the discount on the car, he only had to roll over an effective $5K, but like I said, you have to pay it back anyway, and owing money on a car that has several looming axes swinging overhead is never good.