engine and drivetrain Need Some Feedback On 1975 Bmw 2002

[adrift]

Hello All,

 

I am new to this forum. I was hoping that some of you might be able to give your opinions on a 2002 I am currently considering purchasing.

 

I have had my eye on this particular 2002 since I was 15 years old (25 now). The owner of the car is a close friend of my fathers and through out the years my father and I have tried to convince him to sell us the car. He would usually laugh it off and tell us he'd never sell it. I was shocked when he gave me a call a few weeks ago telling me that he is ready to sell us the car, but for the "right price". I think he has settled on $13,000. I am worried that his asking price might be a bit too high, but I guess these cars are really worth whatever seller is asking and the buyer is willing to pay. He is the original owner of the car and bought it new in 1975. It has a green exterior with a black interior. The engine in the car is not original. The story is a bit confusing to me but apparently there was some kind of pollution issue with that years engine so he had a newer one put in a few years later. It has approximately 80,000 miles on it.  Other than that, all the parts on the car are original. It has been garaged for most of its life and hasn't seen much use in the past 8 or so years. I had it taken to a nearby mechanic to have him inspect the entire car. There are some very minor leaks under the hood, I think in the radiator and in the oil tank. There is rust, some small spots which are visible on the exterior and bumpers, but mostly underneath the car. I dont think its very bad, but the mechanic did say it would have to be taken care of within the next year. He said other than the rust problem, and having to replace the battery, everything else is in pretty good condition. The interior is in good condition and everything seems to be working inside. I am waiting for an estimate from a body specialist as to how much it will cost to repair the rust. Although its not a detailed picture, I have attached one in this post. 

 

Since I am new to the world of 2002's, any input would be greatly appreciated. Are there any particular colors for this years model that make them more or less valuable? Do you think $13,000 is too high, too low, just right?

 

I am excited to be a part of the forum and to hopefully be the owner of my favorite car.

 

Thanks,

Ross

[bluebmw]

Too high IMO. We need more photos though!

[GoFaSSter]

It sounds like a nice car.  I think that is way too high for a '75 even in this kind of shape. I guess it depends on the area.  A rust "free" car on the east coast costs more than on the west coast.

[adrift]

I havent yet seen the rust under the car but like I said, there are some spots on the exterior and bumper. It is an east coast car and I think the owner is having some trouble letting it go thus placing a high price on it. What do you think would be a more reasonable price? Thanks again.

[GoFaSSter]

I havent yet seen the rust under the car but like I said, there are some spots on the exterior and bumper. It is an east coast car and I think the owner is having some trouble letting it go thus placing a high price on it. What do you think would be a more reasonable price? Thanks again.

It is a neat car and a really cool color.  The price is whatever you are comfortable paying.  I have "overpayed" for something I really wanted in the past.  That being said, it needs to be less than $9,000 if it were in my area.

[MrForce]

That is a sell price, not a buy price. Small areas of rust are like small icebergs, you ain't seen nothing yet. He may be selling his memories, but you are only buying a car.

 

$5k to steal one and $8K is top dollar for the condition it seems to be in.

 

 

My .02 cents

 

Rob

[2002inseattle]

That is a sell price, not a buy price. Small areas of rust are like small icebergs, you ain't seen nothing yet. He may be selling his memories, but you are only buying a car.

 

$5k to steal one and $8K is top dollar for the condition it seems to be in.

 

 

My .02 cents

 

Rob

I agree with Rob on that price range, at least that applies for the Pacific North West.  He's placed a premium on the memories.  There are critical spots for rust, check the buyers guide on here for tips.  Great color, I'd say 7,5 is about right.

[Stu]

I bought my '76 in June 2012.  It was a very nice car, all original, very clean, babied by its prior owners, and for the most part always garaged.  It has a few surface rust spots, nothing significant.  It is my daily driver.  It has proven to be very reliable, and it does not rattle and there is no exhaust or fuel smell in the cabin.  It came with a factory rebuilt engine (not number matching), with about 75,000 miles on it.  It does not burn or drip a drop of oil.  I love it.  I paid $6,800.00.

Edited May 2, 2013 by Stu

[M3M3]

impossible to provide price range without more detail.  if it was perfect, 9k would be high.  if the undercarriage is rusty, 2k would be high.  price is entirely dependant upon the real condition of all parts of the body.  everything else is a simple fix.

[Koblenz]

Mine is a 76 wtih ac. It had tower rust and some small rust spots except for a chunk bottom front qp.  Motor was strong transmission was strong.  Overall mechanical very good with normal wear.  Good car but now I think I overpaid at 3k.  There was more rust than previously seen.

 

I got attached emotionally so I recommend you put up more pics,(particularly the rust areas, site search and LISTEN to these GUYS.

[John_in_VA]

The thermal reactors on '75s pumped a lot of heat under the hood & into the engine, but you stated the engine has been replaced.

'75s also had the worst seat padding (gummihaar) - it crumbled into dust, especially the back seat, so be sure to check on the rear seat integrity.

[adrift]

Thanks everyone for all your great feedback. I'm hoping I can talk some sense into the seller and provide proof that other cars in similar condition are selling for much less. I'm going to try to find some current or past sales of 75's on eBay or any other site anyone would recommend. Like I mentioned, I have been drooling over this particular car for so long, it would awesome to drive it home. Fingers crossed but unfortunately at the price he's asking now it won't happen. Thanks again.

[M3M3]

you can use any 74-76 as comparisons. the squaretails are all the same at this point.  all that matters is body condition.  even mileage is not really relevant.  

 

in 2009 I paid $5k for my rust free southern 75 that had been restored in 1992.  (it is now the M2....with the same 1992 paint)

 

this is pic of car when i bought it, in the garage it had been stored in for years.

Edited May 3, 2013 by mlytle

[roadhog0]

I paid 1000 bucks for mine...