Flood Damaged M3

[dontask]

There was a flood damaged M3 a few weeks ago... I went, thinking I might be able to pick it up cheaply, but found there was waaay too much damage. Couldn't find any damage to the interior, but spoke to the auctioneer, who said there was major engine damage (showed me a pic of the oil pan, baffle and pick up tube removed - a rod had either broken or smashed completely)... which means a complete engine rebuild!

Anyway, went to the auction to see how much it'd go for... 78,000$ + auctioneers fee! WOW... an M3 engine, second hand, shipped from Germany, costs at least $20,000 shipped (eg: shipping fees + customs duty + quarantine). To fix it, assuming no labour costs, and not including the Written Off Vehicle Inspection, would cost about $100,000 alone! Could pay a little more and just buy a second hand one.

Attached are a few pics I took before I spoke to the auctioneer.

[amk2912]

It's also got the 08 iDrive so no doubt it was a pre-Sept 08 built. They're dreaming!

[dontask]

I went to the auction and it sold for $78000 + buyer's premium. I seriously can't believe it went for that much!

I auctioneer actually said it would go for about $80,000, but I was like - "yeah, right".

Anyway, I think someone got jipped! Wonder if the buyer knew what damage the car had (couldn't see the engine damaage if you didn't ask).

[Bdez]

That’s actually not an unusual return for auctioning a late model prestige car of this type. The auction price is around 40-45% of the pre accident market value because the insurer would have replaced it with a new one in all probability (less than 2 years old). On this basis I’ve seen returns for late models HSVs and the like much higher in the past. The average return for flood damaged vehicles across the board is around 30% which includes old and newer models. Go figure !

[dontask]

Originally Posted by bdh2009

That’s actually not an unusual return for auctioning a late model prestige car of this type. The auction price is around 40-45% of the pre accident market value because the insurer would have replaced it with a new one in all probability (less than 2 years old). On this basis I’ve seen returns for late models HSVs and the like much higher in the past. The average return for flood damaged vehicles across the board is around 30% which includes old and newer models. Go figure !

You're probably right - but if you can't source a new engine for a reasonable price, you're basically screwed (unless you're a crook and going to rebirth one! So watch out if you have a jezza black M3 with cream interior!

Seriously though, you can source a crate engine for a late model HSV without too many dramas... the M3? Not so much...

[Bdez]

Originally Posted by dontask

You're probably right - but if you can't source a new engine for a reasonable price, you're basically screwed (unless you're a crook and going to rebirth one! So watch out if you have a jezza black M3 with cream interior!

Seriously though, you can source a crate engine for a late model HSV without too many dramas... the M3? Not so much...

You’re right that the engine is the issue here – not easy to get a new one and a second hand one is obviously out of the question. If the engine had of been OK then there’s a chance at fixing it but having said that the auction price would have been far higher. However I wouldn’t want to buy it no matter how well it was fixed.

Who buys these types of cars at auction and then what happens to them is quite interesting. Hopefully full disclosure is made to buyers but its probably doubtful.