I'm back!

[Jay 535i]

Hi everyone,

I used to contribute here regularly. Then, shortly after the 2006 meet in Chicago, I realized this forum was taking up way too much of my time, and the only way to quit was cold turkey, so I've been gone for about three years. But I'm back. Couldn't live without you, and all that other crap.

Here's the past three years in a nutshell: I still have my 1990 535i, and it still drives like a dream. But in the intervening years, rust has really taken its toll. The front doors are completely rotten, the sills at the front jacking points are a disaster, and there's lots of little rust spots all over.

This car was my dad's, and he left it to me when he died, so it's hard for me to part with it. But when I consider what it would cost to put it right, plus that after doing so it would still be 'just' a 535 without the sport interior or pulling power I really want, it just doesn't seem to make sense.

So I am now planning to sell that car (doubt I can get much more than $2k for it) and replace it with the best E34 M5 I can afford. My budget is about $12,000. Not a whole lot, I know, but I think it should be adequate to bag a good M5. I'm not interested in a fix-er-upper, 'cause that's what I have now.

Next year I expect a bonus of about $10k. I'll decide at that time whether to invest in an engine rebuild for the E34 M5 (which any E34 M5 I'm able to afford will likely need soon enough) or sell the E34, get most of my money back, and upgrade to an E39 M5. Which option I go for one year from now will depend on how much I fall in love with the E34 M5 during that year.

I'm very interested in your feedback. This plan isn't written in stone. What do you think? And do you know a good M5 that fits my description and budget?

I know beggars can't be choosers, but in any case let me tell you that my ideal car would have:


a dark exterior color
a black, tan, cream or caramel interior
the extended leather option
no rust whatsoever
the 3.8 liter S38 engine (versus the 3.6)

...but I can be flexible.

[632 Regal]

Sounds like a good plan, rust is unstoppable.

[repenttokyo]

you won't find a 3.8 car in your price range. but your other preferences are very doable.

[Jay 535i]

I can live with that. Thanks for the input.

I've just read somewhere that U.S. market 3.6 cars were not offered with anything but basic leather (seats only). Extended or (dare I dream?) complete leather is a must-have, so I may end up with a Canadian car after all, which is ideal.

[repenttokyo]

I can live with that. Thanks for the input.

I've just read somewhere that U.S. market 3.6 cars were not offered with anything but basic leather (seats only). Extended or (dare I dream?) complete leather is a must-have, so I may end up with a Canadian car after all, which is ideal.

one thing to keep in mind is that Canadian M5's will be much more expensive - just because they are so much rarer and spread out across the country. your best 'deals' will be in the US. However, you might luck out and find a reasonable price on something that was imported from Germany fairly recently, or from Japan. Prices are usually reasonable on those cars.

[Jay 535i]

one thing to keep in mind is that Canadian M5's will be much more expensive - just because they are so much rarer and spread out across the country. your best 'deals' will be in the US. However, you might luck out and find a reasonable price on something that was imported from Germany fairly recently, or from Japan. Prices are usually reasonable on those cars.

Fair enough. The flip side is that there are costs associated with buying a car across the border. I'll lose on the exchange rate, and then I need to buy a flight to go pick it up, plus a couple of nights in hotels on the drive back if it's far away. Then again, the travel costs also apply if I have to cross Canada. I'm scouring both countries and will make the decision when the right car presents itself.

Why do you think a recent German import would be less expensive? And I wonder if there are many of those in Canada.

I assume Japanese imports would be right hand drive. That'd just be too weird.

I know that with my budget I'm going to have to be patient to find the right car, but I can afford to be patient. For the time being, exterior rusty cosmetics aside, my current car serves me well.

[repenttokyo]

Fair enough. The flip side is that there are costs associated with buying a car across the border. I'll lose on the exchange rate, and then I need to buy a flight to go pick it up, plus a couple of nights in hotels on the drive back if it's far away. Then again, the travel costs also apply if I have to cross Canada. I'm scouring both countries and will make the decision when the right car presents itself.

Why do you think a recent German import would be less expensive? And I wonder if there are many of those in Canada.

I assume Japanese imports would be right hand drive. That'd just be too weird.

I know that with my budget I'm going to have to be patient to find the right car, but I can afford to be patient. For the time being, exterior rusty cosmetics aside, my current car serves me well.

there are no right hand drive bmw imports from japan - 99 percent LHD.

recent German imports and Japanese imports are less expensive because they are more common than domestic M5's in Canada. A friend of mine sold his German import M5 a few years ago for around 14k - much less than the 20k+ some people are asking

[Jay 535i]

Thanks.

I found this one:

http://www.maxbimmer.com/forums/showthread.php?t=121772

The pictures look a bit tatty, but the owner promises he's spent lots on it recently and that it looks much better now. The front seats have some major wear on them. Am I correct in thinking that they could be easily rejuvenated with some Leatherique dye and lotion?

[repenttokyo]

looks clean, and price is reasonable. get it inspected by an Indy and see what turns up :)

[RockJock]

A friend of mine sold his German import M5 a few years ago for around 14k - much less than the 20k+ some people are asking

Daytona violet 3.8, cloth interior, w/ ~ 130K km?

[repenttokyo]

Daytona violet 3.8, cloth interior, w/ ~ 130K km?

unfortunately no - it was a dark green 3.6 in Montreal.

[Mordan]

not be harsh but I don't think it would be sensible decision to buy a car with bonus money. some harsh times are coming ahead and that's poor financial planning to spend much money on a car, especially an expensive BMW M5 + poor gas mileage. now of course I don't know your situation. you might be well off. a M5 sure will retain its value if you don't crash it so it might not be so bad. a M5 is a collectible and should not be driven during winter. so keep your 535 for winter.

my point is that a M5 as a daily driver is a bad investment, winter will ruin it.

[repenttokyo]

not be harsh but I don't think it would be sensible decision to buy a car with bonus money. some harsh times are coming ahead and that's poor financial planning to spend much money on a car, especially an expensive BMW M5 + poor gas mileage. now of course I don't know your situation. you might be well off. a M5 sure will retain its value if you don't crash it so it might not be so bad. a M5 is a collectible and should not be driven during winter. so keep your 535 for winter.

my point is that a M5 as a daily driver is a bad investment, winter will ruin it.

all cars are bad investments....and cars are meant to be driven.

not everyone on this board is facing bad times ahead. some are doing quite well despite the recession.

[Jay 535i]

Mordan, I appreciate the sentiment, but I have to echo repenttokyo's statement. What I would spend on this M5 amounts to no more than what it would cost to lease a new econobox, and my objective is to enjoy the car rather than preserve it for posterity, so it will be driven year round. Your point is well taken, though.

I saw and drove the car (above) today. The photos represent it well. With all due respect to the current owner, who may be reading, if I'm brutally honest I'd say it needs the following to be a solid car:


new door seals
new windshield
new suspension
new brakes
paint job (there's a fair bit of unfortunate orbital polisher damage, plus plenty of scuff marks along the sills and front spoiler and the normal dents, thin spots and scrapes)
wheel refurbishing x 4


Add to that that an engine rebuild is probably looming (it has 125,000mi on it) that it has no more leather than my car (which I kinda wanted) and that it needs some work, I'm not sure it makes sense. I may have to keep looking, since I don't think I could offer the seller a price he'd accept.

It comes with virtually no service history before the current owner who has had it two years, and he has not had a valve adjustment in that time. Parts of it (e.g. seats, column stalks, door seals, paint) show more wear and tear than my car which has 50,000 more miles on it, which turns me off. The engine is smooth, though, and sounds wonderful. Hard to assess the handling and steering with the shot suspension and dubious tires, but both of those things are easily remedied.

I'm going to have my indy check it out thoroughly and do a compression test. It didn't feel that strong to me, but I've never experienced the S38 so don't know what it should feel like.

Send any other leads my way, and thanks for all the input!

[repenttokyo]

Mordan, I appreciate the sentiment, but I have to echo repenttokyo's statement. What I would spend on this M5 amounts to no more than what it would cost to lease a new econobox, and my objective is to enjoy the car rather than preserve it for posterity, so it will be driven year round. Your point is well taken, though.

I saw and drove the car (above) today. The photos represent it well. With all due respect to the current owner, who may be reading, if I'm brutally honest I'd say it needs the following to be a solid car:


new door seals
new windshield
new suspension
new brakes
paint job (there's a fair bit of unfortunate orbital polisher damage, plus plenty of scuff marks along the sills and front spoiler and the normal dents, thin spots and scrapes)
wheel refurbishing x 4


Add to that that an engine rebuild is probably looming (it has 125,000mi on it) that it has no more leather than my car (which I kinda wanted) and that it needs some work, I'm not sure it makes sense. I may have to keep looking, since I don't think I could offer the seller a price he'd accept.

It comes with virtually no service history before the current owner who has had it two years, and he has not had a valve adjustment in that time. Parts of it (e.g. seats, column stalks, door seals, paint) show more wear and tear than my car which has 50,000 more miles on it, which turns me off. The engine is smooth, though, and sounds wonderful. Hard to assess the handling and steering with the shot suspension and dubious tires, but both of those things are easily remedied.

I'm going to have my indy check it out thoroughly and do a compression test. It didn't feel that strong to me, but I've never experienced the S38 so don't know what it should feel like.

Send any other leads my way, and thanks for all the input!

sounds like a definite pass at that price.

[Mordan]

all cars are bad investments....and cars are meant to be driven.



1)disagree...

a car can be a good investment when considering the utility you get from it.

2) agree.

yea all are meant to be driven, but how you drive a car depends on your investment strategy. if you buy a car as a daily driver it will be a good investment if you get good miles per dollar spent.

for collectibles... it is more about fun AND value.

a M5 as a daily driver is a poor decision...

I take for witness the price of E30 M3s in my area. in good condition they have become quite expensive.

[Mordan]

Mordan, I appreciate the sentiment, but I have to echo repenttokyo's statement. What I would spend on this M5 amounts to no more than what it would cost to lease a new econobox, and my objective is to enjoy the car rather than preserve it for posterity, so it will be driven year round. Your point is well taken, though.


well good luck. :)

sure I too want a E34 M5... one of the best M because the E34 chassis. but I would buy one as second,third or fourth car :)

[repenttokyo]

1)disagree...

a car can be a good investment when considering the utility you get from it.

2) agree.

yea all are meant to be driven, but how you drive a car depends on your investment strategy. if you buy a car as a daily driver it will be a good investment if you get good miles per dollar spent.

for collectibles... it is more about fun AND value.

a M5 as a daily driver is a poor decision...

I take for witness the price of E30 M3s in my area. in good condition they have become quite expensive.

different strokes to move the world dude.

[RockJock]

unfortunately no - it was a dark green 3.6 in Montreal.

Okay thanks, I remember seeing a gorgeous daytona violet 3.8 being advertised in Ontario for about $17K, looked like a sweet car. However, I've been told that the 3.6 is more robust (rod bearing issues with the S38B38--from lugging the engine in higher gears) but I don't know as I have very, very limited S38 experience...