BMW M5: the ultimate buying guide

Among the glitz and glamour of the 1984 Amsterdam motor show stood a new version of BMW’s recently-launched 5 Series saloon. It was barely indistinguishable from lesser models, but its impact on the performance car world can’t be overstated.

That was the very first BMW M5 – a model which through each of its five distinct generations has consistently redefined driver involvement, performance and comfort.

Every generation follows a pure bloodline. They all have a powerful engine mounted up front, rear wheel drive, understated stying which belies the potent performance and the ability to travel hundreds of miles in comfort.

We’ve just driven the all-new M5, and it’s a stormer. Roadtester Andy Goodwin proclaimed it the best yet, with more power, efficiency and comfort than ever. Read our full report for the lowdown after checking out its predecessors.

BMW M5 – E60 (2004-2009)

The previous M5 was packed full of technology designed to make the car as fast as possible. It was offered with a V10 engine mated to an automatic gearbox, each with settings to make the performance more ferocious.

Running costs are gargantuan. Official fuel consumption figures suggest around 20mpg is possible during everyday driving, but around 15mpg (on the most expensive brands of super unleaded) is more likely and CO2 emissions of 357g/km will hurt the wallet too. But that makes them a used bargain; costing £65,000 new, they’re now as cheap as £13,000.

Consumables are costly; the clutch, tyres and brakes will need frequent replacements if the car is driven enthusiastically. A full service history, preferably from a main dealer or recognised specialist, is a must.

Key checks:
• The M5 uses a valve timing system called VANOS which often causes problems – a diesel-like engine sound suggests the unit will need replacing at a cost of several thousand pounds

• Steer clear of any cars with their warning lights illuminated, faults are often triggered by faulty sensors and can be expensive to fix

• Make sure there’s no vibration or unusual noises under braking – a replacement set of pads and discs can cost more than £1,000

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BMW M5 – E39 (1998-2003)

BMW needed to raise its game in the late 1990s: the Mercedes E 55 and Jaguar XJR were offering some stiff opposition. The resulting M5 was stunning, and considered by many to be the best all-round M5.

The E39 was much more straightforward than the E60, with a manual gearbox, and a basic, but hugely powerful 5-litre V8 engine. It could reach 62mph in less than five seconds, and top speed was rated at the de riguer 155mph.

Prices have got as low as they’re ever likely to be, with high-mileage examples starting at around £6,000. That’s a lot of car for the money, especially considering that’s the price of a replacement engine.

Key checks:
• Prices have fallen to a point where owners may neglect regular servicing – a full history is very important

• Worn suspension, steering rods or worn tyres can cause vibration through the steering, so check all three

• Check for rust above the headlights under the bonnet, around the petrol cap, between the bootlid and the rear bumper and on the bootlid itself

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BMW M5 – E34 (1988-1995)

The most understated of all the M5s has begun to increase in value, so collectors looking to speculate on an appreciating model could do a lot worse than buying a good one and putting it into storage.

It was originally offered with a 3.6-litre, 311bhp engine but in 1991 it grew to 3.8-litres packing 335bhp. The later 3.8 models are more expensive, but E34 ownership can cost as little as £7,000. Models with the more focussed Nurburgring handling pack are particularly sought after.

The E34 was the first M5 available as an estate, although it was never officially sold in the UK. Saloons are getting rare too, and many left hand drive models have been imported from the continent. Rust is the main enemy of the E34 due to its age, but the engine and gearbox is generally pretty robust.

Key checks:
• Rust and crash damage checks should be at the top of your list

• Adjustable EDC suspension should be good for about 80,000 miles, but don’t get lumbered with the bill – new replacements can cost £1,000 a corner, although specialists can rebuild them for £200-£300 each

• Check all the electrics in the cabin. Despite BMW’s reputation for toughness, dry solder joints can cause electric seats and windows to fail

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BMW M5 – E28 (1985-1987)

The E28 was genesis of all of today’s supersaloons, launching a year before the Lancia Thema 8.32 and AMG Hammer. The hand-built car used the 3.4-litre engine from the M1 supercar, which was co-developed by Lamborghini, and other major components from the hottest 6-Series of the time, the M635CSI.

That added up to performance that wouldn’t shame a performance car today: 0-62mph was dispatched in 6.2 seconds and flat out, it would hit 153mph.

They’ve always been a rare sight in the UK; just 187 were officially sold here, and less than 100 are said to remain. As such, they’re a difficult car to price: low mileage models with an interesting provenance cost upwards of £25,000, while high-mileage cars modified from their original specification are as little as £8,000.

Key checks:
• Rust is the main enemy of the E28 – check everywhere for it, particularly underneath and around the engine bay

• Check the service history for recent brake and exhaust replacement – they’re costly and need frequent replacement

• Make sure it’s a genuine M5 – there are plenty of M535i models which have been badged to look like an M

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Stuart Milne, Deputy Editor