The other day I posted a 500E, which was Mercedes’ take on the Q-ship formula of stuffing a large, powerful engine and race-tweaked suspension into an ordinary looking mid-size executive sedan. What I didn’t mention was that the 500E was, of course, a response to the original (and some would say best) wolf in sheep’s clothing: the E34 generation M5. While I’ve posted a few E34s lately, I’ve so far avoided writing about the M-variant (though my colleagues have written up some really nice ones: see here and here, for example). This is only because my preference is to find cheap daily drivers to share with our readers and, as enthusiasts begin to seek out more affordable alternatives to the E30 M3, these M5s are increasingly becoming too expensive to count in that category. Still, when this lovely example popped up the other day on Bimmerforums.com, I couldn’t resist the temptation to write it up.
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Following up on Craig’s Euro-spec Diamond Schwarz Metallic E24 comes an unusual E28 M5. There were a few things that caught my eye about this car; first off, Rhode Island is a small community and I feel like I know a pretty good percentage of the E28 M5s that live here, but this one was new to me. Not only was that unique, but the seller was selling two, with a 4-post black/black E34 to nicely compliment the original model. More things stuck out, though; immediately, the European bumpers and lights are a neat look, but it was inside and the black leather that really helps to set this car apart. About a month ago, Nate looked at a sacrilegious turbo swapped M5 with a non-stock black leather, but this one is claimed to be one of the original 101 all-black M5s imported to North America:
CLICK FOR DETAILS: 1988 BMW M5 on Providence Craigslist
Typically the legendary S38B35 is an engine that gets swapped into other BMWs, now out of them, but today we’re playing opposite day with this No-Effs-Given E28 M5. A little while back it received a turbocharged M30 transplant which is a pretty common setup for E28s – just usually done on more pedestrian models than the extremely rare M. A unique aspect to this auction is that the S38 comes with it, so you have the opportunity to ride the turbo monster as long as you please while retaining the prospect of putting the numbers-matching engine back in eventually. Even so, any hopes of originality are long gone after they spray coated the floor rooting out some rust, replaced the wheel and shift knob with anachronistic wooden parts, and spray painted the homebrew center console to accommodate auxiliary gauges. The one thing that I actually do think is original, contrary to the seller’s claim, is the black interior. With all seats, door cards, and interior trim in black, and miles instead of km, I think this may well be one of the 31 US M5s with black interiors (more than 2 the seller thinks they made, but still an extreme rarity).
This M5 has been hacked and sprayed to the point that it will forever be valued more like an E28 rather than the second-rarest M car. It looks pretty darn good from the outside, albeit modified with later wheels and yellow lenses, and the S38 alone could recoup a serious chunk of the purchase price. It’s already into 5-digits with a long time left on the auction and looks like this basket case M5 with its heart in a box will still pull decent money.
Click for details: 1988 BMW M5 on eBay
It is always a bit of a treat to look back at some alumni of the GCFSB pages, especially so when it’s a lovely example of a special car that was snapped up by one of our enthusiast readership. For years we’ve banged on about the E34 M5, a conundrum of the M lineup. It’s got all the right DNA to be a classic, yet like the similar 944 Turbo has generally languished in value compared to similar products. That may sound like a broken record on these pages, but it’s a tune which is both catchy and sweet-sounding for BMW fans because it means they’re getting more car for their money. Recent market activity in 2015 has started to remix the tune, though, and E34s have been on the rise. Hagerty currently places top value on 1991 M5s at $42,000 – steep sounding given what they’ve traded for over the last few years, but perhaps more in line with their legendary build quality and performance especially when considering their siblings. But in terms of overall value, let’s consider today’s Jet Black 1991. It is nearly 100% original, fully documented, accident free and has under 100,000 miles on the clock – and currently represents the best value of the original M-car experience:
CLICK FOR DETAILS: 1991 BMW M5 on eBay
I have no false hope that my 225k-mile E28 M5 is going to follow the low-mileage examples into the upper-five-figure price range, but it is fascinating to see where the mere mortal examples are ending up. The wrong-wheeled rustbucket I wrote up a while back almost hit $13k on its auction, a number almost as shocking as the $60k M5s on eBay. This E28 is hardly the dumpster-dive of Mr. Rusty, but the blemishes are plentiful. The clearcoat is failing on the roof, it has the classic 80’s bumper waves and dash cracks, the driver’s seat is conspicuously omitted from pictures, and the engine compartment has some surface rust showing. On the flip side, the trunk’s carpet set is complete, which will make you then envy of a plurality of the owners on mye28.com (me included). It sounds like it runs well and hasn’t been outright abused or neglected; it’s just a rare car that looks to have lived a pretty average 28 years. The reserve is still on with bids up to $14k. Compared to the rust-bucket, where will a high-mileage, 6/10 E28 M5 land?