Double Take: 2001 and 2002 BMW M5 Dinan S2s

“Dinan’s latest work of art, he has not only fixed a car that wasn’t broken but also sought to perfect a car that everyone considers to be as close to perfection as is humanly possible: the BMW M5”, Car and Driver wrote in 2002. Dinan had, at that point, already made a reputation for themselves as the premier BMW tuner in the United States to the point where they became offered straight from the dealer. Considering that’s just occurred for Alpina here, the endorsement of the level of engineering from the California firm was resounding. Yet that is in part because Dinan’s modifications are far from just slapping a badge and some wheels on a car and calling it done. Take, for example the M5 S2.

Dinan took what many considered to be a very highly developed 4.9 liter V8 in the S62 and went old-school to up the power; and up it a lot, he did. There was no supercharger or turbocharging here; revised intake and enlarged velocity stacks were met on the other end with tubular headers and a bespoke exhaust. Each throttle body’s bore was increased, too. These changes required a reflash of the computer, but were both lighter and more powerful. As in 76 horsepower more. That’s the best part of a 20% gain on a motor that many considered to be close to peak performance! Dinan further upgraded the suspension, brakes, wheels, and final drive, along with adding a lighter flywheel. As a result, the new S2 was, well, about 20% better than the already awesome M5. But that perfection cost, and it was more than a 20% increase. A lot more.

On top of the M5’s $73,400, if you wanted a fully spec’d out S2 you’d tack on $36,000 to the price. For that amount, you could have grabbed a nice 330Ci in addition to your standard M5! But a select few did pony up the extra cash for their extra-special E39s, and today we have a rare occasion of seeing two for sale at the same time:

CLICK FOR DETAILS: 2001 BMW M5 Dinan S2 on eBay

Year: 2001
Model: M5 Dinan S2
Engine: 4.9 liter V8
Transmission: 6-speed manual
Mileage: 98,000 mi
Price: $35,000 Buy It Now

2001 E39 M5 Dinan S2 SN2045

Being extremely anal for a rating I and others say the car is nearly flawless. Strong 9.5 out of 10 exterior with very minor blemishes. I just spent $2k having the front end repainted because I am OCD.

Interior is a solid 9.7 out of 10. I have yet to see an 01 E39 M5 in this condition.

Mechanically the car is flawless. Zero leaks. Needs no mechanical repairs. I am very meticulous with this vehicle. Never driven in the rain and oil is changed every 3000 miles with TWS10w60 and now recently Liqui Moly GT1. Recent new all four CPS, new PS hoses and container. Brand new OEM MAFs before the Alpha N tune. Brand new leather OME e brake handle and mechanism.

If your looking for one of the last clean Dinan S2’s this is your car.

Imola Red
Lux Interior – Full leather dash etc.
Sport Interior Titanium Trim Swap on Lux Full Black Leather
OEM ZHP Shifter with custom ///M-Stitched boot
New OEM E-Brake with leather Handle.

Performance Modifications –
Dinan S2 Package with Evolve Alpha N Tune dynoing 390whp
Dinan CF Intake / AA lower grill
Dinan MAF
Dinan TB & VS
Headers
SS Race Cats
SS Xpipe
Eisenmann Race 83mm
Rogue Octane SSK with WSR
Dinan 3.45 Diff
Dinan Rear Sway Bar
Brecus Racing Thrust Arm Kit
Dinan S3 Suspension with front strut bar & Dinan camber plates
Dinan 18” Lightweight Forged Wheels / Nitto NT05 tires
Brembo 355×32 GT Brakes
Vorshlag wheel studs
Hardwired for V1

Car will come with a few extras. Serious inquiries only. (window stickers have been removed since pictures)

Serial number 2045 looks like an incredible example from the limited pictures that are shown. Imola Red is a striking color that the seller has snapped images of well, though they’re quite limited in number. The car appears to wear the full S2 package and general condition looks to be very good. The pricing is around the middle ground for where E39 M5s in great condition come to market; lower mile examples are trending ever higher, but you’d usually expect to pay less with 100,000 on the clock. The full Dinan S2 package does add value, though, and overall this example seems accurately priced for what it is.

CLICK FOR DETAILS: 2002 BMW M5 Dinan S2 on eBay

Year: 2002
Model: M5 Dinan S2
Engine: 4.9 liter V8
Transmission: 6-speed manual
Mileage: 77,831 mi
Price: $49,500 Buy It Now

REAL DINAN S2, ALPINE WHITE/ BLACK WITH EXTENDED SILVERSTONE, ULTRA CLEAN, BBS WHEELS, WELL PRESERVED, FULL CERAMIC COATING, EURO HEADLIGHTS, 2 KEYS, FULL TOOL KIT, VORSTEINER REAR DIFFUSER, BILSTEIN COILOVERS, SEE BELOW FOR A COMPLETE LIST OF FEATURES/ UPGRADES!!

Motorcars of Georgia is PROUD to PRESENT a 2002 DINAN S2 BMW E39 M5 colored in ULTRA RARE ALPINE WHITE over BLACK LEATHER interior!!! The E39 M5 is commonly regarded as one of THE MOST SIGNIFICANT BMW’s of all time!!! This particular example is a DINAN S2 and features an array of performance upgrades. This car is VERY CLEAN and WELL MAINTAINED!!! This M5 has been garage-kept and is in overall PRISTINE CONDITION!!! The exterior is free of significant imperfections, chips, scratches or any signs of wear/abuse. The interior of the car is EXTREMELY WELL PRESERVED and the leather has virtually zero bolster wear, cracks, or dryness–EXCELLENT CONDITION!!! The carpet is CLEAN, and the interior still SMELLS NEW and the car is a NON-SMOKER vehicle!!! This car has NEVER BEEN TRACKED, RACED, or ABUSED–ADULT OWNED!!! Please see the list of attributes below to see how this E39 could very well be the prime example on the market today so DO NOT MISS YOUR CHANCE!!!

**PLEASE SEE OUR PHOTO GALLERY AND OPTIONS LIST BELOW TO APPRECIATE**

Features on this 2002 BMW M5 include:
**ALPINE WHITE
**SILVERSTONE EXTENDED LEATHER
**ENHANCED PREMIUM SOUND
**ANTRHACITE ALCANTARA HEADLINER
**REAR SUNSHADES
**FULLY CERAMIC COATED INTERIOR, EXTERIOR, WHEELS, CALIPERS
**AUTHENTIC 19″” BBS LM WHEELS WITH MICHELIN PS2 TIRES
**IPOD CONNECTION
**OEM EURO GRAPHITE INDIVIDUAL TRIM
**ZHP SHIFTER
**EURO ARM REST WITH COMPARTMENT FOR STORAGE
**VORSTEINER REAR DIFFUSER (VERY RARE AND HARD TO FIND)
**EURO HEADLIGHTS
**DINAN SIGNATURE 2 PACKAGE
**DINAN HEADERS
**DINAN THROTTLE BODIES AND VELOCITY STACKS
**DINAN MUFFLERS
**DINAN DUAL MASS FLYWHEEL AND NEW OEM CLUTCH
**DINAN SHORT SHIFT KIT
**DINAN 3.45 DIFFERNTIAL
**DINAN FRONT AND REAR STRUT TOWER BRACES
**DINAN FULL INTAKE SYSTEM WITH DINAN MAF HOUSINGS
**DINAN BADGE
**DINAN FRONT BUMPER COOLING DUCTS
**ANTI ROLL BARS
**ACTIVE AUTOWERK STAGE 5 TUNE APPLICABLE WITH DINAN S2 PARTS
**BILSTEIN PSS9 COILOVERS
**WP PRO BIG BRAKE KIT WITH 12 PISTON FRONT, 6 PISTON REAR WITH NEW PADS AND ROTORS
**SUPERSPRINT RACE CATS + X PIPE

While not quite as striking as the Imola Red, Alpine White III is an unusually seen hue on the M5. Inside is the two-toned Silverstone (05SS) Nappa leather, which was all the rage at BMW in the early 2000s. It looks more tasteful than where it fell on some of the M Roadster and Coupes here. Like the first example, this one isn’t 100% original to the S2 package, but does carry all of the S2 details and the S20787 serial number. Condition throughout looks excellent as well, and the upgrades generally are big-dollar, high quality items, such as the $5,000 worth of BBS LM wheels the car wears. This car was slightly better equipped from the factory than the ’01, too – though the original wood trim has been replaced. Mileage is lower, but the asking price is nearly 50% higher at $49,500. That price places it well above the rest of the current ’02 market, but again it’s a very nice example with good performance increases from proven parts.

Which is the winner? It’s hard to argue that the ’01 isn’t a better value than the ’02. Which year E39 to buy ranges by opinion, but the general consensus leans towards 2001 up models, with some preferring the ’02/’03 more. Either should be a good choice if you’re in the market for a non-original example, but with a PPI I’d opt for the Imola Red example personally. Which would you choose?

-Carter