It was close – 54% want the Vette. Or maybe it’s 20 Vettes, instead of one 918. Today, we go old school, and I think we have a problem. E39 M5 values are plunging. Sort of.
Could now be the time to buy the car you’ve always wanted?
The E39 M5 vs the E39 M5
Cars were meant to be driven. Cars like a BMW M5 were meant to be driven daily. Safe to say, we’ve been through this theory.
If you peruse the “E39 M5” isle on Cars & Bids, you’ll find a lot of examples with high mileage. 144,000 miles. 175,000 miles. 145,000 miles – the list is long and distinguished. This makes sense, as the car is now beyond two decades of service. And if you think about it, $20,000 for a car with more mileage than your ex-wife is still pretty incredible.
But there’s another school of thought here – let’s save them. Yes, save them all! Wipe them with diapers and kiss them goodnight, never to be taken outside in the vain hope that you’ll…
Well you’ll what exactly? Make money on your E39? How much will you make? EAG is hoping you’ll make them tons of cash, because all of their listed examples are well over $100,000. Yes, that’s dollars, not miles. 20 years of diaper wiping is crazy.
I get it – those are perfect examples, and perhaps the C&B ones need some work. So let’s grab two samples and see what we’re up against.
The 2001 M5
This one just sold today (Friday), so the data is current. Let’s peak:
- 144,100
- Six-speed manual (the only way they came)
- Anthracite Metallic over black leather
- No accidents, clean CarFax
- Just two owners, living in Cali since new
- Clean mods – just a Dinan exhaust, Dinan suspension, and a Bluetooth module
- The passenger-side mirror does not fold, and the headlight level sensor bracket needs to be replaced.
- Blackstone oil analysis, full service records, even the window sticker
- Rear bumper was repainted.
- Sold for: $28,750
You could make the argument that it’s not really a desired color, although there’s nothing wrong with it. Otherwise, this is about as clean as an old car gets. Spend maybe five grand on repairs and a nice detail, and it’s hard to see you not enjoying this car.
Now admittedly, I do see some that aren’t in as good a shape, but check the prices – $15,000?! Think of what you could do with the money saved.
Maybe you’ve been saving for just this moment.
The 2002 M5
This is a better spec for sure, and it looks cherry:
- 9,557 miles
- Imola/Silverstone color combination
- All stock
- All paperwork and service records included
- Price: $149,990. Yes, you are reading that number correctly.
All of EAG’s samples are that clean, and that expensive. Maybe they’ve given the M5 a thorough once-over, but with any older car that isn’t driven, something sealed, rubberized or clipped is bound to break, so you won’t be scot-free with repairs.
I picked these two samples because, to me, the only difference is miles and price. Both have full records, both run clean. Sure, the high-mileage guy won’t feel as tight, but can’t we just go to TySpeed for a chassis refresh? Zero-out the airframe, as it were.
So would you get the old guy and continue to enjoy the hell out of him? Or grab the fresh guy, don your M jacket, and head to the nearest Cars & Coffee to tell everyone your car is “mint”, “one-of-one”, and “only gets driven three times a year, when the Moon is rising and Mars is in retrograde“?
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