E39 BMW M5 | Buyer's Guide

[Editor's Note: This article originally appeared in the October 2012 issue of Grassroots Motorsports.]

The BMW M5 is one of the storied models of the automotive landscape. At its most basic level, it’s a four-door sedan that marries an understated appearance with a full host of luxury features, a massive powerplant, uprated suspension and performance that would humble most sports cars. 

But it also has to be more than the sum of its parts—not just a hotrodded production car. The M5 has always been the car for a driver who wants something more than an ordinary luxury sedan but can’t—or won’t—settle for the numbness of a full-size boat, like the 7 Series. Equally at home on the track and the highway, an M5 really can do it all.

A big part of the M5 formula has always been balance. The original M5, launched worldwide in 1984 and carrying the E28 chassis designation, was light and fast despite its 256 horsepower. 

As safety and performance expectations increased, however, power and curb weight both ballooned. The follow-up M5, known by its E34 chassis code, had to squeeze 307 horsepower out of the same basic six-cylinder engine in order to combat its added heft. 

The options were limited, then, when BMW readied an M version of its E39 chassis, originally launched in 1996. The top-of-the-line 540i already had a V8, and the 850’s V12 was far too expensive and heavy for a midsize sporting sedan. 

It turns out that the V8-powered M5 that debuted at the Geneva Motor Show in early 1998 was the “just right” compromise, sporting a pumped-up engine based on the 540i’s 4.4-liter V8.

The production M5 launched in 1999-2000 in the U.S. was based on the 540i, but with some important changes. In typical BMW fashion, the factory bored and stroked the 540i’s M52 to 4.9 liters. Output climbed to 394 horsepower. 

This was the pre-turbo era BMW, and the new S52 engine made its power through high compression, big cams, high-flowing ports and lots of revs. Redline was 7000 rpm, an impressive figure for an engine with an 89mm stroke. A fancy tuned-length intake manifold, individual throttle butterflies, and a tubular exhaust manifold all contributed to the high power output.

Reviewers already liked the E39 5 Series, and BMW did not stray far from that proven chassis when tuning the M5. The standard—and only—transmission was the same six-speed manual Getrag unit found in the 540i. Lower, stiffer springs and shocks, larger anti-roll bars and solid spherical rear suspension bushings contributed to eye-bursting lateral acceleration. Gigantic 13.6-inch front and 12.9-inch rear brakes were covered with 18-inch wheels—the stock rear tires measured 275mm across. 

Outside, the M5 continued the understated looks of its predecessors. Shadowline (aka black) side window trim was standard, and the M5 had a unique grille, wheels, and front and rear bumpers. A small trunk spoiler, M5 badges on each flank, and the trunk lid helped to differentiate it from regular E39s. Dual exhausts also required a unique rear diffuser.

Inside, the new M5 had a pretty standard 5 Series interior, although with an exclusive steering wheel, shift knob, seats, instruments, pedals and sill plates. Different interior choices included either Sport or Luxury leather packages with flat (Sport) or pleated (Luxury) seat upholstery. Interior trim could be ordered in either wood or aluminum-look, and Extended or Complete leather packages were available to cover more of the interior panels.

Under the skin, the car was a bit of a departure for the marque. Gone was the expensive and slow hand-assembly process used to build the E28 and E34 M5s at the BMW M GmbH facility. The E39-chassis M5 was built in the same Dingolfing factory as the regular 5 Series sedan, and the engines came through the same assembly process as ordinary V8s. Buyers did not seem to mind, since this meant more M5s could be produced.

Unlike the E28 and E34 M5s, the new car had nearly every available 5 Series feature as standard: moonroof, navigation, HID headlights, premium audio and many other items. About the only options were the interior trim packages, split folding rear seats, parking distance sensors, rear side airbags, and a power rear sunshade.

Reviewers at the time loved the M5’s high level of standard equipment and the V8’s bottomless torque. They praised the car’s high limits on track and noted its refinement on the road. In most conditions, the M5 was just as comfortable—sometimes even more so—than a regular 540i. At the same time, it could pull lateral acceleration numbers that rivaled any production car on the planet.

If there were anything to complain about in the new M5, it was the more muted driving experience as compared to previous versions of the car. A new layer of electronic wizardry, included in BMW’s DTC traction and stability control, conspired to reduce the skill needed to flog the car hard. They also tended to put a damper on fun driving on dry, grippy pavement. Thankfully, BMW gave the M5 a true “Off” switch to do away with the issue.

The M5 lasted from the 2000 model year until 2003, when it disappeared with the rest of the E39 line. More than 20,000 units were produced, with nearly half destined for North America. There were few changes over the E39’s production, with only a very minor facelift in 2001. The next M5, based on the E60 chassis, did not appear until 2006.

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