I have a guy who is interested in trading his 95 540/6 for my 97 miata. I am getting a little tired of the miata since it's stock and I don't drive it very often. I still have the sawzall miata and my dad and brother have street ones I can borrow if I need a fix.
I don't know much about bmw's, but figure this is a good place to come for info. The bmw needs a windshield and has 260kms. The interior and body look good from the pics. What should I be looking for? It aparantely has the 4.0 v8.
mw wrote: I still have the sawzall miata and my dad and brother have street ones I can borrow when the BMW is broken.
Fixed.
260K wow, are you sure
260kms - that's 161,000 miles 
Probably 260k kilometers so a little over 161k miles
yeah, 161k miles. They miata has 125k miles, but the bmw appears to be in better shape. Does anyone know much about the bmw? Is it just a money pit? I know why miatas are everyones favorites around here, but I could really use a highway sedan much more than a convertible sports car right now. The bmw would be our 3rd car, so it doesn't have to work all the time, but id rather not go poor trying to keep it running.
A 540i six speed is a pretty rare car. They were only sold in the US in 1995 and 1996, about 1500 cars in all. There was also a 540i Sport in 1995 - only about 139 of them with a six speed, plus sport seats, better suspension and some M5 body parts. If it's one of those, grab it fast.
In my opinion the 540i with manual transmission, Sport or non-Sport is one of the last great BMWs - it's new enough to still be considered a fast car, plus it has modern luxury and conveniences, but it's old enough to still have great build quality. The big thing is to find out if it has a Nikasil or Alusil engine - the Nikasil engine bores were prone to early wear, and the only real cure was to replace the block. The good thing is that by now most cars still on the road have had the fix. You can check the engine block codes to make sure (more information in the link below.) Another thing to look for is rust in the bottom edges of the doors - it's a common place for this body style.
Parts aren't necessarily all that terribly expensive. Things that regularly need replacing (brakes, for example) are usually quite reasonable. There are a number of good online sources for parts, including factory stuff, so you don't have to go to the dealer.
The 540/6 is a pretty rare combo, most of them were slushboxes. I'm pretty sure that 95 is still the E34, so check for vibration through the front suspension at around 60mph, check that the engine is running smoothly (which it should, the problematic ones are usually long dead, if they ever made it to the US).
Oh, and check for rust.
Some of them have the adjustable dampers that you could also get in the M5 and they're scary money to replaceso make sure they're working, not leaking etc...
Generally E34s are fairly simple cars that last well, so a good one should last you if it's been looked after.
If you do your own maintenance and shop around for parts it shouldn't get too expensive. I absolutely love mine. It is a blast to drive with the 6-speed and the m-tech suspension is a great balance of handling and comfort. Do it!
I'd ask about maintenance records, and see if the front end has been done: even DIY, it doesn't take long to spend $1k getting these in good working condition if a few things have been neglected.
As noted, with that mileage, it's unlikely to have a nikasil block (a good thing).
My experience with these cars is that while it's somewhat common to have "quirks", they still get you to where you need to go. I don't mind that "tooo" much, but I have friends who can't sleep if a CEL is on on their car.
The build quality on the E34's is stellar. We bought and fixed up a 520i for a friend. You'd never guess the mileage of the car by how it drives: solid, rattle free, and fantastic on the highway.
I went to look at it today. It's pretty good, but has a few issues I was going for some insight on. The driver window is off its tracks and it seems to idle a little rough. Also the ac doesn't work and one of one of the rear springs is apparently broken.
The issues you mention sound pretty minor. Everyone says the cooling system is the weakest link that can lead to expensive failures, I'd assume at that mileage it has received some attention already?
I had a supercharged '94 Miata and sold it for money that went directly into a '95 318ti. I don't regret it but I would have traded for a ratty 540i six speed had one been offered!
njansenv wrote: I'd ask about maintenance records, and see if the front end has been done: even DIY, it doesn't take long to spend $1k getting these in good working condition if a few things have been neglected. . .
Ding ding ding. . . . This correct. The E34 530i I picked consumed two full weekends and about $1K in parts.
If they dont want your miata or you back out. Ask if they want to trade for an 87 924s. 
stuart in mn wrote: A 540i six speed is a pretty rare car.
It was a $4000 option to get a manual trans.
(It forced the sport package)
I think I'm going to pass. I figure if I spend the money on the miata that I would getting the bmw registered and all the things it needs, I could probably have a pretty sweet miata which is something I'd likely prefer.
I have a feeling a 540/6spd is a car i would utterly love.
I am not kidding about the 924s swap!!!
I can send you his contact info. I really don't think it's worth the drive for this particular 540. It doesn't appear to have been well taken care of and it's a big hassle bringing cars over the border etc. I can't imagine someone who drives the car all summer with snow tires on it, was doing any sort of preventative maintenance. Here is the ad: http://kitchener.kijiji.ca/c-cars-vehicles-cars-trucks-1995-BMW-540i-v8-six-speed-manual-rare-W0QQAdIdZ221672720
I am actually now wondering if I could actually get it registered down here. THe photos make it look nice but they are all a bit foggy.
Super bump...
http://seattle.craigslist.org/tac/cto/4522264269.html With the right car seats, I could probably do three wide in one of these.
That looks like a potentially very cool project.
In reply to Fueled by Caffeine:
Nice, Except that is an e34 bmw not an e39 as the ad states.
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