Why do I even look?
Awesome cars. We borrowed one when they were new for a trip to Denver. We took it up above the tree line, and it never missed a beat. That car did everything, including carry five of us. Although how's the maintenance on them today?
Do a bit of checking, the later ones are more desirable due to improved engine oil control. But they are truly awesome cars. We love ours.
They're supersaloons, so they don't always have the same parts that normal E39s do. Brake rotors, for example, are very expensive. But overall I can't complain about maintenance.
My E39 needs more balls. And LSD. Why must you show us these things?!
I'm also in the DC metro area looking at these. I love my '36 M3 but it's a race car w/ a license plate anymore, so the M5 would do everything an M3 would do that didn't have to do '28s on Summit Main.
Wisely however - I've decided to buy a VERY well priced Radical D sports racer instead and use the Tacoma and Miata as DDs.
You need to update your screen name to motokickass
are those unusually low prices, or have the early E39 M5's really sunk that low?
Can somebody explain the differences between the M5 of that era and a 540i with the M package? I mean, if both come with V8's and 6 speeds, but the 540i is 2/3 to 1/2 the cost, it seems like that would be the choice to go with...
The M5 had 110 more horsepower, a reinforced clutch, and a limited-slip diff.
Yes, prices on the M5 really have fallen. They're brutally expensive to maintain at the dealer and they're simply not the fastest saloon car in the world anymore. A 400 hp sedan isn't as world-changing as it once was. Add to that the usual panic about a 100k mile BMW and you have a recipe for great deals. Also, anything less than absolute perfect takes a big hit.
The M5 also has larger brakes and unique suspension over the 540i. Plus a nicer interior and (I think) a faster steering ratio. I've read the clutch is actually the same unit. But the headline is that engine. More power, of course. But also 8 throttle bodies and just fantastic response. I think it was the first car with a Sport button to sharpen the throttle response and increase steering weight. I had the choice of a 540i or an M5 from the same owner when I got mine, and there was no question at all. The 540i is a nice sedan, the M5 really feels special.
There was a change to the cars in 2001. Some was styling (headlights, including the introduction of the now-omnipresent angel eyes), some was interior (Alcantara headliner and improved electronics) and the important stuff was some improvements to the engine internals to decrease oil usage.
They're not perfect. Their MAFs are a bit problematic, and of course they have two instead of just one so you're going to pay double to replace them. They're very complex electrically. And, while I don't know how true this is, everyone expects the entire cooling system to disintegrate as soon as it rolls over 100k.
We don't regret getting ours at all. It still feels like a treat every time we take it out.
Our E39's cooling system made it to 8 years / 75K miles. I initially cheaped out and skipped replacing the radiator, which lasted to 90K. If you're in that ballpark, just go ahead and order the parts. Buy online and save 40-70% over dealer prices.
Keith- are these things as atrocious on fuel as their sticker suggests? Wikipedia says 12/19, which would be hard to swallow.
I'm really surprised at how inexpensive these two seem as I look around for E36 M3's- for similar mileage you pay much more for the M3, even though it's a few years older. Different audiences and uses, I guess.
The thing that scares me the most about the E39 M5 is the fairly common EGR-related, CEL-setting fault that can only be solved with some fairly major engine disassembly in order to ream out the relevant passages. Taking apart M-engines is not for the faint of heart or wallet.
They're a little thirsty. I just don't look anymore 
Next time I'm in mine, I'll check the engine computer. I want to say it's in the 18 mpg range for my drive to work. I've only done one road trip with the car but I think it was in the 20's.
Basically, about the same as my wife's 2000 Grand Cherokee with the V8. The difference is that one's a four door supercar, the other is not!
The M5 forum is both helpful and annoying. Long-time M5 owners bought their cars when they were very, very expensive. There aren't a lot of DIY types there. You have to keep in mind that the M5 was a more exotic car than the M3 when new - production numbers are fairly low (10,000 worldwide over 5 years, I think) and there are a lot of unique parts. So while the prices might have cratered, there's still the potential for a very expensive problem.
Just did a search -- high teens for the same thing locally. Sorely tempted -- as I find the M3 just a tiny bit small for all four of us.
Not that I'd sell the M3 -- but who doesn't need another fun car?
Our 530i has been our family car since before my daughter was born. I would have preferred the wagon, but the sedan has worked out fine. The E39 has tons more room than my E36 coupe.
FYI, I checked the fuel economy on the M5 on the way in tomorrow. 30 minute trip with an average speed of 36-ish mph. 21 mpg according to the trip computer, including the cold start. I'll take the highway route home (a bit longer but I can cruise at 75+) and see if it's any different.
Single-digit outside temperatures so not much full throttle action
Keith wrote: FYI, I checked the fuel economy on the M5 on the way in tomorrow. 30 minute trip with an average speed of 36-ish mph. 21 mpg according to the trip computer, including the cold start. I'll take the highway route home (a bit longer but I can cruise at 75+) and see if it's any different. Single-digit outside temperatures so not much full throttle action
The M5 is so fast it's a time machine! 
I will some day need to decide whether to upgrade my E36 M3 (not swear filter) coupe, buy a newer car like 335i sedan, or get an E39 M5. I'm going to have to get a 4dr some day so somehow I'm going to have to part with my M3. 
The M5 is awesome but something tells me a 335 might be the most reliable.
Hold that thought. My buddy is a service tech at a local BMW dealer, and he warns to stay away from the turbo engines. They're always coming in for expensive warranty work, and once they're out of warranty you're left holding the bag.
What isn't expensive when it comes to a new vehicle with parts manufactured on another continent separated by a lot of water? :)
On top of that I think BMW dealers in my area are getting about $125 an hour! That adds up real quick.
I admittedly know very little about the new cars except I like the exterior and interior and 300+ hp sounds good to me :)
I read the engine EGR page from 02pilot. That ain't pretty. Not sure I want to buy that kind of pain. I've been cross-shopping the CTS-V but they just haven't dropped enough to compare evenly. And they're ugly. But I'd sure feel better with an LS in there than the M62.
^ I have the same thoughts about the CTS-V vs. the M5.... I've heard that the ECU can be recalibrated to ignore the EGR problem, with no negative performance impact...FWIW. I've been watching these CLOSELY.
On another note, we just looked at a Holden Calais Wagon (visiting Perth for a few weeks). It's like a CTS-V wagon, but cheaper and better looking, with an (arguably) nicer interior. Why don't we get these cars in North America again?
To be fair, the CTS-V is a newer car so it's not really a competitor to an E39 M5 yet. The cheapest are still around twice the price of the cheapest M5. And instead of engine problems, you'll tear the diff apart unless it's been updated to the latest of the redesigns I don't find the LS engines to be quite as characterful as the M5 engine myself - they're very effective, but not as sharp or musical.
I'm trying to convince Janel that we really need a Pontiac G8 GT with the Commodore nose. She has yet to cave on that one, and I have to admit it's hard to justify with the black Beast lurking in the garage.
I'm afraid for my money, "sharp and musical", while excellent features, have to lose out to "$4000 teardown". I'm not one usually convinced by an internet complaint, but that looked bad, and I'd like something that's not going to cost a mint to repair. Which is why, oddly, I'm again looking at E36 M3's- their engines aren't special enough to cost an arm and a leg. I need a special car with a non-special engine. And that's why the CTS is interesting as well.
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