Keith Tanner said:
A friend who is is a BMW fan - he's got a clownshoe with the hot engine - is a big fan of the Sporty Shorty. Basically, a 540i in a 7 series chassis. 740i M Sport short wheelbase.
I've got one of those E38s short sports and it's basically just a slightly enlarged E39 (well, the E39 is really a shrunken E38). They're auto only unless you swap one though.
It's generally all around what I'd consider a good car. Handling is quite competent (especially after adding camber plates and a bigger front sway bar). It rides well, it's quiet, it's a great highway cruiser. You can pretty much use it as a Camry without the car complaining (as long as you keep up with maintenance), but you can push it quite hard for a big, heavy car. Compared to some, it almost encourages you to drive it hard, as you don't start to feel like you're pushing it until you're actually pushing it a bit. With the auto and the shorter rear diff in the E38 sports the comfortable pace of acceleration in traffic is rather quick as well, although I wouldn't mind another 50+ hp on the highway (it's not slow, but matting the pedal at 70 to pass doesn't do anything too impressive either).
And there's a good bit of room for tire under these cars as well. The E39 doesn't have quite as much room, but the 255/275 combo on my E38 leaves plenty of room to spare. I could fit the 275s in front and much bigger in back.
Steering on the V8 E39s and all E38s is a steering box / center link setup and they steer from the back of the knuckles, not the front. So it's honestly a pretty primitive setup, but it works. I'd say the feel is decent, but not great. The E38 steering is a little bit slow for my taste, but an M5 box swap would fix that (it's not quite a bolt in though). The variable assist on my E38 was flaky when I got it, then died entirely after a few months, but I haven't missed it. The steering is a bit numb with the snow tires on, but gains a lot more feel with the wider, stiffer summers. It's a little on the heavy side in parking lots with the summers, but certainly not bad (I've had heavier steering in other vehicles). Not enough for me to care about fixing the variable assist (which made the steering pretty light at low speed when it was working).
6 cylinder E39s are rack and pinion and front steer, so they'll feel different steering wise than the V8 cars.
Gas mileage isn't too bad for what the car is either. Including road trips, my lifetime average with the E38 is somewhere around 20 mpg. On long trips, I reliably count on 23 - 24 mpg cruising at 75, and better at lower speeds. Drop to 65 and it'll return 27-ish. Non-sports with the 2.93 diff instead of my 3.15 will get about 2 mpg better at any speed on the highway.
The one big maintenance snag with any of the M62 or M62TU powered cars (540 / 740) are the timing chain guides. Plan to need to replace them eventually. Lifespan before failure varies widely though. Some have gone by 120k, but others go much further. Mine is still on the original guides at 194k with no signs of an issue yet (knock on wood). These engines also love to leak oil, but they're otherwise solid.
I'll also note that the air conditioning in the E38 is the best I've ever experienced in a car. I've had mine set to 72* while doing 75 on the highway in full sun, outside temp showing 102* and the A/C drawing outside air (not recirc). Car was comfortable inside and the climate control was only using a little more than 1/2 fan speed to keep the temperature under control.
And if anyone with an E38 / E39 is interested in ditching the clutch fan for an electric setup, let me know and I'll post a writeup on the conversion I did (works for 99+ E38s and similar year E39s, anything with the M62tu and the PWM controlled aux fan).