While the current prices of these cars on the used market may be higher than the typical $1500 Miata we all covet, the prices are still shockingly low for what was (very) recently the absolute pinnacle of uber-sedans.
A co-worker is shopping for one and is keeping me in the loop on cars he's considering. They're now down to $20k! Hard to believe.
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These cars are awesome. When I bought my e28, the (previous) owner let me take his new M5 for a spin. 
$20k seems like a screaming deal for such an impressive and practical machine.
The ONLY downside if you are looking for it as a budget supercar is that the same gen 6 speed 540i can be had for around 10k. 10k more for the same basic car is alot of money. I do admit it might be hard to duplicate all that extra goodness for the 10k difference.
Wow those things are awesome...! This blue ones with 70k miles... I wasn't a believer in M5s, but for the price of a new VW... seems like a steal
Those were my "If you could only have one car" cars for many many years.
Cheap to buy, horribly expensive to maintain is what I hear at least. Lots of M5 specific, expensive parts. I imagine insurance would be a bear too. I LOVE that blue one though.
The parts that are specific to the M5:
Engine, some interior bits, exhaust, rear diff., a few body parts, wheels, brakes(I think).
Really, the only expensive BMW part is paying someone else to do the work.
The biggest problem area appears to be some sort of emissions passages in the heads that fill with carbon on cars that are driven easily. It only makes the check engine light come on. The fix is either removing the heads and cleaning them (OMG$$$) or getting the ECU reprogrammed to ignore the problem. The stock clutch is a bit under-spec'ed for 400hp as well.
I've been looking at these things for a few years now. Of course, now that M5s are cheap no one wants to give loans for used cars.
So, what does the owner of Flyin' Miata buy when he needs a four-door sedan? This is a guy who has a garage with an LS1 Miata, a turbo Westfield and a bunch of bikes. He's not into slow cars much.
Yup, an E39 M5. He had a 540i 6-speed, but it's just not the same. Apparently even the steering is better on the M5. The one thing we can't figure out is why you would not push the Sport button all the time.
Brakes are definitely different. The bloody things look like they're 14" across.
The M's gonna hafta drop a little more to replace my urScar....
If you are looking for a 4 door super car check out the 04-07 CTS-V. Prices are dropping fast. I have seen 2004, 50k-75k mile cars coming in right around and under $20k.
They handle very well and have 400 hp. It is a GM so parts are not crazy. Some people have had problems with the rear end but there is a service bulletin and the 06-07 rear should be fitted under warranty.
Even Jeremy Clarkson liked it well enough for an American car... Funny video and worth watching. http://www.youtube.com/watch?v=BhQb2wJVPTg
Real M cars have inline sixes. When I hit the lottery, I want to transplant a 333hp S54B32 motor into my E39 525i.
I would also nominate the E31 as a budget supercar - there are a couple on ebay right now with 4 - figure BIN prices. Unfortunately, manual transmissions are hard to come by....
I've seen e39 540i cars for as low as $5k when gas prices were higher.
Maintenance costs on the cars listed above scare me...
My old one -
Great car. Maintenance was more expensive on parts than my Civics, but I DIY'ed it and it didn't hurt too bad.
Greg Voth wrote: If you are looking for a 4 door super car check out the 04-07 CTS-V. Prices are dropping fast. I have seen 2004, 50k-75k mile cars coming in right around and under $20k. They handle very well and have 400 hp. It is a GM so parts are not crazy. Some people have had problems with the rear end but there is a service bulletin and the 06-07 rear should be fitted under warranty. Even Jeremy Clarkson liked it well enough for an American car... Funny video and worth watching. http://www.youtube.com/watch?v=BhQb2wJVPTg
Wasn't that the CTS having rear end problems, not the V?
Ok, a little advice
Audi is within a week of 200k miles on orig 2.2 liter 20 valve turbo, clutch, trans, and rear end. I drive 50 miles round trip a day.
$10k budget need 4 door full sized ish car to haul 2 kids daily Manual trans a must
would like entertaining car.
thoughts?
bluevr6 wrote: Ok, a little advice Audi is within a week of 200k miles on orig 2.2 liter 20 valve turbo, clutch, trans, and rear end. I drive 50 miles round trip a day. $10k budget need 4 door full sized ish car to haul 2 kids daily Manual trans a must would like entertaining car. thoughts?
Any E39 BMW.
'99-'02 9-3 Viggen
9-5 Aero
Is the RX-8 that cheap yet?
Lexus IS300 (again... that cheap yet? It has to be close)
On a totally related note, a "follow-up" story on cool sport sedans is in the works. (Did one of you bug my office?)
I've been watching prices on e39 BMW 528i or 530i sport sedans these days. e38 740i sport sedans are pretty cool as well, if you want a larger car and don't mind an automatic transmission.
On the topic of Ms.....E46 M3s are dipping under the $20k mark.
DirtyBird222 wrote: On the topic of Ms.....E46 M3s are dipping under the $20k mark.
I know. I have noticed as well.
Since the gas price spike, E39 540i6 values have plummeted....and they seem like an INCREDIBLE deal right now. I've been looking at 70k mile examples for well under 10k with the sport package. CTS-V's are still in the mid 20's here, but I'm looking forward to watching the prices fall a little further. :)
Nathan
David S. Wallens wrote: On a totally related note, a "follow-up" story on cool sport sedans is in the works. (Did one of you bug my office?)
Maybe. 
DirtyBird222 wrote: On the topic of Ms.....E46 M3s are dipping under the $20k mark.
MitchellC wrote:DirtyBird222 wrote: On the topic of Ms.....E46 M3s are dipping under the $20k mark.I'll take it in this color.
I'm painting a friends camaro in that color. When i wanted to paint my trans am that color i went out and bought all the paint ($12 a quart) and just have it laying around.
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