Launched in October 1998, BMW's 400hp, V8-powered M5 saloon instantly earned rave reviews, and has proved popular with enthusiasts ever since. Blending sensible, refined looks with stunning performance, good E39s are now appreciating classics.
Prospective owners should be prepared to set aside a fighting fund of £2,000 to £3,000 a year to keep their M5 in top condition though - these cars need continual (and sometimes expensive) maintenance.
At the M5's heart is BMW's S62 chain-driven 4,941cc normally-aspirated V8 engine, mated to a six-speed manual gearbox. Extensively modified by BMW's M Division, the engine has a higher compression ratio, double VANOS variable valve timing, individual throttle bodies for each cylinder and a dual air induction system - enough to see the E39 blast to 62mph in just 5.3 seconds and on to a limited top speed of 155mph. Handling is impressive too, with stronger mounts, bushes and wheel bearings, as well as unique spring rates and a lower ride height.
Other unique features included 18-inch Shadow Chrome alloy wheels, quad tailpipes and a small lip spoiler on the boot. A September 2000 facelift introduced headlights with a corona ring, revised rear lights, front parking sensors, Alcantara headlining and grey-faced main dials.
You will find some examples pitched at well under £10,000, but approached these with caution. We'd rather spend £12,000 to £15,000 on a cherished example, whilst at the top end concours low-milers fetch £25K-plus.
BMW's E39 M5 is a complex car that requires proper care - regular and correct servicing is essential, whilst the engine's valve timing system can be problematic. This double VANOS system has a tendency to rattle when cold until oil pressure has built up, but if it persists when hot then a new or rebuilt VANOS unit is required - otherwise you could be facing a £6,000 engine bill. Other less serious engines issues include failed seals or solenoids, broken cam position sensors, worn tensioners and failing mass air flow sensors (the M5 has two). And you can expect to use a litre of oil every 1,000 to 2,000 miles.
The Getrag transmission is very reliable however, but is difficult to fix and virtually impossible to acquire parts for. A used replacement is about the only option. Clutches inevitably wear out (usually between 60K and 100K miles) but the M5's dual-mass flywheel is expensive to replace.
Rust - which may be significant - can appear almost anywhere on E39s. Key places to check for corrosion include the wheel arches, sills, jacking points, around the boot and inside the fuel filler cap. And other items buyers should look out for include dead pixels on dashboard displays, cracked windscreens, corroded Chrome Shadow alloys, worn suspension arms, bushes, links and ball joints,
Many owners upgrade the original pre-facelift sat-nav screen and the exhaust, whilst a full set of tyres will set you back in the region of £700. And we'd urge you to look at and drive a few examples if you can before making any offers - to ascertain just what a good E39 M5 really feels like.
- Check all electronics including climate control, electric seats, electric windows and central locking work - these can be expensive to fix. Are all of the remote locking keys present and functional?
- The digital dash prone to losing pixels However, there are specialists who can restore them. Facelifted M5s have grey-faced main dials rather than the black faces of earlier models
- Scour the whole car for signs of rust - especially the wheel arches, sills, jacking points, door bottoms, boot lid edges and the panel behind the rear bumper
- Look out for any uneven panel gaps or overspray from repaired accident damage - the low front spoiler is easily broken
- Many owners change to 'angel eye' front headlights - if so look for any condensation in these
- Make sure the windscreen is free of cracks and check the front end and mirrors for stone-chip damage
- Check carefully for smoke, undue noises, oil or water leaks and erratic running
- VANOS rattle when warm is a major concern - a rattling noise when the engine is started from cold is fine, but this should soon quieten down. If it persists the M5 requires a new or rebuilt VANOS unit
- Each bank of cylinders also has its own mass airflow meter - when these fail the engine can go into a limp mode or stop altogether
- Some owners remove the rear-most exhaust silencer to improve the sound of the car, and aftermarket sports exhausts are commonly fitted
- Clutches can last up to 100,000 miles, but a more realistic average mileage is around the 60,000-mile mark
- The six-speed manual Getrag gearbox is highly dependable, with a notchy shift action when cold a characteristic
- A brake upgrade is a very good idea for track driving; check pads and discs for wear, rust or cracking
- A suspension refresh is wise after 100K miles - any rattles, clonks or sloppy handling are all indications that work is needed
- Rear differential seals can leak and cost £1,000 to fix - it's also best to have the side seals replaced at the same time
- Check for any signs of uneven tyre wear. Original BMW discs and pads can be expensive, so many owners fit cheaper alternatives
- OE wheels do corrode -budget for a full refurbishment if needed
- Michelin Pilot Sport tyres are recommended by many owners; budget around £700 for a new set and search online for best deals
BMW M5 (E39)
Engine: 4,941cc V8
Transmission: 6-speed manual
Power (hp): 400hp@6,600rpm
Torque (lb ft): 369@3,800rpm
MPG: N/A
CO2: 346g/km
Price new:
Price now: £6,000 to £35,000
[Thanks to Munich Legends, Ashdown Park Hotel and Bramley Cars for their help with this feature. Pics by Tom Begley].