E60 M5 - cash/car allowance - your thoughts.
Discussion
Hi, *worst can I afford an M5 thread ever*
If someone out there can simply tell me to stop wasting my time (or has a similar experience) this may well save me a load of hassle! Your thoughts on the below and general E60 ownership are appreciated ('search' has thus far lead to some interesting reads!)
The issue:
I have to renew my car shortly - company policy dictates - and when I do the simple sums i.e. lost car allowance/BIC tax for a company car against running/ownership of a 55 plate E60 M5 (take the car allowance and petrol tax rebate for 15K miles) it all seems to work out reasonably even - M5 is about £1.5K per year more expensive!
I know it seems insane but to me it is looking possible - and clearly my somewhat fuel injected thought process likes it a lot, compared to running around in the normal company 520 / 2.0TDI cars you see. I had an E39 M5, then E46 M3 a couple of years ago and loved them both, also sold a 996 Turbo 6 months ago which was daft - but the thing never got driven - so I want something that I can drive every day with all the right appeals (that also has 4 seats, 4 doors etc etc snore).
In order to make it work I've done some basic maths, but need some facts to back up my thoughts e.g.
> In my calculations I've allowed for £2500 servicing/maintenance for 15000 miles (inc tyres/brakes etc) - this feels light to me - is it likely to be double/triple this?
> I've also accounted a reasonable spend for a warranty (£800).
> I've also assumed, given that the majority of my driving will by Mway a combined 20mpg.
Next question, and simply put is, will a 55 plate 50K on the clock M5 run 15K miles a year for three years without major incident, no track days, no stupidity (well maybe just a little!)??
Do the above seem reasonable?
Am I simply jumping into a money pit?
Am I thinking too hard about this? (probably)
Would you take the easy option? (the company Audi!)
Apologies for a long post. Any feedback gratefully taken!
Thanks
Rich
If someone out there can simply tell me to stop wasting my time (or has a similar experience) this may well save me a load of hassle! Your thoughts on the below and general E60 ownership are appreciated ('search' has thus far lead to some interesting reads!)
The issue:
I have to renew my car shortly - company policy dictates - and when I do the simple sums i.e. lost car allowance/BIC tax for a company car against running/ownership of a 55 plate E60 M5 (take the car allowance and petrol tax rebate for 15K miles) it all seems to work out reasonably even - M5 is about £1.5K per year more expensive!
I know it seems insane but to me it is looking possible - and clearly my somewhat fuel injected thought process likes it a lot, compared to running around in the normal company 520 / 2.0TDI cars you see. I had an E39 M5, then E46 M3 a couple of years ago and loved them both, also sold a 996 Turbo 6 months ago which was daft - but the thing never got driven - so I want something that I can drive every day with all the right appeals (that also has 4 seats, 4 doors etc etc snore).
In order to make it work I've done some basic maths, but need some facts to back up my thoughts e.g.
> In my calculations I've allowed for £2500 servicing/maintenance for 15000 miles (inc tyres/brakes etc) - this feels light to me - is it likely to be double/triple this?
> I've also accounted a reasonable spend for a warranty (£800).
> I've also assumed, given that the majority of my driving will by Mway a combined 20mpg.
Next question, and simply put is, will a 55 plate 50K on the clock M5 run 15K miles a year for three years without major incident, no track days, no stupidity (well maybe just a little!)??
Do the above seem reasonable?
Am I simply jumping into a money pit?
Am I thinking too hard about this? (probably)
Would you take the easy option? (the company Audi!)
Apologies for a long post. Any feedback gratefully taken!
Thanks
Rich
Hi there,
My first thought from reading it all is that an M5 isn't really the right car to be plodding up and down motorways being used as a company car. From an 'enthusiast point of view' you'll not really get to use it's potential, which is spirited driving including the twisties. Motorways don't really have twisties! Will you look cool on the motorway at 90mph in an M5?! yes of course you will!!
Practical viewpoint on, a number of my friends who are all in either higher or mid to higher level management and earling some very very decent money are given a car allowance and then have stipulations. For instance, prior to the credit crunch, one friends company said here's the fuel card as well, just make sure whatever car you buy isn't an SUV as it's seen to be a petrol/fuel guzzler, make sure the car will look good and businesslike when on client sites to make the company look professional, nothing over 5 years old.
Plonk landed a 18K miler 18 month old E60 530d M Sport. other's have followed suit.
What will happen when your company says actually in next years financial review, the car allowance will be halved to save the company cash ? Look at it another way, inevitably, the mileage will rack up on the car and the E60 M5 is already currently cheap due to very high running costs for most of the population - fine if your pockets are deep enough though! so a higher mile E60 M5 that was used as a inter city plodder will lose some more resale value.
In short, if you weren't given a fuel allowance would you still consider running an M5? this could happen if perhaps you had to change jobs or fuel/car allowance reduced scrapped.
Lastly, ultimatley, only you can decide what to go for, here, you'll get allsorts of answers! yes of course you can, no you shouldn't and everything between. Only you can decide what's in your pocket and what you want to do.
in a nutshell, get a decent good looking professional image less costly to run car for the commute/motorway slog and keep the M5 at home for weekends and fun. If you are part of a small company thats doing exceptionally well lawyer pehaps?!! then have the M5 for the daily slog and commute and the Murcielago for the Weekends!
Cheers, Dennis!
My first thought from reading it all is that an M5 isn't really the right car to be plodding up and down motorways being used as a company car. From an 'enthusiast point of view' you'll not really get to use it's potential, which is spirited driving including the twisties. Motorways don't really have twisties! Will you look cool on the motorway at 90mph in an M5?! yes of course you will!!
Practical viewpoint on, a number of my friends who are all in either higher or mid to higher level management and earling some very very decent money are given a car allowance and then have stipulations. For instance, prior to the credit crunch, one friends company said here's the fuel card as well, just make sure whatever car you buy isn't an SUV as it's seen to be a petrol/fuel guzzler, make sure the car will look good and businesslike when on client sites to make the company look professional, nothing over 5 years old.
Plonk landed a 18K miler 18 month old E60 530d M Sport. other's have followed suit.
What will happen when your company says actually in next years financial review, the car allowance will be halved to save the company cash ? Look at it another way, inevitably, the mileage will rack up on the car and the E60 M5 is already currently cheap due to very high running costs for most of the population - fine if your pockets are deep enough though! so a higher mile E60 M5 that was used as a inter city plodder will lose some more resale value.
In short, if you weren't given a fuel allowance would you still consider running an M5? this could happen if perhaps you had to change jobs or fuel/car allowance reduced scrapped.
Lastly, ultimatley, only you can decide what to go for, here, you'll get allsorts of answers! yes of course you can, no you shouldn't and everything between. Only you can decide what's in your pocket and what you want to do.
in a nutshell, get a decent good looking professional image less costly to run car for the commute/motorway slog and keep the M5 at home for weekends and fun. If you are part of a small company thats doing exceptionally well lawyer pehaps?!! then have the M5 for the daily slog and commute and the Murcielago for the Weekends!
Cheers, Dennis!
Hi Dennis,
You make a very level headed argument.
I understand all your points - I wish I were the lawyer with the Lambo in the garage, alas, I tried running two cars last year (Audi A4 TDI and 996 Turbo) and simply found myself always wishing to be driving the Porsche, but never driving it (2000 miles in the year) - and letting it simply rack up the bills / depreciation. So I sold it (heartbreakingly so!) - not practical with 2 kids either.
I figured having a great car to drive day in/out might make me feel a whole lot better!
With regards to our car scheme, we have a abide by the rules, which are 4 seats/doors < 7 years old < 100K miles. I also have a very flexible management team who will sign off practically anything. As per your comments though, should these things change one is left with an expensive problem.
What I cannot seem to find is adequate middle ground - having a 'decent' second car is very expensive a hobby, but running a normal plodder TDI day to day is crap aswell.
You make a very level headed argument.
I understand all your points - I wish I were the lawyer with the Lambo in the garage, alas, I tried running two cars last year (Audi A4 TDI and 996 Turbo) and simply found myself always wishing to be driving the Porsche, but never driving it (2000 miles in the year) - and letting it simply rack up the bills / depreciation. So I sold it (heartbreakingly so!) - not practical with 2 kids either.
I figured having a great car to drive day in/out might make me feel a whole lot better!
With regards to our car scheme, we have a abide by the rules, which are 4 seats/doors < 7 years old < 100K miles. I also have a very flexible management team who will sign off practically anything. As per your comments though, should these things change one is left with an expensive problem.
What I cannot seem to find is adequate middle ground - having a 'decent' second car is very expensive a hobby, but running a normal plodder TDI day to day is crap aswell.
OP I think you`ve answered your own questions really.
You have a fuel card so the MPG isn`t too much of a worry.
The actual purchase price of an M5 to your specification is well within budget.
It`s really what the M5 was designed for, long distances at high speeds.
I drive a Z4 M Coupe as a daily driver doing the same, maybe a little less mileage on a 40p a mile scheme and it works.
Go for it but look at a M3 as well ( With EDC )
You have a fuel card so the MPG isn`t too much of a worry.
The actual purchase price of an M5 to your specification is well within budget.
It`s really what the M5 was designed for, long distances at high speeds.
I drive a Z4 M Coupe as a daily driver doing the same, maybe a little less mileage on a 40p a mile scheme and it works.
Go for it but look at a M3 as well ( With EDC )
Well I did exactly the same with an E39 M5 almost 6 years ago, bought it with 29k on the clock (3 years old) and I still use it for motorway miles munching, it's now coming up to 153k .... Basically it owes me nothing these days and is still a joy to drive.
Okay it's not an E60 M5 but it still brings a smile to my face everytime I get in it, that is what can't be measured in a spreadsheet...
But if the E60 appeals go for it, you know what to expect have owned M cars previously.
Simple question, will it bring a smile to your face as you slip in to the drivers seat each time..?
Okay it's not an E60 M5 but it still brings a smile to my face everytime I get in it, that is what can't be measured in a spreadsheet...
But if the E60 appeals go for it, you know what to expect have owned M cars previously.
Simple question, will it bring a smile to your face as you slip in to the drivers seat each time..?
Edited by Seesure on Friday 16th April 19:51
Only a complete idiot would take the cash allowance and use the M5 for a daily car going up and down the motorway.
NOW seeing as I AM a complete idiot that is exactly what I have done
I do around 35k a year in mine, now has 82k on the clock, gets driven like it should be quite often! Goes perfectly well, the few problems it's had have all been fixed under warranty and I have NO intention of growing up and being sensible getting a diseaseall. Was VERY tempted by a 535d and people who drive them will tell you what an amazing car they are, and how much power and torque they have.... and they would be right, but they are not a patch on an M5 and could never imagne stooping to the level of one, it is simply impossible to fully express the shear delight of spending the entire day, every day in a 200mph monster
You know what, you will curse it for the fuel economy and you will corner like a little girl after you relaise the first set of tyres you had only last 4k. But guess what, f
k it! I love every single day of my work life in this baby Yup I'm out of pocket every mile I drive but I don't care because every mile is a pleasure! Do it! I'll wave as we pass on the M6 toll at 200mph 
NOW seeing as I AM a complete idiot that is exactly what I have done
I do around 35k a year in mine, now has 82k on the clock, gets driven like it should be quite often! Goes perfectly well, the few problems it's had have all been fixed under warranty and I have NO intention of growing up and being sensible getting a diseaseall. Was VERY tempted by a 535d and people who drive them will tell you what an amazing car they are, and how much power and torque they have.... and they would be right, but they are not a patch on an M5 and could never imagne stooping to the level of one, it is simply impossible to fully express the shear delight of spending the entire day, every day in a 200mph monster You know what, you will curse it for the fuel economy and you will corner like a little girl after you relaise the first set of tyres you had only last 4k. But guess what, f
k it! I love every single day of my work life in this baby Yup I'm out of pocket every mile I drive but I don't care because every mile is a pleasure! Do it! I'll wave as we pass on the M6 toll at 200mph I had a similar dilema last year.
I was running a new S class which was fantastic, but 60,000 miles in 2 years and £40k in depreciation made me rethink especially since I yearned a convertable sport car but needed a comfortable motorway cruiser.
My solution was a 530d Msport with all the toys and a rare S54 engined Z3m roadster in the garage.
I may only do <5,000 miles in the roadster but I have ended up with a new hobby and absolutely love it, I've had some fantstic weekends in it and can't wait to get behind the wheel.
I love having 2 cars now, the 5 series is spot on and the stupid thing is I'm actually saving money compared to my previous running costs for 1 car :-) The z3m is now a keeper and so I can tailor my daily driver for different needs.
I was running a new S class which was fantastic, but 60,000 miles in 2 years and £40k in depreciation made me rethink especially since I yearned a convertable sport car but needed a comfortable motorway cruiser.
My solution was a 530d Msport with all the toys and a rare S54 engined Z3m roadster in the garage.
I may only do <5,000 miles in the roadster but I have ended up with a new hobby and absolutely love it, I've had some fantstic weekends in it and can't wait to get behind the wheel.
I love having 2 cars now, the 5 series is spot on and the stupid thing is I'm actually saving money compared to my previous running costs for 1 car :-) The z3m is now a keeper and so I can tailor my daily driver for different needs.
M5 Mark said:
Only a complete idiot would take the cash allowance and use the M5 for a daily car going up and down the motorway.
NOW seeing as I AM a complete idiot that is exactly what I have doneI do around 35k a year in mine, now has 82k on the clock, gets driven like it should be quite often! Goes perfectly well, the few problems it's had have all been fixed under warranty and I have NO intention of growing up and being sensible getting a diseaseall. Was VERY tempted by a 535d and people who drive them will tell you what an amazing car they are, and how much power and torque they have.... and they would be right, but they are not a patch on an M5 and could never imagne stooping to the level of one, it is simply impossible to fully express the shear delight of spending the entire day, every day in a 200mph monster
You know what, you will curse it for the fuel economy and you will corner like a little girl after you relaise the first set of tyres you had only last 4k. But guess what, fk it! I love every single day of my work life in this baby Yup I'm out of pocket every mile I drive but I don't care because every mile is a pleasure! Do it! I'll wave as we pass on the M6 toll at 200mph
What he said really, I only have the e39 M5. It is a tyre shredding, gas guzzling,licence shredding liability that costs me money every time I look at it! But 10 years from now such a car will be illigal so enjoy while you can!NOW seeing as I AM a complete idiot that is exactly what I have done
I do around 35k a year in mine, now has 82k on the clock, gets driven like it should be quite often! Goes perfectly well, the few problems it's had have all been fixed under warranty and I have NO intention of growing up and being sensible getting a diseaseall. Was VERY tempted by a 535d and people who drive them will tell you what an amazing car they are, and how much power and torque they have.... and they would be right, but they are not a patch on an M5 and could never imagne stooping to the level of one, it is simply impossible to fully express the shear delight of spending the entire day, every day in a 200mph monster You know what, you will curse it for the fuel economy and you will corner like a little girl after you relaise the first set of tyres you had only last 4k. But guess what, f
k it! I love every single day of my work life in this baby Yup I'm out of pocket every mile I drive but I don't care because every mile is a pleasure! Do it! I'll wave as we pass on the M6 toll at 200mph Neil.D said:
M5 Mark? Stormster? Please repost 'that' video 
Er... Yes the very same I can only assume whoever made the video removed it in case people thought it was on a UK road and not the German Authobahn. Guess only the driver knows. If I remeber rightly the highlight was this part....
Edited by M5 Mark on Saturday 17th April 13:50
Hi there,
Yep, some differing views of course - I half anticipated those responses as well. Seesure, we were having this very conversation with some of the guys at the Crooked Chimney meet on Thursday night and I was quoting you directly as I know you're one of the guys doing exactly this! You should've popped along!
It basically comes down to the overall cost Vs enthusiastic level/way of thinking. We'd all simply love to run around in M3, M5 and M6's and Alpina B10 and the likes of AMG's and DB9's etc, but of course very few do actually get that chance.
There's various other side factors as well, like wanting the car to perhaps be a little dfferent, and so some modifications creep in! things like at the end of the experience, thinking it'll be hard to sell or will be deemed very very low in re-sale value, running costs and things like stone chips etc and the protectant porducts etc etc.
Of course, if you are one to accept all those and have the pockets and means to run the M5 then definitley go for it!
I just wish I was in the same predicament!
Cheers! Dennis!
Yep, some differing views of course - I half anticipated those responses as well. Seesure, we were having this very conversation with some of the guys at the Crooked Chimney meet on Thursday night and I was quoting you directly as I know you're one of the guys doing exactly this! You should've popped along!
It basically comes down to the overall cost Vs enthusiastic level/way of thinking. We'd all simply love to run around in M3, M5 and M6's and Alpina B10 and the likes of AMG's and DB9's etc, but of course very few do actually get that chance.
There's various other side factors as well, like wanting the car to perhaps be a little dfferent, and so some modifications creep in! things like at the end of the experience, thinking it'll be hard to sell or will be deemed very very low in re-sale value, running costs and things like stone chips etc and the protectant porducts etc etc.
Of course, if you are one to accept all those and have the pockets and means to run the M5 then definitley go for it!
I just wish I was in the same predicament!
Cheers! Dennis!
DennisCooper said:
Seesure, we were having this very conversation with some of the guys at the Crooked Chimney meet on Thursday night and I was quoting you directly as I know you're one of the guys doing exactly this! You should've popped along!
Lol - I was on the wrong side of the country, would have been an expensive shandy for me, although of course it would be good to see the folks again. 
G-Rich I have already taken the plunge. I do about 16K a year in my E60 M5 which is nearly all Motorway but at the end of the day with a long drive ahead of me there is no better car to get into. If I am too tired it flies up the motorway but usually if it is late I frequently set sat-nav to dynamic route and enjoy the drive home.
I have also thought about 2 cars but I am sure I wouldn't get the time to use it as a mate of mine who has a similar job has an Aston in the garage and he only does about 100 miles a month in it.
Undoubtedly it will cost you money so go for it until hurts too much and then swap for something cheaper.
I have also thought about 2 cars but I am sure I wouldn't get the time to use it as a mate of mine who has a similar job has an Aston in the garage and he only does about 100 miles a month in it.
Undoubtedly it will cost you money so go for it until hurts too much and then swap for something cheaper.
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