We should have seen this coming, of course. With the benefit of hindsight, it was inevitable that the traditional, straight-six-powered, handsome BMW saloons of yesteryear would appreciate eventually. They’ll always look brilliant, they’re simple to use and enjoy, and the availability of a manual gearbox always adds appeal. Because old autos in anything vaguely sporting aren’t much fun.
It’s nice to think that the ascent of values is a new phenomenon, brought about by auto-only M3s and two-tonne M5s, but the reality is there’s been plenty of warning. Famously - at least famously on PH that is - there was an E34 M5 as a Shed of the Week, complete with MOT, in 2011. Just a few years later, they were starting at £4,000 or so, rising to £15k for the very best. And now look. There was a time that E28 M5s were less than £10,000. They were always going one way. Arguably ever since the E60 M5, really, with its futuristic look, a multitude of modes and automated manual, demand for the old-school M cars was probably guaranteed. It just didn’t look quite so guaranteed 20 years ago, when they were affordable but expensive to run and rust-prone.
Hopefully some got their fill of M thrills when they were more attainable, or snuck one away into dry storage for the figurative rainy day. For those that didn’t, entry to the hallowed classic M car club doesn’t come cheap - although, if anything, it looks more appealing than ever. Formidably capable though the latest batch of M cars is, they don’t immediately tug at the heartstrings as they once would have. You might say that about whole swathes of new performance cars, in fairness to BMW, but let’s save that discussion for another time.
Instead, let’s talk about nothing else but this beautiful M535i. Built from the E12 generation 5 Series, the 218hp, 3.5-litre flagship never carried the M5 moniker - that would of course arrive later in the '80s with the E28 - but did nicely set out M’s stall for what was to come. This was the first M road car after the M1, remember, and represented the template of what would follow: the handling would be sharpened, the design spiced up, the engine upgraded and the desirability sent soaring.
However, this was also back in the time (45 years ago, actually) when M - and especially the road car bit - was a much smaller part of BMW’s operation. So the M535i was only made for a year, between April 1980 and July 1981, with just 1,650 units made globally. That number must be much lower almost half a century on, what with a powerful old 5 Series’ propensity to oversteer. And oxidise.
This one did its share of the latter, with old iffy repairs properly seen to and the end result little short of sensational. The decals are fresh, the wheels are great, and the paint gleams. Someone, somewhere, sometime - presumably quite recently - has properly invested in this car, and the results are incredible. The interior, too, presents beautifully; not much to it to the modern eye - also why it might appeal so much - with the Recaros a particular highlight.
This 1981 example has had some remedial work done by the selling dealer; all that’s left to do, they reckon, 'is turn the key and enjoy driving this rare and special car’. No doubt a privilege for whoever gets the chance. A BMW of this vintage is going to require some specialist care by now, but the experience promises to be pretty special. And if £40k is more than they’ve ever been, there’s at least no chance now of the classic M cars being forgotten about. If only we’d realised sooner.
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