[stein_325i]

E39 M5s May Be Even Hotter Than We Thought
2003 BMW M5 1-Owner 3K Original Miles!

Originally Posted by Hagerty

The digital ink reading "NEW ARRIVAL" on the 2003 BMW M5's online listing was barely dry when a "SOLD" banner took its place. Someone out there clicked on the 3157-mile M5, one from the final year of production for the vaunted E39 generation, and shelled out $199,990 to become its second owner. If that strikes you as a bit steep, you aren't alone. It's nearly double the current #1 (concours, or best-in-the-world) value of $108,000 in the Hagerty Price Guide.

For the uninitiated, the E39 M5 is the one that brought V-8 power to the BMW 5-series for the first time. Its 394 horsepower from 4.9 naturally aspirated liters was herculean when it was unveiled to a world that still had 350-hp Corvettes and 260-hp Mustang GTs, but the E39 M5's lasting appeal goes well beyond raw numbers. Even after 21 years of automotive progress, many consider it to be a high-water mark in both style and driver engagement for both BMW and sports sedans in general. Now that even the newest examples are now old enough to vote and with unmolested, low-mileage examples getting harder to find, the E39 is firmly in modern collector car territory.

Like many of the cleanest BMW M cars on the market at any given time, the E39 in question sold through Enthusiast Auto Group (EAG) in Cincinnati, Ohio. EAG touted it as the bar by which all other E39 M5s should be judged, and—even keeping in mind that they were trying to sell this car—their assessment seems fair enough. Presented in Carbon Black over two-tone Silverstone sport leather with a six-speed manual transmission, no modifications of any kind, a four-figure odometer reading, the M5 is certainly a top-quality car deserving of a top-dollar price. The M5 was also a recipient of a thorough going over by EAG. As we noted in our story on outliers last week, the imprimatur of a respected dealer is often worth a considerable premium to buyers. But 200 grand is enough to leave us wondering if that's really where the market is for these cars, even if M5s are the next big thing.

That's the $200,000 question. If you were let loose with $200,000 to spend on a BMW, would you be content leaving with one set of keys? There are other perfectly good E39 M5s asking less than half that amount, which leaves enough cash to pick nearly anything else off the showroom floor to take home, too. It could be an E24 M6, a Clown Shoe M Coupe, even a stick-shift Lime Rock M3 in that second parking space. Or is owning a top notch E39 M5, possibly the best one in the country, worth it all? On which side of the $200,000 fence do you find yourself?

[Mach550]

Hah, thats crazy. Probably some guys laundering dirty money through a quick sale.

[dscabra]

I think they misplaced the decimal point, but congratulations to the seller.

[vafan13]

Ignoring the ridiculous price, it's a shame to see stuff like this as that means a car that is supposed to be driven and enjoyed, has instead spent its entire life being nothing more than an investment vehicle (pun intended).

[M-technik-3]

I'm glad EAG is able to convince folks to spend that money. But would I spend 200K on an E39 M5, no.

[ried]

Some people have money to burn.

[PYE46M3]

.... and its not even LeMans or Imola

[KevinGS]

Originally Posted by ried

Some people have money to burn.

Indeed

I'm so tempted to buy up a few older, low-mileage models and store them for 10 or 20 years. Even if only 1 or 2 become "rare" or "special", you only need 1 buyer who really wants what you have...willing to pay $150,000 or more.

[BMWCCA1]

I'm thinking EAG is in bed with Hemmings and this is a bit of self-promotion. I've never seen them actually admit to a transaction price on any of their listed vehicles.

I own a low-mile 2002 E39 530i M-sport 6MT and even I can't imagine paying that price for an M5 even if it just came off the boat after being misplaced in Dingolfing for 18-years.

For $200k the buyer should at least get a lifetime warranty on the seat-back cables and dashboard pixels.

[..Rush..]

EAG.

LOL.

[CSBM5]

If a 1976 Toyota Celica with 52k miles can sell for $65,100 ($62k * 1.05), anything is possible in today's funny free money world.

[HighlandPete]

Originally Posted by vafan13

Ignoring the ridiculous price, it's a shame to see stuff like this as that means a car that is supposed to be driven and enjoyed, has instead spent its entire life being nothing more than an investment vehicle (pun intended).

I'm on the same page. Will it ever be used, at that value? An M5 as an ornament.

[David70]

I live across town from EAG and don't have any problem with what they do. I also try to sell what I own at the highest price I can get for it but think what people are paying for some of their cars is extreme.

I don't see the draw to this car, actually would have expected lower mileage for this price and now that someone owns it not sure what they would do with it. Not that special, not that rare. Then from looking at other M5's EAG is selling it looks like if you drive it much you will lose up to $100k -http://enthusiastauto.com/qsearch/?f...1D=17&1574_0=1

Never agreed with the extreme prices the very low mileage cars bring as they can cost double for a slightly nicer car, then you can't drive them much without taking a massive hit.

[F30lolz]

IIRC they sold a 308 mile e39 M5 a few years ago for maybe a tad cheaper than $200k. Regarding EAG, love em or hate em they continue to thrive as they have a market, while limited, let’s them keep doing what they’re doing.

[///MPhatic]

Insanity.

[Steeler]

Bitcoin and stock market millionaires are a real thing.
Money is no object.

[IB M]

Buyers with huge stock market or Bitcoin appreciation this year are looking at diversification into hard assets. When the stock market bubble bursts this cars value will fall too but at least you still have the car.

[DAMZ4Bimmer]

I think its awesome that EAG is able to bring rare cars to the market for BMW enthusiast to if able. I live across town and love having work done there on mine and looking at their inventory of BMWs.