[Law]

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Update:

Sold for $176,000 at Pebble Beach over the weekend.






We might possibly see this E39 M5 sell for well over six-figures at the Pebble Beach Auctions next week.
This example is literally a time capsule, but I'll let the original posting and photos do the talking:

Originally Posted by Gooding & Company

2002 BMW M5
$140,000 - $180,000 | Without Reserve
Chassis: WBSDE934X2BZ99913

Road & Track summed up the enduring appeal of BMW’s E39 M5 in a July 2017 retrospective, saying: “The E39-generation BMW M5, built from 1998 to 2003, has achieved mythical status since it ended production. Even today, this M5 is the sports sedan by which all others are judged, and a lot of enthusiasts would argue that even BMW itself hasn’t bested it.”

The M5 offered here is a remarkable time capsule example and likely one of the lowest-mileage E39 M5s in existence. Finished in Titanium Silver with a Black Nappa leather interior and optioned with fold-down rear seat, ski bag, park distance control, and M-Audio with enhanced bass, the M5 was delivered new to BMW of San Diego and was purchased by Glen Konkle of nearby Rancho Santa Fe. Mr. Konkle, a meticulous BMW enthusiast, acquired two of nearly every car in his collection, one to drive and one to preserve.

Showing only 437 miles at the time of cataloguing, this M5 has been lovingly preserved and maintained by its knowledgeable caretakers. Pre-delivery inspection stickers still remain within the incredibly fresh interior, and the M5 retains its original accessories, including its license plate bracket still in its wrapper, new-car check-in sheet (recorded at five miles), books, and tools. This iconic BMW offers a second chance to the discerning collector who missed purchasing a stunning E39 M5 when new.

Link

[Dog Face Pony Soldier]

I'd rather have a 2019 model.

[Darth One]

He's expecting to get $140k for this? I was watching almost this same car on BaT but in an Individual color and 10k miles...it went for $51k and even with that I was somewhat flabbergasted

[dmk08]

Originally Posted by glennQNYC

I'd rather have a 2019 model.

New BMWs aint got no soul.

[Teeone]

I would put a $70k ceiling on that car

[Dog Face Pony Soldier]

Originally Posted by dmk08

New BMWs aint got no soul.

Fair enough, but if I had six figures to spend on automotive soul I wouldn't be looking anyplace near a 2002 M5.

[10"]

The second someone starts driving this; it's going to fall apart! Lol

Buying an older car that's not been driven is like buying something with maximal potential to break, be weakened, and be brittle. No thanks.

[SakhirM4]

Originally Posted by 10"

The second someone starts driving this; it's going to fall apart! Lol

Buying an older car that's not been driven is like buying something with maximal potential to break, be weakening, and be brittle. No thanks.

I have quite a few friends that have E39 M5s and they are not falling apart. They are good cars. Dis you have one that fell apart when you drove it?

[10"]

Originally Posted by SakhirM4

I have quite a few friends that have E39 M5s and they are not falling apart. They are good cars. Dis you have one that fell apart when you drove it?

I am referring to older cars that haven't been driven; as I wrote the first time!

Cars that have been driven and maintained are great! Cars that have been stored in garages and never driven? Disaster waiting to happen.

[NickyC]

Wood grain oh noes.

[Dr. Dre]

On of the most overrated cars I've ever driven. All the controls were just shit. Steering, shifter just terrible. The E60 M5 was such a better car. Once that v10 woke up it was magic. Like some else mentioned, why would you just by the new one for that price.

Shit for that price you could go by a 360 Stradale.

[dmk08]

Originally Posted by Dr. Dre

On of the most overrated cars I've ever driven. All the controls were just shit. Steering, shifter just terrible. The E60 M5 was such a better car. Once that v10 woke up it was magic. Like some else mentioned, why would you just by the new one for that price.

Shit for that price you could go by a 360 Stradale.

But... it wasnt ugly like an E60 and all manuals. So it wins.

[CSBM5]

If anyone is interested in the history of this car, search the M5board using username BigGar and threads he started. This car was one of three extremely well-cared for E39 M5s with very low mileage (back in 2008) that were part of an extensive collection maintained in a large climate controlled facility.

This car sold at an RM auction along with a 2000 model with about 1900 miles back in 2010.

FWIW, EAG sold a 390 (?) mile E39 M5 for $149k about 18 months ago. I seriously doubt anyone that is bidding on this car is worried about a gasket leak or has any intention of actually driving very far.

Pricing on E39 M5s has been growing very strongly for well-kept cars. I owned my 2001 for over 14 years and recently sold it at 66k miles on BaT for $34k ($35,700 buyer cost). My car was garaged 24/7 since new, almost never in rain, never in bad weather, and driven only ~1200 miles/year for the past 10 years. I never experienced all these internet horror stories about cars that aren't driven "enough."

It was a fantastic car that when driven was exercised "fully and completely" after a careful warmup. One of the best memories was trying to catch my daughter on track at NCCAR about 10 years ago; I was in her E46 and she was driving the M5. The wail of the Dinan exhaust from the M5 and it's lowered stance as it pulled away strongly on the straights was incredible.

Out of all the BMWs I've owned and then sold over the last 40+ years, the E39 M5 and my 1972 Bavaria go down as my favorites.

[10"]

Originally Posted by CSBM5

If anyone is interested in the history of this car, search the M5board using username BigGar and threads he started. This car was one of three extremely well-cared for E39 M5s with very low mileage (back in 2008) that were part of an extensive collection maintained in a large climate controlled facility.

This car sold at an RM auction along with a 2000 model with about 1900 miles back in 2010.

FWIW, EAG sold a 390 (?) mile E39 M5 for $149k about 18 months ago. I seriously doubt anyone that is bidding on this car is worried about a gasket leak or has any intention of actually driving very far.

Pricing on E39 M5s has been growing very strongly for well-kept cars. I owned my 2001 for over 14 years and recently sold it at 66k miles on BaT for $34k ($35,700 buyer cost). My car was garaged 24/7 since new, almost never in rain, never in bad weather, and driven only ~1200 miles/year for the past 10 years. I never experienced all these internet horror stories about cars that aren't driven "enough."

It was a fantastic car that when driven was exercised "fully and completely" after a careful warmup. One of the best memories was trying to catch my daughter on track at NCCAR about 10 years ago; I was in her E46 and she was driving the M5. The wail of the Dinan exhaust from the M5 and it's lowered stance as it pulled away strongly on the straights was incredible.

Out of all the BMWs I've owned and then sold over the last 40+ years, the E39 M5 and my 1972 Bavaria go down as my favorites.

The problem is that just putting a car in "climate control" and cleaning the exterior is NOT good maintenance. Did he change fluids every 6 months to 2 years? Did he change hoses that became brittle? Did he service the car on time intervals rather than mileage? Most people who keep cars like this for extended periods of time do NOT do these things...and they soon fall apart after driving.

Machines are meant to be used and often if they are not used the moving parts seize or degenerate. This dude who bought this for what $60k back in 2002 was better off investing that money because doubling it or even tripling it is not a great investment...will never understand this type of poor logic.

"Collector" culture is pretty toxic. I see it all over the 1M community and it makes me cringe...

[King Rudi]

Originally Posted by glennQNYC

Fair enough, but if I had six figures to spend on automotive soul I wouldn't be looking anyplace near a 2002 M5.

Agreed but then again, I'm not a collector; I'm a driving enthusiast. I buy cars to drive them and push them to the limits of what they are built for.

[sygazelle]

Thanks for sharing this beautiful example of a great car. Those who are posting negative comments are probably driving enthusiasts and not car collectors. That's okay for sure. If somebody thinks the E60 M5 is better, that's great. For its time, the E39 M5 was King. This particular car may be the best existing example. A collector or someone who appreciates auto history understands why this car is important, even if it is not technically as great as the best current sedans.

Heck, my lowly F30 328i has better 0-60 times than Ferrari's from the 60's that are selling for $2 million plus.

I would never pay $150k fo this M5 personally, but I can totally understand why somebody with funds and the love of cars would do so.

[LOW4LYF]

Originally Posted by dmk08

New BMWs aint got no soul.

But very fast

[CSBM5]

Originally Posted by 10"

The problem is that just putting a car in "climate control" and cleaning the exterior is NOT good maintenance. Did he change fluids every 6 months to 2 years? Did he change hoses that became brittle? Did he service the car on time intervals rather than mileage? Most people who keep cars like this for extended periods of time do NOT do these things...and they soon fall apart after driving.

If you're interested, read the BigGar threads as I mentioned. They were well cared for. One of the E39 M5s that had 105 miles was sold to a board member whereupon the internet mavens descended upon him telling him what a disaster the car was going to be, etc. He put it into regular daily duty and had no issues. The cars under BigGar's care were well taken care of and maintained regularly. It was an outstanding collection.

[F30lolz]

Wow what a beauty as I wish my 01 I had for few years was in this impeccable condition. I would consider myself a driving enthusiast and not a car collector. Therefore, even if I had the funds to buy this, I wouldn’t. I would want the ‘museum’ aspect (if you would even want to call it that) due to the miles and new condition to still be maintained. But would be hard pressed to not drive it as I am a car whore junkie and just love to drive, period.

Stupid question but I’m just curious inside the mind of a car collector. Would a car collector ever rack up miles on this or keep this stored? Is it against car collector protocol to ever rack up miles on something like this? Are all car collectors driving enthusiasts?

[tom @ eas]

16 years later still looks great today. Always loved the E39.

[CSBM5]

Originally Posted by F30lolz

Stupid question but I’m just curious inside the mind of a car collector. Would a car collector ever rack up miles on this or keep this stored? Is it against car collector protocol to ever rack up miles on something like this? Are all car collectors driving enthusiasts?

This particular car was sold at an RM auction back in 2010 for $48,400, and it had 69 miles on it then. I'm pretty sure the owner (Griot) has kept it since then, so he put 368 miles on it...to answer your question. If the car had been driven say 10k miles, it would sell at EAG for about $80-90k. So in this case, I would think it very critical that it has only been driven this much. If it had never been driven and still had 69 miles on it, it would likely be bid stronger at the auction.

Numerous other ulta-low mileage BMWs that BigGar took care of were sold at that auction also.

As to your last question, I would guess most personal collectors are at least somewhat car nuts. However, in the past 5-6 years given the central bank forced asset inflation and free money floating around (negative yields in EU, etc), a number of hedge funds/alternative investment funds have been bidders on collector cars...anything that might give some return while using other people's money. That aspect has greatly inflated the collector car market, especially at the high end of European cars.

[F30lolz]

Originally Posted by CSBM5

This particular car was sold at an RM auction back in 2010 for $48,400, and it had 69 miles on it then. I'm pretty sure the owner (Griot) has kept it since then, so he put 368 miles on it...to answer your question. If the car had been driven say 10k miles, it would sell at EAG for about $80-90k. So in this case, I would think it very critical that it has only been driven this much. If it had never been driven and still had 69 miles on it, it would likely be bid stronger at the auction.

Numerous other ulta-low mileage BMWs that BigGar took care of were sold at that auction also.

As to your last question, I would guess most personal collectors are at least somewhat car nuts. However, in the past 5-6 years given the central bank forced asset inflation and free money floating around (negative yields in EU, etc), a number of hedge funds/alternative investment funds have been bidders on collector cars...anything that might give some return while using other people's money. That aspect has greatly inflated the collector car market, especially at the high end of European cars.

You mentioned earlier that EAG had a low mileage E39 M5 sell for around $149k but IIRC it sold for $180k but I could be wrong. Either way, they mainly find a buyer for their high priced vehicles but for the life of me they will not change out rod bearings as part of their ‘10 year service’ for s62/s65/s85 motors. I feel for what they are commanding, they should be changed out.

Regarding your last point, I agree. Just in talks of BMW automobiles, M cars are picking up value and I keep kicking myself in the ass as I could have purchased a e30 M3 for $7k back in 2005. Do you ever think the e36 M3 will start picking up steam? I see myself getting a e36 M3, 2005 330 ZHP sedan currently owned by a close friend or handing over my current daily beater Civic to my son for his first car in about 5 years from now. If the e36 M will somewhat go up in value, I’ll cringe if he were to drive it.