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Thread: Looking at getting back into a bimmer, need some input, 6 speed or SMG?

  1. #1
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    Looking at getting back into a bimmer, need some input, 6 speed or SMG?

    So now that I'm finally in a stable enough situation to be able to take on a reasonable car payment (I've got about 7 grand to put down and on top of that about 20-25k more that I can take on in loan form) so from what I can tell, I'm in the sweet spot for an e60 m5 with 50-80k miles in good condition. I'm well aware that I'm likely going to have to buy a car out of state and have a PPI done. This leads me into some problems that I've never run into before, as I've never paid more than 16 grand for a car (my M Coupe) and never had to bother financing one, either, let alone do an out of state PPI (apart from a regretful ebay purchase in my teens of a subaru SVX that was an absolute lemon) or hunting for a rare car with only a few for sale at any one time.

    I am not overly familiar with the M5, beyond knowing that the SMG pump is a weak point. How are they holding up in the 150+k mile range? Should I specifically have a PPI done by a dealership if I'm not going to be able to look at the car in person before dropping the cash?

    I am much more interested in a 6 speed version, but they seem to be very hard to find, and are commanding a premium as well (up to 4-5k more than a similar SMG model) am I insane for wanting a clutch pedal? I've driven an SMG m3 and did not really like it as much as the manual, but don't know how that compares to m5's.

    When it comes to hunting for one of these cars, what route would you guys suggest for searching? I'm a little leery of ebay or craigslist postings, would my local dealership potentially be helpful in finding and procuring one? Obviously they'd charge a commission of sorts, but for the right car, I think I can manage that.

    Options wise, was the dynamic seating an option or standard? Are there any other options that the car was sold with that would be worth pursuing? It's surprisingly hard to find information about what was an optional extra and what was standard with the model.

    All in all, If the homework I've done thusfar is solid, I should be able to find a late 06-09 in any color but red, with a manual gearbox and under 80k miles for about 25-32k, but I'd like to hear back on my maths and general train of logic from you guys as well.
    Quote Originally Posted by thedaddy View Post
    thedaddy ties Obama to Ozzie Osbourne...........nails triple word score.

  2. #2
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    No input on any of my questions?
    Quote Originally Posted by thedaddy View Post
    thedaddy ties Obama to Ozzie Osbourne...........nails triple word score.

  3. #3
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    You're back! !!

  4. #4
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    Only if I actually pick up an M5, otherwise, no reason
    Quote Originally Posted by thedaddy View Post
    thedaddy ties Obama to Ozzie Osbourne...........nails triple word score.

  5. #5
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    Why do you want an M5?


    Quote Originally Posted by gato View Post
    Having some racism in a country with this many black people is necessary.


    Black people are always going to be a little bit lazy.

  6. #6
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    Did you blow all of the inheritance money on swimming lessons and sleep apnea masks?

  7. #7
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    I've always loved the m5, particularly the s85 (I have ridden in one before, not driven, and the power/engine noise was amazing.) They're finally in my price range for what I can reasonably afford with my salary and still have enough to maintain/insure it. Right now, my only real daily car is a land rover discovery 2, which is more of a toy for modding, so I'm looking at selling one of my bikes and putting that into a sport sedan, and the m5 is at the top of the list.
    Quote Originally Posted by thedaddy View Post
    thedaddy ties Obama to Ozzie Osbourne...........nails triple word score.

  8. #8
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    I don't think you're ready yet. Just my opinion.


    Quote Originally Posted by gato View Post
    Having some racism in a country with this many black people is necessary.


    Black people are always going to be a little bit lazy.

  9. #9
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    Care to validate said opinion? I'm certainly not against someone talking me out of it.
    Quote Originally Posted by thedaddy View Post
    thedaddy ties Obama to Ozzie Osbourne...........nails triple word score.

  10. #10
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    Aye.

    A high km e60 M5 will certainly be fun but likely at a great expense. It's been a while since I've heard a MBCD update, but have you established yourself (career wise) a little better yet? I'm thinking not since you're actually looking for a high mileage deal as opposed to spending more on a better example. If I have that wrong, then shame on me and get out there and get yourself and old man sedan

    That being said, I'm thinking patience and appropriate planning just may be able to either afford you a better example vehicle (low kms) or maybe even one that's still under warranty (getting whatever the new M5 body is called).

    Again, if that's not what you're looking for, then YOLO and BFC's opinion is moot.


    Quote Originally Posted by gato View Post
    Having some racism in a country with this many black people is necessary.


    Black people are always going to be a little bit lazy.

  11. #11
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    Beautiful cars and amazing to drive almost picked one up myself had 106k on it with a few maintenance records...

    Had this beautiful wood grain trim, I thought shieeet if I could get a pen made in matching wood I'd be a pimp macking on some sexy porn star kinda chicks..

    But alas it didn't happen

  12. #12
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    This will be your friend, start reading:

    http://www.m5board.com/vbulletin/e60...on/index2.html


    I joined that site shortly after buying my e39 M5, the members are very helpful and I doubt there's an M5 issue they haven't encountered.

    I would be more concerned about the potential rod bearing issues than SMG issues. Rod bearings are now considered a fix-it-BEFORE-it-breaks repair by some members and will likely set you back $4-6k to get it done. I would certainly keep that in mind before purchasing. The SMG has similar problems to the units before it, potential for pump failures, relays, etc..

    How does 10 MPG sound? Sure it's possible to get 15-17 with easy highway driving, but with a 200 mile range due to the small gas tanks you'll be filling up a lot.


    All that being said, an e60 M5 will likely be my next "big" car purchase. It's not hard to find a nice example in the mid $20k range, and with rod bearings replaced you still have a 500 HP car for $30k.

  13. #13
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    career wise, I'm finally working as a medic for a proper company with a union (American Medical Response) and have been for a while now, enough to kick out roommates and get situated financially, girlfriend no longer requires financial help as she's finally graduated from UW. I've got no debt and no bills beyond the usual living expenses. Credit rating is good as well, so in theory I should be able to get decent financing, but seeing as I've never financed a car, I could be completely wrong. That portion will come once I've decided that the M5 isn't a stupid goal to pursue and finally start shopping around for loans. This process will take some time, as when I jump into something expensive, I tend to take a while doing research.

    Is 60-80k considered high mileage? My M coupe had 88 when I bought it, and never put a foot wrong, really. I honestly don't know, as I've always had cars with 120+ and just been very careful to buy ones that had been well maintained by their owners with solid service history and little to no modification (as a result, my discovery 2 has been perfectly reliable at 160k, it came with a stack of service receipts dating back to day 1 of its purchase and was only ever serviced at one specific rover specialist) I've only ever bought one truly unreliable car, a subaru SVX that was a total lemon. Everything else has been perfectly reliable short of occasionally killing a battery or regular maintenance (we'll gloss over the hole in the piston of my 240sx's 2.75 stroker, but that was my fault)

    I certainly plan on the patience part you're talking about, as 6 speed examples are rare and will require diligent searching, and I don't mind waiting 6 months to find the right one. I also need to sell my Mille R for the other half of the 7-8k I plan on putting down. No point in having four motorcycles.

    as long as the s85 isn't a horribly unreliable car, a bimmer with 60-80k should just be nicely run in, as long as it comes from a good owner with plenty of service history, but the details on its reliability are what I'm here to learn.

    Thanks much for the link Ryan M3. a 4k job (I'm looking at costs people have paid at specialist shops on the m5 board now) for potential rod bearings isn't a deal breaker (but it will give me something to look at and potentially have an oil exam done) as that's about how much it costs to properly fix the rear subframe issues on the z3's as well. I'm well versed in keeping at least 3-4k set aside for emergency repairs, and have had 3k set aside for my land rover (and its famously unreliable nature) for that very same reason. Thankfully, as a preventative measure, the original owner of my disco (whom I bought it from) had the heads milled and tougher head gaskets put in, so the thing's major weak point has been sorted. a car's history is by far the most important thing, I've learned. I definitely wont' be buying one from anyone but the original owner or one that is dealership certified.

    10mpg is fine. I ride my FZ1 regularly for the 40 it gets, and my disco gets 10-11 if I'm lucky with the larger AT tires and huge roof rack.
    Last edited by MatteBlackCoupeDude; 11-22-2014 at 03:21 PM.
    Quote Originally Posted by thedaddy View Post
    thedaddy ties Obama to Ozzie Osbourne...........nails triple word score.

  14. #14
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    The only reason I would ever consider taking out a loan on an M would be because I have the cash to pay up front, but could get a low enough interest rate that my investments (investing the cash I'm not putting down on the car) would earn more than i'd be paying in interest, resulting in a net gain. Anything else would be a bad financial decision.

    You'll see repair bills higher than your down payment.
    Last edited by weedshoes; 11-22-2014 at 03:30 PM.

  15. #15
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    Reasoning on why? Depreciation? risk on a long term investment? I paid cash up front for my M coupe, so I only have experience doing it as you described. From what I understand, a car payment should be no more than 20% of your monthly income, but that's a very simplified number.
    Quote Originally Posted by thedaddy View Post
    thedaddy ties Obama to Ozzie Osbourne...........nails triple word score.

  16. #16
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    Because as stated earlier in this thread, a high mileage e60 M5 is a maintenance whore. If you can't pay 30k cash for one, you can't afford to comfortably own one as a DD.

    Big picture reasoning: There are two types of people in this world, lenders and borrowers. Guess which ones get rich.

    Credit does not exist so that people can live outside their means.
    Last edited by weedshoes; 11-22-2014 at 03:47 PM.

  17. #17
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    I'm the end, you're a grown up and you seem to have put a lot of thought into this. Obviously you know how to look for weak spots of a particular model, so if you're comfortable with it, go for it.

    If it turns out worse than you planned - chalk it up to life lesson.

    The noise that comes out of that motor is nasty (the good nasty) so I'd consider buying one on that premise alone.


    Quote Originally Posted by gato View Post
    Having some racism in a country with this many black people is necessary.


    Black people are always going to be a little bit lazy.

  18. #18
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    I have seen great examples, super low miles for 32K. One even had a warranty. Having owned one, manual, only during warranty it was great except for the gas mileage but if your commute is short, who cares? That being said, I am certain that without a warranty one would need $$$ in the bank to keep one. Then again you have owned BMWs in the past so you know that, also you have a disco. If you can find what you want, why not? they might be approaching the bottom of their depreciation.

    "If you go backwards through the Pearly Gates in a giant fireball, that's a cool way to die." -Richard Hammond

  19. #19
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    I would get a 6MT if I were you. I have an SMG M5, and while its great, its never like 6MT IMHO.

  20. #20
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    I had a similar dilemma several months back. I budgeted and thought I was going to buy an NSX for around 60K.
    2007 E60 M5 Silverstone/Blk 6speed
    2001 E38 750il Shadowline
    2002 P38 Range Rover Holland and Holland
    2008 E65 Alpina B7

  21. #21
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    .... Sry I hit send on accident

    And then I started visiting and driving different sports cars in the area (everyone steered me away from the nsx but I had my heart set). I had been researching for a long time and liked the reliability, handling and tuning capabilities but the prices for a good one I thought were getting ridiculous. I knew I would do all the work on it myself because I have been working on Japanese cars my whole life so maintenance wasn't an issue. My daily driver is an Acura RL (AWD) and a TL. I also ride 929cbr or a Suzuki as much as I can. You can only mod an Acura/Honda so much before its not worth it for the performance increases. I just needed a car that could fill my need for speed.

    Then I ran across a black/black 6speed E60 M5. I test drove it and fell in love so fast I almost bought it without thinking. I realized I didn't have to give up 4doors just yet and could still stay low-key with a "sports car". The car had changed my whole perspective of what a family sedan could be. But I gave it back and did my homework. Fun fact I only buy used cars because I like to know the maint and design flaw history so I know what I'm getting into. I figured I could spend 30K on one and still have 30K for a clutch, bearings, or whatever else I figured would wear out (if i wasn't comfortable with doing the work myself). Once I realized I just had to get the M5, finding a 6speed in great condition and a decent color was no easy task. There were very few to choose from and most didn't pass my or BMWs inspection to my liking. It took a while but I ran across an ad for a one a guy was selling in Cali ( I live in Ohio ) 65k miles for 27K clean like new but it was that weird light blue/gray color. It was a babied corporate lease with all the maint/repair documents. I had my sister who lived in the area go check it out and actually purchased it sight unseen and shipped it to my house. Didn't even bother haggling the price. It was a gamble but I felt good about it (but I'm a gambler). I took it straight to my local BMW dealer and paid for yet another inspection and begged them to find something wrong with it so they could steal more of my money but they couldn't. I swear the exhaust smells like roses... I drove this car to death on road trips and work commute for about 10k miles in about 4 months. I didn't bother with a warranty as I know a BMW tech. The car is so solid and I realize I love that weird light blue/gray color as well!
    I ended up financing half to build more credit and holding on to around 45K putting some in my money market. I don't drive it anymore during the winter months but I'm keeping 15k liquid for performance mods in the off season.

    Im just saying all this to say if it inspires passion then go for it. Just make sure you are comfortable with the gamble on the money side. I did a lot of homework before I pulled the trigger but I couldn't be happier. It could use a few more HP for the track cause its a lil heavy but theres not much competition out on the street. E60 M5 is a legendary NA and it'll make u smile every time u start it up. The M button is fantastic and with a lil computer tweek u have urself a 200 mph car just in case no problem . I say get one (especially if its not a daily driver). If you don't like it then sell it. Mine is forever a part of the collection.

    I love this car gas milage and all. I wasn't even a BMW guy until now!

    Peace
    2007 E60 M5 Silverstone/Blk 6speed
    2001 E38 750il Shadowline
    2002 P38 Range Rover Holland and Holland
    2008 E65 Alpina B7

  22. #22
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    I drive an Acura RL (awd) and a TL. I also ride a 929cbr and a Suzuki when i can ...Ended up shipping an E60 M5 over from cali. 65K miles for 27K 6speed like new. Perfect condition. The exhaust smells like roses. Its one of those weird light blue/gray color but I realize I love it.
    Do the due diligence. If u have the cash and the passion than its worth going for especially if its not a daily driver. The E60 is a legendary NA and puts a smile on my face every-time i hit start. I still love my Japanese toys but this BMW has carved a special place.
    2007 E60 M5 Silverstone/Blk 6speed
    2001 E38 750il Shadowline
    2002 P38 Range Rover Holland and Holland
    2008 E65 Alpina B7

  23. #23
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    So. Did you buy one yet?


    Quote Originally Posted by gato View Post
    Having some racism in a country with this many black people is necessary.


    Black people are always going to be a little bit lazy.

  24. #24
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    Bump.


    Quote Originally Posted by gato View Post
    Having some racism in a country with this many black people is necessary.


    Black people are always going to be a little bit lazy.

  25. #25
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    An E60 M5 doesn't really make a good daily driver. However, it's the perfect play/weekend car.
    ASE and BMW Master Certified Technician

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