Alright Oppo, is this good deal on an e28 m5?

"AJAC12" (ajac12) 12/18/2013 at 23:07 • Filed to: None

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Browsing my local craigslist as always.. came across this listing. What do you guys think?

1988 BMW M5 - $7500

1988 BMW M5 odometer: 230000 manual transmission

Rare 1st edition M5; and the only year of the E28 M5 - limited production.

- S38B36 engine upgrade professionally done by Memphis Motorwerks - out of a '91 M5 w/approximately 110k.

- An additional Getrag 280 transmission is available - out of an '88 M5 with approximately 120k.

- The original rebuilt motor is nearly complete and is available - I believe Weaver Auto warranties the rebuilt for 2 years - the original rebuilt engine is not included in the asking price.

- 230k on a solid overall body; there are two areas that will eventually need attention - behind the front wheels. The hood has some fading; there are some small dings and scratches. The "check" light just came on last month. The computer reads a brake light issue; they seem to work fine, but I do have a reverse light out. It's been leaking a little power steering fluid (I need to tighten a clamp - the power steering is fine).

- The driver's seat is a little rough.

- new clutch, fuel pump, water pump, alternator, and battery

- Bilstein Shocks

- Bavarian Auto performance chip - not yet installed; available.

So here's the story.
I picked the car up from a guy in Green Lake, WI - 2008. The original engine had a cracked #5 piston, so a friend/mechanic that worked at Zimbrick European pulled the engine. I took the original engine to a highly recommended local rebuild specialist. In the meantime I found the S38B36 (out of a '91 M5). After some research I hauled it to Memphis Motorwerks - a highly recommended BMW shop. I drive it from time to time (whenever I need a little pick-me-up) and have replaced a few things as needed.

My wife and I are expecting our second child in January; I'm working on an addition to the house; and we're starting a business scheduled to open in March. The asking price is about half of what I've spent, so more than fair. I don't really want to sell, but . . . . you know that goes. Don't waste your time or mine with low-ball offers and don't expect to show up and take it for a spin - you can see the keys when I see the money. This is a car I planned on owning the rest of my life and is a great piece of BMW history

Once_upon_a_pvt > AJAC12 12/18/2013 at 23:15

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I would love to say do it, but my understanding is without the origanal motor and trans it has little historical value. He has the original rebuilt? But it's extra? That's a lot of dough. Like e30 m money... Idk that's a tough call.

E30Joe drives a Subaru > AJAC12 12/18/2013 at 23:16

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A PERFECT example was for sale around here, and actually came through my dealership awhile ago. We had it priced at 14500 and the private seller had it priced at 12000.

It had like 86k on the clock all original everything no mods at all, it was 100% perfect and the engine had been refreshed at 70k.

I would say this is an OK deal, you could probably get it a bit cheaper.

Straightsix9904 > AJAC12 12/18/2013 at 23:20

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That is very fair price IMO if not a little low. When you factor in the high miles, it may be right on target. But this is an EXPENSIVE car to own. It was hand assembled by Porsche in Germany and only like 2,000 were ever produced. Parts are hard to come by and break pretty frequently.

Battery Tender Unnecessary > AJAC12 12/18/2013 at 23:22

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I was watching this one but the guy pulled the listing before it ended tomorrow http://www.ebay.com/itm/1212329561… .

The motor out of a later M5 would be a deal breaker for me but if that doesn't bother you we'll overlook that. The story seems odd when he says they pulled the original motor, had it sent to a local rebuild specialist...then he doesn't mention that engine again. I would ask what he means by "attention" behind the front wheels. Knowing what I know about the E28 and having talked to the guys at Korman about finding one, expect to sink $10-15k in it if you want it in top shape mechanically, $20-25k if you're wanting to restore it to like new. Some of the parts are getting hard to find and therefore expensive.

AJAC12 > Once_upon_a_pvt 12/18/2013 at 23:22

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Yeah...as an investment its probably never going to make money, but the e34 m5 engine it has isnt much different from the original. Theoretically then, it should drive just as well. I think a big factor will be how much he would part with the rebuilt original for and how well done the swap feels...hopefully that statement at the end means I can test drive it provided I can prove my finances.

Textured Soy Protein > AJAC12 12/18/2013 at 23:23

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Howdy there fellow Madisonian! (The Zimbrick mention gave it away.)

I think as long as you have somewhere to put it, you should see how much dude wants for the original motor. Because down the line, a numbers-matching original motor would conceivably worth more than the more powerful motor out of the '91.

Straightsix9904 > Once_upon_a_pvt 12/18/2013 at 23:24

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I'm sorry, but there is NO way you could buy a E30 M3 for $7,500. I doubt you could find one for under $15,000. I see 325is go for more than $7,500. I saw a drivers M3 w/ a salvage title go for over $25k

These "classic" M-cars are climbing. I think it is a fair price, maybe a little bit of bargaining room.

AJAC12 > Battery Tender Unnecessary 12/18/2013 at 23:26

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Yeah the newer straight 6 doesn't bother me, I'm thinking it wont be much different from the original (not that I have experience). And yes my other concern is repairs, I would be okay with about 2k at most in maintenance a year..

phenotyp > AJAC12 12/18/2013 at 23:27

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Oh man. Sounds like a pretty damn good one, to me. I would definitely be tempted. My neighbor has a badass E34 that he just did a full cosmetic restoration on (he's done mechanical updates over the years, but the paint was shot, interior was worn, etc). Pretty much all of the big Germans between 85-95 look really appealing to me, and any one that isn't a basket case gets my attention. So my opinion probably isn't the most objective.

AJAC12 > Textured Soy Protein 12/18/2013 at 23:32

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Haha I'm actually from Milwaukee, but I wondered if someone would catch where it was from. And yes it certainly would, depending on how much he wants for the rebuild, I was thinking of selling the e34 engine right away (might not be worth much though) and just keeping the original.

Straightsix9904 > Battery Tender Unnecessary 12/18/2013 at 23:33

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It still has the S38 engine. They used the S38 in all E28 and E34 engines. This one is acuallty 50 HP stronger

AJAC12 > phenotyp 12/18/2013 at 23:34

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Yeah I'm right there with you, my want for that car might trump any financial concerns. Just watched the Chris Harris e28 m5 video and immediately emailed the seller.

AJAC12 > Straightsix9904 12/18/2013 at 23:37

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Yes, the high miles on the body worry me, but I figure if I buy the original engine it will be hard to lose money on in the future...not that I would ever want to sell.

AJAC12 > E30Joe drives a Subaru 12/18/2013 at 23:39

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86k all original is find for sure. If only it was here and I had an extra 5k haha

phenotyp > AJAC12 12/18/2013 at 23:41

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Awesome. Unlike some of the others, the non-original engine and stuff give me confidence, rather than scare me off. Something else breaks? Replace it with better parts. Keep the body pretty, upgrade the mechanicals when necessary. It'll only get better over time.

Battery Tender Unnecessary > Straightsix9904 12/18/2013 at 23:42

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But it's not what came with the car, which is a deal breaker for me. It was one of the criteria when I was tracking down a E30 M3. All the numbers match (body panels were stamped with the VIN #), original engine, etc. Others couldn't care less about those things, but it would prevent me from picking it up.

Battery Tender Unnecessary > AJAC12 12/18/2013 at 23:45

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E34 M5 blocks tend to crack after after 150k miles or so, just a heads up. They're available new from BMW...but again, quite pricey.

Straightsix9904 > AJAC12 12/18/2013 at 23:49

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I think this is about rock bottom pricing. I fully expect these to go up. The great examples will climb fast, these will climb and ride the coat tails.

But who cares...you will be enjoying your M5 and not caring that you investment isn't climbing.

AJAC12 > Battery Tender Unnecessary 12/18/2013 at 23:51

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Thanks for the heads up!
I have some friends in the automotive parts business, so I figure if it cracks I can just get used e34 engine...hopefully without too many miles on it, but if I can get one with 100k for cheap that would still work for me.

AJAC12 > Straightsix9904 12/18/2013 at 23:55

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Agreed, looking at a few on autotrader, some will low miles are already going for quite a bit. And also true, driving that m5 is worth a lot more than the $$.

Evan, Pope Of Jalopnik by Self-Appointment > AJAC12 12/19/2013 at 01:53

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More than fair, especially with the 3.6 liter engine. That's good for about 320 hp right there, this thing should fly with that type of power. I'd do it if you can afford it. Even if it needs work, E28s are not hard to work on. They're prehistoric compared to even an E60, and with that generation M5, lots of parts not related to the suspension or drivetrain were pretty much standard 5 Series parts. Also...damn I see this is in Milwaukee...I think I might have seen this car before actually.

Evan, Pope Of Jalopnik by Self-Appointment > E30Joe drives a Subaru 12/19/2013 at 01:56

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That 14500 was way low, could have sold it for much more than that if it was really as nice as all that I feel. Although the market has been moving down a bit on these I feel lately...there was some craziness a few years ago, but it is possible to buy a nice one for less than 15k now, which is still a steal for one of the greatest cars ever made.

rabidpenguin > AJAC12 12/19/2013 at 10:11

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YES YES YES!

But seriously for that price, you could make most of your money back just by selling the engine.

Once_upon_a_pvt > Straightsix9904 12/19/2013 at 15:46

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Yea that's why I said the car, plus the origanal motor, plus swapping it all back to origanal, would reach m3 money. That could easily reach past 15k. Especially if the og trans needs work as well.

But hey I didn't do a search before I commented or anything, and find M cars, even from that era, for 15-20k.

But anyway, my only suggestion was to be carefull and do all the research before deciding.

Once_upon_a_pvt > Once_upon_a_pvt 12/19/2013 at 15:47

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Regardless, it's a good deal on it's face. I just always worry about hidden costs forcing you to pay more than the cars worth in the long run.

Once_upon_a_pvt > AJAC12 12/19/2013 at 15:49

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You have a point there

Straightsix9904 > Once_upon_a_pvt 12/19/2013 at 17:34

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Ahhh, I see what you were saying now. And yeah, a lot of cars are a good deal on the face. (FERRARI FOR $30K, ONLY NEEDS A TIMING BELT, HECK YEAH)

Once_upon_a_pvt > Straightsix9904 12/19/2013 at 21:19

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Lol yea. I learned early on about getting burned on a "good" deal

Straightsix9904 > Once_upon_a_pvt 12/19/2013 at 21:24

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haha, I know a little bit about a $500 car that takes $5k to get it to the quality of a $2,000 car.

A good deal, isn't always a good deal.