I've owned a e39 M5 for about two years and till this day I still dream about that machine at nights. Low mileage examples, especially with service/maintenance records, are the way to go. I did DD it and overall I put in about $2000 of work with labor which included full tune up, fuel pump, MAFS (these need healthy MAFS) TWS oil changes and lots of coolant parts that I ended up selling because I never had it installed. Forgot to mention that I did the best mod for this car; muffler delete. Saves 60 pounds and sounded better than any aftermarket exhaust IMHO. However, mine was approaching 150k and I was in the process of moving from NY to Miami and mine wasn't in pristine condition. I was facing more preventative maintenance so I figured to part ways with it. One day I will own another one, however, to answer your question test drive it and have a PPI performed and make your decision!
Edit: M5Board.com will be your best friend. Also a PEAKE reader will pay for itself time and time again.
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