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Nice cars, a 535is is a lot less hassle and looks 99% the same.
Of course it doesn't have power the M has, but with a 5 speed it is pretty good.
The E28 M5 is a great car, my biggest concern would just be the age. They are pushing 20 years old now, and ones that are at "reasonable" prices are more than likely going to have some level of deferred maintenance and repairs.
And stuff just starts wearing out after 20 years of street use. Lots of rubber suspension bushings, brakes, rotors, etc. The car can definately be a money pit if it needs work. Those "little things" that people let go can add up quickly with the M, as many of the normal wear items on an M are lots of ///Money. And there is always a potential of a "big thing" going wrong.
But a fully sorted out, well maintained one would be a great car, I think. An owner who pays to maintain the car, repair it when necessary, etc. is never going to get his money back. That's the best bargain for a buyer.
I think the 2 most impt things with buying an E28 M5 - (1) buy the very best, most maintained example you can find, even if you have to pay more up front, and (2) like mentioned above, the mother of all PPIs by a good shop who knows these cars.
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