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530i has the best steering feel of the platform. True rack and pinion setup as opposed to the craptastic recirculating ball setup the 540i/M5 have. The car is also some 600lbs lighter or so than the M5, so it feels considerably more nimble on its feet. The M54 engine is fairly indestructible with a few choice upgrades.
That being said, not sure why the E39 M5 is getting slammed here for reliability issues. I've had one, my brother currently owns a different one, and a good friend of mine is coming up on 9 years of ownership with his. All of them have been fairly uneventful aside from normal preventative maintenance like fluids/bushings. If you let things run away from you and break, the cost to fix could be fairly high, but in my experience that only happens to people that were too cheap/lazy to keep up on it to begin with.
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1985 911 3.2 Carrera Coupe - Constant Project - 2550lbs
2005 E46 M3- Daily Beater - 3350lbs
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