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The OP listed 535i does have character but don't count on escaping the usual wear and tear. How much $$ is needed to keep it up? Since it was mentioned you no longer want to wrench or DIY, steer clear from BMW franchise and find a good independent. You'll still dump money into it but shouldn't be too bad.
They do suck fuel though. The eta motor 528 would be less entertaining but grunt along just fine. I wouldn't mind one of those slugs today. As for the A/C.... not the most efficient. I recall those days but maybe its just me and others had better luck. Probably would look into a complete upgrade in that topic.
As for an '88 M5. Sign me up, even with the extra maintenance.
Good luck!
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